CSI 300 Stock Index Futures to Launch an Empirical Research on A-Share of the Spot Market Pricing Efficiency and Operating Efficiency Influence

In the early 1980s, the first stock futures came to the world. After nearly 20 short years of development, this new type of financial derivative products in stock index futures rapid growth and development. It can be said that almost all developed countries and most developing countries already have their own stock index futures, especially since the twenty-first century, the Asian financial futures, especially the stock index futures gained rapid development. In this paper the Chinese first stock index futures varieties deployed, explore the CSI 300 stock index futures launched conducive to enhancing China´s A-share stock market pricing efficiency and operating efficiency. Expand the empirical study from the price discovery function, volatility and liquidity. The results show that the CSI 300 stock index futures to improve China´s A-share stock market pricing efficiency and operating efficiency. Finally, the conclusion present the relevant policy recommendations.