股指期货对股票市场的影响

Discussions on the Influence of the Stock Index Futures to Stock market

股指期货对我国股票市场的影响是多方面的、深刻的。从长期看,股指期货不能改变股指的长期走势,但可以平滑股指波动的幅度;从短期看,无论在熊市还是在牛市背景中,股指期货推出前一般会使股指有一定的升幅,但推出后多半会导致股指下跌;股指期货刚推出时可能会造成市场流动性一时紧张,但从长期看有利于增加市场流动性;股指期货将增加指标股和蓝筹股的活跃性,并提升其估值;股指期货还必然导致券商业绩分化。

There are deep and various ways that Stock Index Futures affects in Chinese stock markets.In the long run,Stock Index Futures can＇t change the certain long-term trends,but can smooth amplitude fluctuations in stock;but in the short-term,it would make general index increase before launch but most will lead to its index fall just when it has launched either in bear market or bull market;it may cause market liquidity to a nervous state when Stock-Index Futures just launched but long-term market liquidity increases.In the long run,Stock Index Futures will bring positive effects and increase activity to blue-chip and promote the valuation of the barometer stock and blue chips.Finally,Stock Index Futures will inevitably promote differentiation on brokerages performance.