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笔者在2010年《现代财经》第7期上发表了《香港对股指期货市场实施监管和风险控制的经验及其启示》一文,论述了基于宏观视角对股指期货投资市场监管和风控措施。部分读者致函笔者希望能站在投资者视角论述股指期货和现货股票组合的避险机理及实际操盘策略。本文将以案例为主的形式论述股指期货对现货股票投资的避险机理以满足读者诉求。
The author published “Hong Kong’s Experience in Regulating and Controlling Stock Index Futures Market and Its Enlightenment” on the 7th issue of Modern Finance in 2010, and discussed the regulatory and risk control measures on the stock index futures market from a macro perspective. Some readers wrote to the author that I hope to be able to stand on the perspective of investors, stock index futures and spot portfolio portfolio hedging mechanism and the actual trader strategy. This article will discuss the hedging mechanism of stock index futures on spot stock investment in order to meet the readers’ demands.