摘要
设立股指期货市场 ,引入大量投机交易者是否会对证券现货市场产生负面影响 ,是导致目前市场管理者在设立股指期货市场时犹豫不决的重要原因。本文通过建立两阶段的理论模型以及国际股指期货币市场数据的实证表明 。
Regulators have frequently expressed their concern that futures and options markets, through which a great number of speculators flow into the spot market may go through price fluctuation and benefit reduction. This paper shows that stock index futures will benefit the spot market in China because of its risk-sharing and informational transmission functions.
出处
《当代经济科学》
CSSCI
北大核心
2003年第3期51-54,共4页
Modern Economic Science
基金
国家自然科学基金资助项目 (12 0 0 2 340 12)
关键词
投机
风险分担
信息传递
speculation
risk-sharing
informational transmission
