金融衍生品市场与现货市场影响因素研究

Studies on Affecting Factors of Financial Derivatives Market and Spot Market

股票指数期货是系统性风险管理工具,同时也是与系统性风险有关的投机工具,股票指数期货市场的影响是全局性的,主要表现为市场反映系统性风险因素变化的效率大大提高,并且投资者可以通过交易股票指数期货转移系统性风险,本文分析了影响衍生品市场与现货市场间领先落后关系因素以及股票指数期货与股票市场的影响关系。这些因素对我国建立不久的股票指数期货市场、对投资者特别是机构投资者的投资行为模式产生重大影响,并且在一定程度改变证券公司和其他中介组织的营运模式。

Stock-index futures are a systemic risk management tool,and a speculative instrument related with the systemic risk.The impact of stock-index futures market is global,mainly reflecting in the efficiency of the changes of systemic risk greatly improved in market,and in transferring systemic risk through trading stock index futures by investors.This paper analyzes the relationship between stock index futures and stock markets,and the affecting factors.These factors have a significant impact on the establishment of the stock index futures market in China,and investors＇,especially institutional investors＇ investment behavior patterns,and to some extent change the operation mode of securities firms and other intermediary organizations.