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推出股价指数期货所面临的问题及合约设计

Problems Being Faced for Putting forward Index Futures and Contract Designing

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【作者】 李朝民尹延河

【Author】 LI Chao min, YIN Yan he (1 Xian Communication University, Xian 710049,China; 2 Henan Insitute of Finance and Economics, 450002, China)

【机构】 西安交通大学管理学院!陕西西安710049河南财经学院!河南郑州450002

【摘要】 深入研究、认真分析我国国债期货暂停交易的原因并认真吸收国外相关成功经验 ,有利于解决思想认识问题 ;从样本股指的代表性来看 ,沪深两市的综合指数优于成份股指数 ,而沪市的综合指数又优于深市的综合指数 ;我国推出股指期货的时机已经成熟 ,尽早推出股指期货交易是明智之举 ;股票指数期货市场的监管应强调风险控制 ,而风险控制则应从风险监督制度和保证风险管理过程两方面着手 ;在借鉴他国成功经验的基础上 ,结合我国实际 ,进行股指期货合约的设计。

【Abstract】 This paper deeply and systematically probes into the problems being faced for putting formard index futures in China, such as ideological and congnitive problems, specimen stock selecting and the opportunity selecting problems, supervising and managing problems and the contract designing problems. It works on the reason why our national debt futures failed and relative successful experiences in foreign countries. As far as the representative of indexis concerned, the composite indexes of Shanghai and Shenzhen are better than the component indexes, and composite index of Shanghai is better than that of Shenzhen. It is a mature opportunity to put forward our index futures and it is wise to do it as soon as possible. The supervision and management of the index futures market should emphasize on the risk controlling and begin with the institution of risk supervision and the assurance of risk management process. Learning lessons from successful experiences of other countries, we should design index futures contracts according to China’s condition.

【关键词】 股价指数股指期货期货合约
【Key words】 stock indexindex futuresfutures contract
  • 【分类号】F830.9
  • 【被引频次】7
  • 【下载频次】107
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