发展我国股票指数期货的构想与对策研究

【作者】 余贤高；

【导师】 张小蒂；

【作者基本信息】 浙江大学 ， 政治经济学， 2001， 硕士

【摘要】 股指期货是以股票市场的价格指数为买卖对象的期货，其实质是将捆绑在股票市场上的系统性风险转移到期货市场上。在我国加入WTO、股市即将走向国际化的大背景下，我国证券市场对于推出股指期货大要求日益迫切，条件也不断完善。随着时机的成熟，管理层应尽早推出股指期货合约的交易，一方面为机构投资者提供一种有效的证券风险规避手段，分散股市的系统性风险，另一方面丰富我国金融衍生金融工具，提高我国国际金融地位。但是要从维护证券市场健康发展，建立风险规避机制的高度来稳妥的发展股指期货，就必须研究股指期货对现货市场可能造成的影响。本文在考虑到我国证券市场与国外市场存在种种差异的情况下，详细的阐述了股指期货是如何在现货市场起到“双刃剑”的作用，创造性的用混沌理论作出了圆满的解释，并且还就我国发展股指期货遇到的一系列技术性问题也给出了答案。文章的最后对股指期货交易中的风险控制与监管提出了对策。更多还原

【Abstract】 Stock index future is a kind of future which takes the price index ofstock market as exchange objective and stock index future essentiallytransfers the systematic risk of the stock market to the future market. AsChina entering into WTO and opening the stock market, the condition ofdevelop stock index future transaction in our country has been possessedand the opportunity has been matured. The authorities concerned put outtransaction of our index future contracts as early as possible , it providean effective method of avoiding systematic risk ;on the other side ,itincrease our financial investment means and raises our internationalposition. But in order to develop stock index future positively and safelyand try to safeguard the stock market systematic risk, we must considerfully the influence of stock index future on the sport market. Consideringstock index future between Chinese stock market and foreign stockmarket, the paper expounds how stock index future make the positive andnegative effect the sport market. What is more , the paper creatively givesa satisfaction explanation and answers a series of technology problemswhen China develop stock index future. The end of the paper is about themeasures of controlling and supervising the risk from stock index futureexchange.更多还原