我国引入差价合约的可行性研究

发布时间：2019-05-18 13:26

【摘要】：近十年来，我国的国民收入水平显著提高，投资者的投资意愿越来越强，传统的储蓄理财已经不能满足人们的理财需求。银行理财产品和信托产品规模的迅速增长显示出人们越来越趋向于自主投资和多元化投资。融资融券和股指期货的推出，投资者在股市的盈利模式从以前的单向盈利转变为现在的双向赢利，投资空间进一步扩大。我国的金融制度不断完善，金融市场也越来越发达，但是金融衍生品的发展仍然略显不足。金融衍生品的发展水平显示了金融创新能力的强弱。只有保持强劲的金融创新能力，才能保证金融市场资源配置的能力不断提高，交易效率的不断增强。大力发展金融衍生品，不但可以刺激我国的金融创新能力，而且能够使投资者有更多的投资渠道和获利空间。发展金融衍生品有两种途径：一种途径是直接设计开发适合我国金融环境的金融衍生品；另一种则是引入国外的金融衍生品，针对我国的金融制度进行修正。相对于第一种途径来说，引入国外现存的金融衍生品具有开发成本低，运营风险小的优势。虽然国外金融衍生品种类繁杂，但真正适合我国金融环境的数目并不多。在对比分析了国外众多的金融衍生品之后，笔者发现差价合约既能满足投资者的投资需求，又适合我国的金融环境。很明显，在我国的金融市场内引入差价合约可以使金融市场参与者受益匪浅。因此，笔者有必要对我国引入差价合约进行相关研究。本文将论述我国引入差价合约的可行性，对差价合约的结构特点，交易原理，市场运营等进行详细的介绍和对比，最后结合我国的金融环境对差价合约的引入进行规划设计。
[Abstract]:In the past ten years, the level of national income in China has been significantly improved, and the willingness of investors to invest has become stronger and stronger, and the traditional savings and financial management has been unable to meet the financial needs of people. The rapid growth of bank wealth management products and trust products shows that people are more and more inclined to invest independently and diversified. With the introduction of margin trading and stock index futures, the profit model of investors in the stock market has changed from the previous one-way profit to the present two-way profit, and the investment space has been further expanded. China's financial system continues to improve, the financial market is also more and more developed, but the development of financial derivatives is still slightly inadequate. The development level of financial derivatives shows the strength of financial innovation ability. Only by maintaining strong financial innovation ability can we ensure the ability of financial market resource allocation and transaction efficiency. Vigorously developing financial derivatives can not only stimulate China's financial innovation ability, but also make investors have more investment channels and profit space. There are two ways to develop financial derivatives: one is to directly design and develop financial derivatives suitable for China's financial environment, the other is to introduce foreign financial derivatives to revise the financial system of our country. Compared with the first way, the introduction of foreign existing financial derivatives has the advantages of low development cost and low operational risk. Although the types of foreign financial derivatives are complex, but the number of real suitable for China's financial environment is not many. After comparing and analyzing many foreign financial derivatives, the author finds that the price difference contract can not only meet the investment needs of investors, but also adapt to the financial environment of our country. Obviously, the introduction of price difference contracts in China's financial markets can benefit financial market participants a lot. Therefore, it is necessary for the author to carry on the related research to our country to introduce the price difference contract. This paper will discuss the feasibility of introducing the difference contract in our country, introduce and compare the structural characteristics, trading principle and market operation of the difference contract in detail, and finally plan and design the introduction of the difference contract according to the financial environment of our country.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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