期权交易对基础证券市场影响的研究综述

Research summary of impact of options trading on basic stock market

大部分研究者认为期权交易会加大市场的流动性,衍生品的交易适合在证券交易所推出,期权交易可以沿用证券交易所的交易系统、会员结构和风险控制制度;期权交易也会减少基础市场的波动性,个股期权的流动性要比股指期权的波动性更难以预测。非金融危机时期对股指期权及个股期权波动性的预测能力都要好于金融危机时期的预测能力,整体来看,现货市场价格的波动性降低了;期权交易还会提高基础市场效率,大部分的学者认为股票期权的推出减小了价格波动的方差,增加了公众掌握的信息对于股票价格影响的比重,降低了价差,提高了市场深度、交易量、交易频率和交易规模,也提高了股票市场的质量。同时,期权交易会使基础市场稳定性增加,从而降低投资风险,进而增加投资者的收益。

The vast majority of researchers believe that options trading will lead to increase in market liquidity, that the stock exchange is a suitable place for derivatives trading, and that options trading can follow the stock exchange＇s trading system, membership structure and risk control systems. In addition, options trading will lead to decrease in market volatility. Compared with the volatility of stock index options, the liquidity of stock options is more difficult to predict. It is easier to predict the volatility of both stock index options and stock options during a non-financial crisis period. As a whole, the volatility of spot market price reduced while options trading will improve the efficiency of the basic stock market. Most scholars believe that the introduction of stock options reduced the variance of the price volatility, increased the impact of information held by the public on stock prices, reduced the difference in price and improved the market depth, transaction volume, frequency, and scale as well as the quality of stock markets. At the same time, options trading will lead to increase in stability of the basic stock market, thereby reducing investment risks and increasing returns to investors.