| 1. | On the resricting factors and the risks of chinese stock index futures trading
论我国开展股票指数期货交易的制约因素及其风险 |
| 2. | The facts that whether opening stock index futures can bring single lateral market of stock market and the relationship of opening stock index futures transaction and collapse of stock market are also discussed in this article
文中还探讨了开展股票指数期货交易是否会导致股市的单边市以及开展股票指数期货交易与股市崩盘的关系等问题，并提出了应对措施。 |
| 3. | Var is used to measure the market risk of america s & p500 stock index futures and a conclusion is got that supervisor and trader can adjust supervision strategy and provision of risk capital according to daily varvalue
运用var技术测量了美国s & p500股指期货的市场风险，得出在正常市场条件下，监管部门和交易者可以根据日var值来调整监管策略和风险资本金的准备率,为我国将来推出股票指数期货交易提供一套有效的风险度量的方法。 |
| 4. | With the fast development of chinese economy and step - by - step opening to world capital market , there is increasing concern within the chinese financial community that it ' s time for us to initiate the transaction of stock index futures in china
随着我国证券市场的发展完善，缘于规避股票现货市场的系统风险和活跃证券市场的需要，我国股票指数期货交易也呼之欲出。我国如何适时适地推出股票指数期货交易，是一个需要理论界和实务界共同探讨的问题。 |
| 5. | In this essay , the author mainly discusses the necessity and feasibility that today we launches the stock index futures trade after the development of home security market in 13 years , since the stock index futures trade firstly being launched by hainan stock pricing centre had failed
在本文中,笔者主要讨论了自1993年在海南证券交易报价中心推出股票指数期货交易失败以后,我国的证券市场在又经过了13年的发展,到今天推出股票指数期货交易的必要性和可行性。 |
| 6. | Moreover , the recent years " development of futures market has provided valuable experience for launching stock index futures market . meanwhile a lot of experienced brokage companies and investors are cultivated during the process . investors group who have been in futures business and large amount of idle fund are the market basis for stock index futures transaction
另外我国期货市场几年来的发展也为推出股票指数期货交易提供了宝贵的经验，它培养了一大批经验丰富的经纪公司管理者和投资者，已经从事期货交易的投资者队伍和大量闲散资金是开展股票指数期货交易的市场基础。 |
| 7. | The paper is composed of five chapters the first chapter first introduces the concept , characteristics and the course of development of the stock index futures , then deduces the pricing formula of stock index futures and further analyses the functions of stock index futures and the impact of its transaction on the fluctuation of the spot transactions . the second chapter demonstrates the need and feasibility of the introduction of the stock index futures in china . through the empirical analysis of the market risk of china ' s stock market , we can see that the risk difference between individual stocks , so a portfolio investment wo n ' t help much in risk aversion
本论文共分为五章，第一章在介绍股票指数期货的概念、特点以及产生与发展的过程的基础上，对股票指数期货的定价公式进行了推导，从而引出股票指数期货的套期保值、指数套利、资产配置、组合保险等作用，进而分析股票指数期货交易对股票现货市场波动性的影响；第二章主要是对中国推出股票指数期货的必要性和可行性进行论证，通过对中国股票市场风险测度的实证分析，得出了中国股票价格波动齐涨齐落，个股之间的风险差异小的特点，因此，投资者进行投资组合的避险效果就很有限，无论是个人投资者还是机构投资者，都必须面临中国股票市场巨大风险的事实。 |
| 8. | The study gives a risk management tool which can be used when the stock index futures are developed in future in our country . according to the analysis of advantage and disadvantage of stock index futures supervision mechanism in other countries , one - unit three - level supervision mechanism and measures were established and risk management was studied in advance in our stock index futures market
根据对其他国家和地区股票指数期货监管模式的优劣分析并结合我国的特点,本文构建了我国股票指数期货市场应该采用的一元三级监管制度及其监管措施，为我国进行股票指数期货交易的风险管理进行了前瞻性的研究。 |
