论中国股指期货市场发展的主体

The Development of Principal Participants in the Stock Index Future Market in China

中国发展股指期货市场的基础是股票市场的发展具备了其要求的条件 ,而制约创新的需求方面的因素得到很大改善。政府、证券公司等证券市场主体、期货市场主体均有制度创新的动力 ,但分散股票市场体制性风险的需求和现实的体制因素 ,政府才是股指期货制度创新的第一行动集团。股指期货作为证券市场的一部分应由证券交易所推出 ,市场一体化是世纪之交证券交易所革命的趋势 ,能够提高市场效率 ,不应该再走先分后合的老路。股指期货市场的主体应为机构投资者 ,成熟市场和新兴市场的经验都表明 ,必须采取措施最大限度地降低股指期货市场可能产生的负作用。

The foundation of the development of Chinese stock index futures market is that the development of security market has met the demand for its development. Meanwhile, the factors restraining innovation demands have been greatly improved. The institution investors had a great development in 1999. The principal parts of the securities market, such as government\, securities corporations and so on, and the principal parts of futures market both have motives of system innovation. But due to the demand of dispersing the system risks of securities market and some actual system factors, it is the government that is the first acting group. As one part of the security market, the stock index futures should be presented by the securities exchange market. At the turn of the century, market integration is the tendency of the reform of securities exchange market, which can enhance the efficiency of the market. We should not return to the old road that the market is separate at first, and integrated later. The principal part of the stock index market should be institution investors. The experiences of both matured and emerging market show that some measures have to be adopted to reduce possible negative functions of the stock index market to the greatest degree.