股指期货的推出对我国股票市场的影响

股指期货的推出对我国股票市场的影响
摘  要

股指期货长期来一直是金融市场上最重要的金融衍生品，在活跃市场交易的同时，还起着价格发现、价格平抑的重要作用。在漫长的整顿、规范和筹备之后，我国终于在去年4月16号正式推出了股指期货交易。这标志着我国金融市场已初步具备了成熟市场的某些特质，也显示了我国进一步推动金融市场向纵深发展的决心。股指期货的推出毫无疑问是去年国内金融业的一件大事。
本文探讨的是股指期货的推出对我国股票市场的影响。众多研究表明，股指期货对于股市影响主要集中在它们间的波动性关系、价格发现关系以及流动性关系三个方面。文章将总结股指期货上市半年多来的市场表现，并结合股指期货在其他成熟市场上的表现进行分析。可以发现，在如今这个还不成熟的金融环境下推出以来，股指期货并没有很完全地发挥其风险救生圈的作用，应该是说现在的金融环境没有多少期指的用武之地。但毋庸置疑的是，期指的推出必定将对我国金融市场产生深刻影响，促进其发展。而且，股指期货半年考的成绩单还是有许多亮点的，表现也超过了很多人的预期。

关键词：股指期货，现货市场，股票指数

ABSTRACT

For quite a long time, stock index futures have been a very important financial derivative. The stock index futures finally launched in Chinese market on 16th, April, 2010. This means that the financial market in China is more and more mature, and it also demonstrates the determination of the Chinese government to open the financial market future.
Here we analysis the impact of the stock index futures on the stock market. Many surveys have shown that there are mainly three aspects of impact, namely volatility, price discovery and mobility. We will compare the performance of the stock index futures in Chinese market and other more mature markets, such as Japan, the U.S., in order to find how well the new derivative has done. In conclusion, we find that stock index futures performance quite steadily during the past 6 months.
   
Key Words：stock index futures，spot market，stock index

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