By the time of 2011, Taiwan Futures Exchange has issued 8 kinds of stock index futures. By taking a closer look at the transaction of the index futures, we found out that, in terms of trading volume, there is a significant difference among each others. Based on the observation, our research focuses on studying the existence value of the index futures in terms of hedging and speculating functions. The definition of futures¡¦ existence value is that the investors can use the futures to achieve the objectives of hedging and speculating in financial market. The research objects are TX, TE, TF, MTX, XIF, and GTF. The method to measure the hedging function is based on Portfolio and Hedging Theory of Johnson (1959). We estimate the hedging ratio with different data periods to calculate the hedging effectiveness. The method to measure the speculating function is based on the theory of Rutledge (1979) et al. We calculate the speculating trading volume to study the relationship with the basis by using OLS model. The empirical result shows that, in the hedging function, all of the index futures¡¦ hedging ratios are almost less than 1, and all have high hedging effectiveness. There is no significant influence on hedging effectiveness with different data periods and issuing time. In the speculating function, TX, MTX, and GTF will make speculating activities increase when the basis get bigger but TE, TF, and XIF will not. To sum up, TX, MTX, and GTF have higher existence value than TE, TF, and XIF. At last, based on the observation from this study, we propose several policy suggestions for enhancing the existence value of the index futures in financial market.

The situation that China's pensions cannot cover the expenditure is becoming more and more serious. On the one hand, it is to increase the rate of return of enterprise annuities. On the other hand, it is to increase the participation rate of enterprise annuities. In order to improve the participation rate of enterprise annuity, it is of great significance to solve the problem of insufficient funds of enterprise annuity from the aspect of supply. Based on this, this dissertation conducts detailed research, focusing on the impact of relevant factors on the participation rate of enterprise annuity from the enterprise level and the individual level. After making a detailed overview of the situation of domestic enterprise annuity, this dissertation analyzes the influencing factors of the participation rate of enterprise annuity of China based on the latest nationally representative micro data CHIP 2018. The analysis uses the "bivariate Probit model", that is, the enterprise level and the individual level, employing 0-1 bivariate as the dependent variables and employee income, employee education, employee gender, enterprise income as independent variables. The analysis also includes other control variables. The empirical evidence found that employee income, employee education, and employee gender have impacts on employee participation in enterprise annuity; enterprise ownership, company income, and the industry in which the company is located have impacts on whether the enterprise establishes an enterprise annuity plan. In addition, there are differences in the state-owned system and private system and industry differences on the establishment of enterprise annuity plans. Finally, this dissertation gives relevant policy suggestions that may provide some theoretical guidance for increasing the participation rate of enterprise annuity.Key words: Enterprise annuity; Participation rate; Bivariate Probit model; Policy suggestions. / Business Administration/Interdisciplinary