股票指数期货:工具与监管

Stock Index Futures: Instrument and Regulation

本文从股票指数期货在金融交易中发挥的作用、股票指数期货交易的开设对股票市场波动性的影响、以及我国当前的股票市场交易制度与监管三个层面上对开设股票指数期货交易进行分析研究,并指出:就股票指数期货作为一种金融衍生工具而言,我国应该及早引入股票指数期货,以提高股票市场的运作效率。同时考虑到我国经济正在进行深层次的结构性调整,市场交易制度有其自身的特点,当前更应着重加强资本市场的制度建设,提高监管力度,为早日开设股票指数期货交易创造条件。

This paper studies the necessity and feasibility of the introduction of stock index futures into China s stock market by focusing on the stock index futures' functions, the effects of its introduction on stock market's volatility and the sup- porting conditions from market trading mechanism and regulation. The author argues that the introduction of stock index futures will improve stock market's operational efficiency. However, given current economic reform and regulation conditions, more efforts should be placed on the improvements of trading mechanism and regulation to ensure that the stock index futures will play a better role in stock market.