摘要
股指期货推出后,股票市场和股指期货市场跨市场信息监管成为金融监管机构亟待解决的问题。本文以金融市场微观结构理论和信息经济学为基础,结合股指期货和股票市场的风险关联特性,研究信息在股指期货市场和股票市场传导的一般规律,并分析了跨市场信息监管在信息传导过程中的作用;以此为基础,分析比较了海外证券市场跨市场信息监管具体运作体系,并结合我国证券市场特殊性提出我国股票市场和股指期货市场跨市场信息监管框架、流程和以跨市场信息监管为核心的监管手段。
After the introduction of stock index futures, cross-market financial monitoring needs to be resolved. Based on financial market microstructure theory and information economics, taking in consideration of characteristics of risk correlation in these markets, this paper studies the basic principle of information transmission between stock index futures market and stock market. Then, the influence of cross-market information monitoring mechanism on information transmission is analyzed. Consequently, it discusses the framework, process and methods of information monitoring mechanism in China, based on characteristics of Chinese securities market and experience of information monitoring in oversea securities markets.
出处
《国际金融研究》
CSSCI
北大核心
2008年第3期63-68,共6页
Studies of International Finance
基金
国家杰出青年科学基金项目(70225002)
教育部优秀青年教师教学科研奖励基金项目。
关键词
跨市场信息监管
股指期货
跨市场信息传导
Cross-market Information Monitoring Mechanism
Stock Index Futures.
