引入股指期貨對我國證券市場的意義.pdf

1、摘要工467928中國證券市場經(jīng)過十多年的發(fā)展，取得了令世界矚目的成果。在投資者隊(duì)伍構(gòu)成、證券市場容量等方面均上升到一定的高度。隨著市場規(guī)模不斷擴(kuò)大，系統(tǒng)性風(fēng)險(xiǎn)也不斷增大，如果沒有規(guī)避風(fēng)險(xiǎn)的機(jī)制來對沖股票市場的系統(tǒng)風(fēng)險(xiǎn)，將不利于機(jī)構(gòu)投資者和中小投資者的資產(chǎn)運(yùn)作。為了促進(jìn)股票市場的良性發(fā)展，尤其是發(fā)揮為企業(yè)融資的主要功能，必須要建立相應(yīng)的規(guī)避風(fēng)險(xiǎn)的機(jī)制，以完善股票市場投資主體的結(jié)構(gòu)，進(jìn)而向理性投資發(fā)展。此外，我國入世在即，證券市場之間的國

2、際競爭將會變得越來越激烈，我國金融市場游戲規(guī)則與國際間的距離在逐漸縮小。如果沒有足夠活躍的交易品種和套T0、避險(xiǎn)的金融工具，就無法吸引國際投資者加入，從而使市場競爭力受到極大削弱。開設(shè)股指期貨交易，有利于新股發(fā)行與上市的順利進(jìn)行；有助于股市持久活躍，促進(jìn)理性投資，避免股票市場出現(xiàn)巨幅振蕩；有利于擴(kuò)大股市交易規(guī)模，提高市場流動(dòng)性；有利于制約市場操縱，對整個(gè)金融市場的穩(wěn)定具有重要的意義。斗本文通過對國際股指期貨的發(fā)展歷史與現(xiàn)狀、股指期貨在東

3、西方國家的不同特點(diǎn)以及我國在此方面所做的嘗試等方面的研究，結(jié)合自己在此方面的認(rèn)識、工作體會與經(jīng)驗(yàn)，引出我國開設(shè)股指期貨的必要性和可行性，這是我國金融市場發(fā)展的需要，也是國際金融市場的規(guī)則所要求。關(guān)鍵詞：股指期貨：股價(jià)指數(shù)套期保值，規(guī)避風(fēng)險(xiǎn)；AbstractUndergoingthedevelopmentofmorethantenyears，securitiesmarketofChinahasmadetheachievementofaro

4、usingworldattentionIntheformingofinvestorteam，thecapacityofsecuritiesmarketandsoon，acertainheighthasbeenrisedThemarketscaleisexpandingconstantlyaswellasthesystematicriskincreasingWhithoutthemechanismofevadingrisktodecrea

5、sesystematicriskofstockmarket，itwillnotbenefittooperatetheassetsfortheorganizationinvestorandmediumandsmallinvestorInordertopromotethedevelopmentofthestockmarketbenignly，especiallytogiveplaytothemainfunctionofenterprisef

6、inancing，thecorrespondingmechanismofevadingriskmustbesetupSoitcanperfectthestructureoftheinvestmentsubjectofstockmarket，atthesametime，maketheinvestmenttodevelopteasonInaddition，itisinsightforourcountrytoentertheWTOTheint

7、ernationalcompetitionbetweensecuritiesmarketswillbecomefiercerandfiercerThedistanceofthegameruleoffinancialmarketbetweenourcountryandtheinternationalisclosegraduallyWhithoutvarietyoftransactionactiveenoughorthefinancialt

8、oolofarbitrageandavoidingdangerous，itisimpossibletoattracttheinternationalinvestortojoinThusitwillleadtomakethemarketcompetitivenessweaken_nedgreatlyByintroducingstockindexfutures，itwillhelptheissueandtransactionofnewsto

9、ckgoonsmoothly；makethestockmarkettobelastingandactive，promotetheinvestmenttodeveloptoreason，preventstockmarketfromjumboshaking；helptoexDandthescaleofstockmarkettransaction，improvethemobilityofmarket；helptestrainthemarket

10、fromhandling，hasimportantmeaningstosteadythewholefinancialmarketDevelopinghistoryandcurrentsituationtotheinternationalstockindexfutures，di髓rentcharacteristicsofstockindexinthecountrybetweeneastandwest，whathasbeendoneinou