摘要
从西方相对成熟的金融市场看,股指期货是股票市场发展到一定阶段必然产生的一种金融衍生产品。其具有价格发现、转移股票现货市场风险、稳定股票市场等一系列功能,但由于其本身的一些特点,如若监管不力也会产生新的巨大风险。从我国拟推出的股指期货产品,以交易主体、标的物、交易机制和政府干预等方面为着眼点,分析我国股指期货由于交易主体不健全、选取的标的物、现货交易机制存有缺陷、政府干预不合理等原因可能会导致的风险。结合我国证券市场的现状,要从完善股指期货交易主体结构和准入制度、增加A股市场权重股的流通量、加强立法以及股指产权保护等方面来完善我国的股指期货风险防范机制。
Seen from the West, where the financial market is relative mature, the stock index tutures is the inevitable result of the Stock. And it has a series of functions, such as price discovery, the spot market risk transfer and stock market stability. However, owing to some features of its own, it will create some new great risks if the monitoring is improper. This paper discusses the stock index futures that China is about to issue. And from the views such as traders, transaction object, trading mechanism and government intervention, the paper analyzes some risks caused by irrational traders, the subject matter selection, defective spot trading mechanism and inappropriate government intervention. Some measures should be taken to perfect the prevention mechanism of stock index futures by improving the structure of traders and access system, increasing the liquidity of A--share market heavy weights, and strengthening the relative legislation and protection of property rights of indexes, etc.
出处
《江苏工业学院学报（社会科学版）》
2010年第2期28-32,共5页
Journal of Jiangsu Polyetchnic University:Social Science Edition
关键词
股指期货
特殊风险
防范机制
宏观监控
stock index futures
special risks
prevention mechanism
macro--monitoring
