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风险控制问题一直是证券投资人士非常关注的问题。随着我国金融市场成熟度的不断提高,广大投资者的投资理念日趋成熟。经济学家Arrow(1971)and Pratt(1964)针对效用函数建立了风险厌恶理论,Kahneman(2002)提出前景理论,其价值函数的三个重大特征之一就是大多数人在面临获得时是风险规避的。那么在证券投资领域,有没有可能规避系统性风险,保证最后的收益收敛于期望收益?股指期货工具为实现这一期望提供了可能。从投资者的角度看,以往对于股指期货的研究成果集中体现在套保、套利和投机三个方面,适用情形
The issue of risk control has always been of great concern to securities investors. With the continuous improvement of the maturity of China’s financial market, the investment concept of the majority of investors is maturing. Economists Arrow (1971) and Pratt (1964) have established a theory of risk aversion for utility functions. Kahneman (2002) proposed a theory of prospects. One of the three major characteristics of the value function is that most people face risk aversion of. So in the field of securities investment, is it possible to circumvent the systemic risk and ensure the final income converges to the expected return? The stock index futures tools have made it possible to realize this expectation. From the investor’s point of view, the past research results on stock index futures are mainly reflected in hedging, arbitrage and speculation in three aspects, the application of the situation