论文部分内容阅读
卖空机制和股指期货是中国即将推出的两个金融衍生品。面对美国次贷而引发的全球危机的情况下,中国对于两者推出时间的先后及在推出的时机有不同的观点。观点认为,股票卖空交易是推出股指期货的必要前提条件,必须先建立卖空交易才能推出股指期货,否则将显著影响股指期货定价效率;另有观点认为,在尚未建立股票卖空交易的情况下推出股指期货,不会对股指期货市场的正常运作造成根本性障碍,可以考虑先推股指期货再推出融资融券业务。本文针对于此进行理论和实证分析,为今后的稳定发展提供一些建议。
Short selling mechanism and stock index futures are two upcoming financial derivatives in China. In the face of the global crisis triggered by the subprime mortgage in the United States, China has a different view on the timing of launching the two and the timing of the launch. The view is that the short sale of stock is the necessary prerequisite for the introduction of stock index futures, you must first establish a short sale transaction to launch stock index futures, otherwise it will significantly affect the pricing efficiency of stock index futures; another point of view, in the absence of the establishment of stock short sale transactions Under the introduction of stock index futures, stock index futures market will not cause the normal operation of the fundamental obstacles, you can consider pushing the stock index futures and then launch margin trading business. In this paper, theoretical and empirical analysis of this for the future development of stable and provide some suggestions.