研究期間：10108~10207;This research applies Hong (1999)’s Generalized Spectral Tests to examine the market efficiency of S&P 500 index options market. We follow Jiang and Tian (2011) and use the forward model-free variances of option contracts as the sample to conduct our market efficiency test. Hong (1999) approach can detect a variety of time-series dependence and therefore can greatly outperform the traditional market efficiency tests introduced in Campbell et.al. (1998). Hence, this research can provide more accurate evidences on options market efficiency.