股指期货推出后是否会像权证一样形成过度投机呢?我们认为,股指期货推出后需要投机行为,但不会形成过度投机。第一,股指期货推出后,要使其顺利实现基本功能,就需要容许投机行为的存在。推出股指期货以后,参与者包括了套期保值者、套利者和投机者三种类型。在这三种类型中,套利和套保者主要由机构投资者组成, Will the introduction of stock index futures, like warrants over the formation of the same speculation? We believe that the introduction of stock index futures need speculation, but will not form over speculation. First, the introduction of stock index futures, to make it a smooth realization of the basic functions, we need to allow the existence of speculation. After the introduction of stock index futures, the participants include three types of hedgers, arbitrageurs and speculators. Among the three types, arbitrage and hedging are mainly composed of institutional investors,