股指期权的创新与发展分析

The Research of the Innovation and Development of Stock Index Option

股指期权是现代金融体系的有机组成部分。与股指期货相比,股指期权是一种更为精细的风险管理工具,不仅能提供简便易行的保险功能,还能有效度量和管理市场波动的风险,更是推动市场创新更为灵活的基础性构件。发展期权市场是我国资本市场基础性制度建设的重要内容,推出股指期权能够为宏观部门决策提供可靠的参考指标,有利于宏观决策部门增强政策制定的前瞻性与预测性。从股指期权入手,启动期权市场建设更加符合我国资本市场"新兴加转轨"的阶段特征。

Stock index option is a component of modem financial system. Compared with stock index future, stock index option is a more elaborate risk management tool and is a more flexible fundamental element to promote market innovation. It not only provides the simple and convenient insurance function, but also effectively measures and manages the market fluctuation risk. Developing option market is an important content in China＇s capital market fundamental system constuction. The launch of stock index option can provide the reference index to macro decision-making departments, and enhance the perceptiveness and predictability of these departments＇ policies. Option market construction is in accord with the feature of China＇s ＂emerging and transition＂ stage.