股指期货推出对我国股票市场的影响

内 容 摘 要

股指期货作为一项重要的金融衍生产品，自1982年2月首次在美国推出以来，得到市场的广泛认可，被誉为20世纪80年代“最激动人心的金融创新”。进入20世纪90年代，股指期货不论在交易规模上还是在市场范围上都得到了长足发展，成为国际成熟资本市场的一项标志。在全球金融市场竞争日趋激烈和我国资本市场逐渐对外开放的条件下，及时推出股指期货，对于加快完善我国资本市场结构，建设长效市场运营机制具有重要意义。本文首先对股指期货的概念、产生发展及功能进行了阐述，进而分析了我国股指期货推出的必要性和可行性，最后在深入考察境外推出股指期货对股票市场所产生影响的基础上，探讨了股指期货推出对我国股票市场的影响。

关键词：股指期货   股票市场   影响

The Effects of Stock Index Futures on Stock Market in China

Abstract

An important instrument of financial derivative, Stock Index Futures, was applausive by most securities market investors rapidly and is titled ‘the best exciting innovativeness in finance’ in 1980’s. Since 1990’s, Stock Index Futures was rapidly expanded in scales and areas, and was described to be a symbol of the advanced stock markets in the world. Facing the financial market competitions being fierce day by day and the capital market opening progressively, it is necessary for our country to put out Stock Index Futures in developing mechanism of capital market. First, this thesis describes the concept of stock index futures, the origination, development and function. Second, analysis of Chinese Stock Index Futures introduces the necessity and feasibility. Based on deeply inspecting the effects of Stock Index Futures to capital markets abroad, it studies the influence on stock market when Stock Index Futures are put out in China.

Key words: Stock Index Futures   stock market   effects

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