从国际经验看中国股指期货的推出与证券市场的演进

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。

The Introduction of Stock Index Futures and the Evolution of Stock Market in China:From an International Perspective

SIF(stock index futures) is a milestone of promoting institutional reform in China's securities market.Combined with the historical experience of the U.S.and other countries,the authors argue that SIF is a key step in securities market mechanism change,which can strengthendemocracyand accelerate China' s securities market mechanism reform.From the original intention of the U.S.brought about in SIF and the international experience for a quarter-century,we notice that it has the effect of stabilizing the mark...