论文部分内容阅读
作为新兴市场,我国股票市场的波动幅度、频率要明显大于成熟市场,虽然我们潜心选择绩优成长股和进行股票的组合投资,能在一定程度上规避市场的非系统性风险,但无法防止市场的系统性风险。而且,我国历来可以说是一个政策市,股市涨涨跌跌的背后,总有一只看不见的手在操纵,那就是政策,投资者要想在股市中生存、盈利,很大程度上要靠政策的推动。如1999年“5.19”行情:当时,由于基本面的变化,深沪股市从1997年5月至1999年5月展开了长达两年多的调整,股指一度跌至1000点附近,新股跌破发行价的比比皆是,配股价更是不堪一击,在此情况下,又恰逢东南亚金融危机,管理层为了激活资本市场,果断出台了超常规发展机构投资者,引入封闭式基金,放开3类企业入市等相关利好消息,大盘终于结束了长期低迷,爆发了“5.19”井喷行情。纵观中国股市10余年,此类例子不胜枚举,同时,系统性风险也尽收眼底,却无法回避。如果推出股票指数期货,投资者就可卖出股指期货合约进行套期保值,不必被动地靠政策救市了
As an emerging market, the volatility and frequency of the stock market in our country is obviously greater than that in the mature market. Although we devote ourselves to selecting the blue chip stocks and the portfolio investment, we can avoid the non-systemic risk of the market to a certain extent, but we can not prevent the market Systemic risk Moreover, our country has always been a policy market, the stock market up and down behind the drop, there is always an invisible hand manipulation, that is the policy, investors want to survive in the stock market, profit, to a large extent rely on Policy promotion. For example, the “5.19” market in 1999: Due to the fundamental change, the Shenzhen and Shanghai stock markets started more than two years of adjustment from May 1997 to May 1999. The index fell to around 1000 once and the new shares fell below The issue price abound, the placement price is vulnerable, in which case, coincides with the Southeast Asian financial crisis, the management in order to activate the capital market, the decisive introduction of unconventional development institutional investors, the introduction of closed-end funds, put Open 3 categories of enterprises and other related good news, the market finally ended a long downturn, broke out in the “5.19” blowout. Looking at the Chinese stock market more than 10 years, such examples are numerous, at the same time, systemic risks are also panoramic view, but can not be avoided. If the introduction of stock index futures, investors can sell stock index futures contracts hedging, do not have to passively rescued by the policy