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随着中国证券市场的深化和发展,推出股指期货的呼声日益强烈,股指期货问题也引起各方面的重视,近两年的“两会”都有代表、委员提出有关的议案和建议我们在研究中国股指期货市场发展问题时,一定要认清其对股票市场的要求。 1、股票市场的规模、流动性和价格波动股票市场的流动性和价格波动使得投资者产生规避风险的需要,这是股指期货产生的根本原因。只有股票市场具有一定的规模,才会使避险需求足够大,才能防止两个市场间价格的不正常偏离和价格操纵,保证市场的理性和有效性。从各个市场推出股指期货的实践看,当股票市场规模发展到一定程度时,由于流动性和价格波动而产生的避险需求已经成为股指期货推出的必要条件。
With the deepening and development of the securities market in China, the call for the introduction of stock index futures is becoming increasingly strong. The issue of stock index futures has also drawn great attention from all quarters. The “two sessions” in the past two years all have representatives and members have proposed relevant motions and proposals. When studying the development of China’s stock index futures market, we must recognize its requirements on the stock market. 1, the stock market size, liquidity and price volatility Stock market liquidity and price volatility makes investors have the need to avoid risks, which is the root cause of stock index futures. Only when the stock market has a certain scale can the hedging demand be large enough to prevent abnormal deviations in prices and price manipulation between the two markets and ensure the market’s rationality and effectiveness. From the practice of introducing index futures in various markets, when the size of the stock market reaches a certain level, the demand for hedging due to liquidity and price fluctuations has become a prerequisite for the launch of stock index futures.