摘要
股指期货的推出,能够大大提高股票市场的定价效率。在动态非均衡市场上,股指期货的价格形成集中并传递大量信息。这些信息通过股指期货市场与股票市场间的套利机制及时传递到股票市场,增加相关股票组合价格的信息含量,引导和发现现货价格,从而提高股市的定价效率。
The development of Stock lndex Futures Trading has improved the pricing efficiency of stock market. The price of stock index future puts together and transfers large amount of information, and can be immediately transmitted by the arbitrage mechanism between stock market and stock index future market in dynamic non-equilibrium market. Therefore stock index future leads and discoveries stock price and then is beneficial to the improvement of pricing efficiency of stock market.
出处
《价值工程》
2009年第5期146-148,共3页
Value Engineering
关键词
股指期货
价格发现
定价效率
stock index futures
price discovery.
pricing efficiency
