| 我国开设股票指数期货交易的理论论证与运作设计 |
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| 引用本文： | 叶德磊.我国开设股票指数期货交易的理论论证与运作设计[J].华东师范大学学报(哲学社会科学版),2001,33(3):86-91,106. |
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| 作者姓名： | 叶德磊 |
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| 作者单位： | 华东师范大学经济学系,上海,200062 |
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| 摘 要： | 开设股票指数期货交易是我国股票市场进一步发展和实施风险管理的内在要求。我国目前已具备了开设这一交易的基础性条件，但在相关法律、标的指数的编制等方面还需作一些修正和改进。股指期货作为一种金融技术工具，并不会必然地产生金融危机和加剧市场动荡，关键是要健全风险防范机制。作为股指期货标的物的应是沪深两市的统一的成份股指数，且样本股应在300家以上。期货的合约设计要注意国际惯例和我国市场情况的结合。合约的结算价格应以最后交易日临近收盘时5分钟的分时指数的平均值为准。
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| 关 键 词： | 合约设计 风险防范 股票指数期货 股票市场 风险管理 中国 可行性分析 |
Launching Stock Index Futures in China:Theoretical Demonstration and Contract Design |
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| YE De - lei.Launching Stock Index Futures in China:Theoretical Demonstration and Contract Design[J].Journal of East China Normal University :Philosophy and Social Sciences Edition,2001,33(3):86-91,106. |
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| Authors: | YE De - lei |
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| Institution: | YE De - lei |
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| Abstract: | It is imperative that stock index futures be launched in China to promote the development of stock market and the implementation of risk management. In China conditions are already ripe for launching stock index futures, but some aspects such as laws, regulations and the computation method of underlying index still need improving. The introduction of index futures does not necessarily cause financial crises or increase market volatility , so long as proper checks are in place to prevent unwarranted speculation and to control risks. The underlying index should include 300 sample stocks enlisted in both the Shanghai and the Shenzhen stock markets. The integration of international practices with China's specific situation should be considered in the design of the stock index futures contract. The settlement price of the contract should be the average of quotations of the composite index taken at five - minute intervals during the last trading day. |
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| Keywords: | stock index futures stock market risk management |
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