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我国即将推出的沪深300指数期货是内地市场第一只基于A股的指数期货,其成份股是在深圳和上海证券交易所上市的市值最大的300只股票。股指期货的推出将一举消除封闭式基金的折价率,只要过去的业绩不发生大幅度的滑波,封闭式基金总体上应当呈现一定程度的溢价,这将为我国推出新型封闭式基金创造良好的条件。本文将通过分析封闭式基金的特点,以及封闭式基金的股指期货效应,得出利用封闭基金在二级市场中的折价率和股指期货进行套利交易的结论。
China’s upcoming CSI300 futures are the first A-share index futures on the mainland market, with constituents of the 300 largest market-capped stocks listed on the Shenzhen and Shanghai Stock Exchanges. The introduction of stock index futures will eliminate the closed-end fund discount rate, as long as the past performance is not a significant wave of sliding, closed-end funds should show a certain degree of overall premium, which will launch a new type of closed-end fund for our country to create a good condition. This article will analyze the characteristics of closed-end funds, as well as the closed-end fund stock index futures effect, the use of closed-end funds in the secondary market discount rate and the conclusion of the stock index futures arbitrage transactions.