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股指期货作为 2 0世纪最为成功的金融创新之一 ,自问世以来发展相当迅猛 ,全球股指期货交易额远远超过了股票市场 ,从 1991年的 780 0 0亿美元增加到 1998年的 2 0 80 0 0亿美元。 2 0 0 0年末 ,国内股票市价总值已达 480 91亿元 ,占当年 GDP的 5 3.7% ,而在股指期货方面却是一片空白。自海南证券交易中心停止“深指期货”交易后 ,我国股指期货市场的建设一直处于停顿状态。本文就我国建立股指期货市场的必要性以及它对股市发展所起的作用作了初步探索 ,提出了若干建议。
As one of the most successful financial innovations in the 20th century, stock index futures have developed quite rapidly since the advent of stock index futures. The global stock index futures trading far surpassed the stock market, from 780 billion U.S. dollars in 1991 to 280 in 1998 0 billion US dollars. As of the end of 2000, the total market value of domestic stocks reached 4,809.1 billion yuan, accounting for 53.7% of that year’s GDP, but it was a blank in stock index futures. Since the Hainan Stock Exchange Center to stop “deep-futures” transactions, the construction of China’s stock index futures market has been at a standstill. This article made a preliminary exploration on the necessity of establishing stock index futures market in our country and its role in the development of stock market, and put forward some suggestions.