我国股指期货合约乘数反思

Reflection on China Stock Index Futures Contract Multiplier

合约乘数与标的指数点位决定了股指期货的合约价值,对投资者的交易风险起到关键性的作用。所以,应该根据中国股指期货市场当前主力合约所处的点位来计算其合约价值,进而再按照交易所要求来检验保证金对价格波动风险的承受能力,能够得出当前合约乘数水平偏高而增加了违约风险的结论。未来,中国可以借鉴境外成熟市场合约乘数的设计与发展过程,并根据国内市场实际要求和发展趋势,来对合约乘数水平做出适当的调整,以降低交易风险。

Contract multiplier and the underlying index point determine the value of stock index futures contracts, and play a key role on transaction risk to investors. Therefore, it should calculate the value of the contract according to the point in current main contracts in China＇s stock index futures market, and then test the bearing capacity of margin on the risk of price fluctuation in accordance with the exchange ratio requirement. In future, the design and development process of the contract multiplier in abroad mature markets could be learned from, and the appropriate adjustments could be made to reduce the transaction risk by the actual requirements and the development of the domestic market trends.