股指期货的客观要求、避险机制及交易技术

The objective demand of stock index futures、risk avoiding mechanism and exchange technology

一个成熟的资本市场不仅要有证券交易对象 ,而且还要有相应的风险规避工具。证券市场的风险可以分为两类 :非系统性风险和系统性风险。前者可以通过多元化投资组合实现有效规避 ;后者的规避技术则非股指期货莫属。从我国金融期货市场的发展来看 ,其现实切入点也应是股指期货。既然套期保值的客观需求是推出股指期货的内在动因 ,那么就有必要了解套期保值的行为模式及原理 ,并掌握基差运用和HR的确定等技术。

A mature capital market will not only have securities exchange object,but also corresponding risk avoiding tools.The risk of the securities market can be divided into two kinds:nonsystematicness risk and systematicness risk.The former can be avoided by diversify investment combination efficiently;But the latter must be avoided by stock index futures.According to the development of our country's financial futures market,what we must do is developing stock index futures.since the objective demand of hedge is the internal cause of stock index futures,so it is necessary to know the action pattern and basis priciple of hedge,and master the technology of using Bias and defining of HR.