【摘要】 本文从市场结构、交易执行效率和市场信息传播三个方面,由浅入深地展开了期现货市场关系的梳理和分析。股指期货市场的出现,一是使得原本现货市场单轨运行的市场结构变为了期现货市场双轨运行的新结构,增加了市场稳定性;二是依托期货交易方式的独特机制,大大提高了交易执行效率;三是期货价格也因此包含了更多内容,促进了市场信息的传播与扩散。同时,股指期货的独特设计使得其非常适合在危机条件下充分发挥功能,是一个重要的风险管理工具,已经成为现代资本市场的重要组成部分和基础性的内在稳定机制。更多还原

【Abstract】 This paper analyzes the relationship between stock index futures markets and stock markets from three aspects,namely market structure,trade execution efficiency and information diffusion.The establishment of stock index futures markets enhances the markets stability by changing the market structure from one-track to two-track,improves the efficiency of trade execution via the adoption of future trading system,and promotes the diffusion of information through the future prices which reveal more information.As a whole,Stock Index Future is absolute a kind of risk management instrument,suitable to work well during the period of financial crisis,and has been an important part of modern capital market and a kind of fundamental and interior stability system.更多还原