我国开发股指期货风险规避策略研究

股指期货是一种新的金融衍生产品,对发展和完善我国证券市场具有重要意义。本文在详细介绍了股指期货的特点和功能的基础上,借鉴发达国家和地区股指期货推出和发展经验,结合我国证券市场实际,对开发股指期货的必要性和可行性进行探讨,并针对开发股指期货实施步骤、政策准备和风险规避策略等方面提出了相关建议:实施步骤及政策准备应包括法律、管理规则修改与准备、科学编制股指、渐进式开放和借鉴国外经验等几个方面;风险规避策略包括建立严密的法规与监管体系、科学合理地设计股指期货合约、完善市场运行机制、加强期货市场与股票市场的合作和壮大与完善股指期货的投资主体等七个方面。

Study on Risk-avoiding Tactics of Stock Index Futures in China

Stock index is a kind of new financial derivative product,which will paly an important role in the development of China's security market.On the basis of introduction of stock index futures' character and function,the paper analyses the necessity and possibility of developing stock index futures according to our security market and gives the proposals of implementing steps,preparing policies and risk-avoiding tactics.Preparing policies include law preparation,scientific stock index,gradual opening-up and using overseas experience.Risk-avoiding actions include establishing strict law and monitor system,scientific stock index futures agreement,consummating the market mechanism,strengthening the cooperation of stock market and futures market,enlarging the stock index futures investment body and etc.