论文部分内容阅读
最近,我国证监会批准瑞士银行有限公司和日本野村株式会社 QFⅡ资格,拉开了国际投资者进入中国资本市场的序幕。股指期货市场作为资本市场体系最活跃的领域之一,是市场经济发展到一定程度,资本市场整合发展的必然。因此笔者对适时开设股指期货谈一些看法,供参考。开设股指期货的内在必要1、规避风险。股票指数是全部或部分代表性股票的组合,其波动具有一定的规律性,且可以规避单个股票受公司经营影响而剧烈波动的风险。我国股市的一个特点是股指大幅波动、系统风险大,这种风险无法通过股票市场上的分散投资来加以回避。开设股指期货一方面为股票承销商在一级市场包销股票提供风险回避工具;另一方面又为二级市场广大投资者回避风险,获得投资机会收益提供保障。2、活跃股市。由于股指期货具备期货的特点,实行保证金制度,买进股指期货比同时买人相应股票投资额要小得多。同时股指期货将期货市场做空机制引入股票市场,使得对市场判断正确的投资者无
Recently, China’s Securities Regulatory Commission approved the Swiss Bank Co., Ltd. and Nomura Co., Ltd. of Japan QFII qualifications, opened the prelude to international investors into China’s capital market. As one of the most active areas of the capital market system, the stock index futures market is inevitable for the development of the market economy to a certain extent and the integration and development of the capital market. So I talk about some timely introduction of stock index futures for reference. The inherent need to open stock index futures 1, to avoid risks. Stock index is a combination of all or part of the representative stock, the volatility has a certain regularity, and can avoid the risk of a single stock volatility affected by the company’s business volatility. A characteristic of the stock market in our country is the volatility of the stock index and the large system risk. Such risk can not be evaded through diversified investments in the stock market. On the one hand, the opening of stock index futures provides a risk avoidance tool for stock underwriters to underwrite stocks in the primary market; on the other hand, it provides protection for the investors in the secondary market to avoid risks and gain returns on investment opportunities. 2, active stock market. Since stock index futures have the characteristics of futures, the implementation of margin system, buying stock index futures at the same time than buying the corresponding stock investment is much smaller. At the same time, stock index futures will short the futures market into the stock market mechanism, making the right market investors do not judge