从国际经验看中国股指期货的推出与证券市场的演进

发布时间：2018-06-18 03:12

本文选题：股指期货 + 证券市场　；参考：《北京大学学报(哲学社会科学版)》2010年04期

【摘要】：股票指数期货是促进中国证券市场体制变革的里程碑。本文结合美国等国际历史经验就以下问题做了系统的探讨后认为:推出股指期货可增进"民主",是证券市场机制变革的一大棋眼,能够加速促进中国证券市场机制的变革。美国当年推出之初衷与四分之一世纪以来全球各国经验都表明,股指期货存有"助稳"功能。之所以全球流行是因为它自身就具备四大优点。股指期货推出对我国证券市场体制改革具有一系列促进作用。第一,将使我国证券市场告别单边市时代并趋向功能完整。第二,有助于吸引更多长期资金入市,使证券市场规模更趋合理。第三,能为"对冲基金"等衍生工具开辟道路进而加速金融创新。第四,可为投资者提供高效率低成本的避险工具。第五,可与融资融券相辅相成而告别"单边市"时代。第六,能较好推动中国证券市场走出"政策市"的浓荫。股指期货在中国市场上也势将造成一系列新问题。中国特殊的博弈模式和各种分配性努力势将带来多种特殊行情和特色问题。
[Abstract]:Stock index futures is a milestone to promote the reform of China's securities market system. After a systematic study of the following international historical experience, this paper thinks that the introduction of stock index futures can promote "democracy", is a big game of reform of the securities market mechanism, and can accelerate the reform of China's securities market mechanism. The original intention of the introduction and the experience of all countries all over the world since the 1/4 century have shown that stock index futures have a "help stability" function. The reason why the global popularity is because it has its own four advantages. The introduction of stock index futures has a series of promotions on the reform of the system of securities market in China. The trend is complete. Second, it helps to attract more long-term capital into the market and make the stock market more reasonable. Third, it can open the way for derivatives such as hedge fund and accelerate financial innovation. Fourth, it can provide investors with high efficiency and low cost hedging tools. Fifth, which can be complementary to financing margin and bid farewell to "single side market". The times. Sixth, can better promote the Chinese securities market out of the "policy market" shade. Stock index futures in the Chinese market will also cause a series of new problems. China's special game model and various distribution efforts will bring a variety of special quotations and characteristics.
【作者单位】：北京大学经济学院;
【分类号】：F832.51

【共引文献】