运用股指期货有效规避系统性风险之方法研究

An Approach on Effectively Evading the Systematic Risk by Applying the Stock Index Futures

股指期货可以有效地规避系统性风险 ,其基本原理是股价指数组合与股指期货合约的变动率呈正相关 ,只要在现货市场和期货市场进行相反的操作 ,就可以控制风险水平。股指期货规避系统性风险的方法包括套期保值 ,套利。利用股指期货规避系统性风险的实质是风险转移。我国股市的系统性风险比较大 ,开设股指期货显得日益重要。

Stock index futures can effectively evade the systematic risks. Its basic principle is that the stock index portfolio and the stock index futures contract variation take on the positive relative. If only perform the reverse operation both in the spot market and the futures market simultaneously can it control the risk level. The approaches of the stock index futures to evade the systematic risks include hedge and arbitrage. The nature of evading the systematic risks by applying the stock index futures is to transfer the risk. The systematic risks in our country's stock market are a bit big, so it is increasingly important to open the stock index futures.