论中国股指期货市场的制度创新与风险控制

On the Institutional Innovation and Risk Control of Stock Futures Market in China

上市公司股权分置问题是制约中国股指期货制度创新的关键 ,并反过来成为破解中国证券市场危局的现实选择。要充分发挥股指期货对中国证券市场发展的积极作用 ,需要从标的指数、合约单位、保证金、价格波幅、市场主体、市场布局等方面对股指期货交易制度进行科学设计 ,同时 ,应通过日常监管、动态监管和应急监管的结合 ,政府监管、自律监管和内部监控的统一 。

The problem of separated equities of listed companies is the key to restricting the institutional innovation of stock index futures in China, and so stock index futures becomes a realistic selection to help the securities market out of its predicament. To make full use of stock index futures in promoting the development of China's securities market, we should design systematically the stock index futures exchange institution, which contains target index, contract unit, margin requirement, scope of price fluctuation, market dealer, market distribution, exchange way and so on. Meanwhile, we must strengthen risk management of China's stock index futures market by combining routine supervision, dynamic supervision with emergency supervision, and uniting government supervision, self-regulation supervision and internal control.