股指期货应当缓行

The Open of Stock Index Futures Should be Suspended

股指期货是一种基于股票现货市场的金融衍生工具,它的发展应当以发达的现货市场为基础。对不发达的现货市场而言,股指期货的推出可能会造成现货市场的交易转移,从而影响现货市场的筹资功能,产生现货和期货两个市场的投机加剧,以及信息不对称影响期货交易效率等几方面的不良反应。因此,现阶段在我国股票现货市场发展尚未完全规范的情况下,股指期货应暂缓推出。

Stock index future is a kind of financial derivatives base on spot stocks market. For the undeveloped spot stocks market, stock index futures maybe result in shift of transaction and then weaken raising fund function of spot stocks market, exert excessive speculation on the spot and the future market, and information asymmetry can lower the efficiency of transaction. Under the undeveloped circumstance of our spot stocks market, stock index futures ought to be suspended at present