股指期货推出对我国股票市场的影响

股指期货推出对我国股票市场的影响

本科毕业论文

股指期货推出对我国股票市场的影响 The Impact of Stock Index Futures’ Implement

On Domestic Stock Market

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股指期货推出对我国股票市场的影响

摘 要

我国股票市场在国民经济中的地位和作用越来越重要。我国上市公司股票市值占国内生产总值（GDP）的比重也在急剧增长。中国股票市场要继续发展已不能仅仅依靠单边做多，单边市场存在着较大的市场风险。金融衍生产品种类缺乏，市场功能和机制不完善等问题，制约了我国股票市场的进一步发展。股指期货是一种以股票价格指数作为标的的金融期货，已成为金融衍生产品中发展最为迅猛的交易品种。股指期货的推出对于完善股票市场的功能和机制，提高我国金融市场的国际化程度，具有重大推动作用。随着股指期货在中国大陆股票市场的正式登陆，股指期货的引入对股票现货市场的影响成为人们关注的焦点。本文从市场投资者结构与行为、股票价格和股票指数波动以及股票现货市场规模和流动性三个方面分析股指期货推出对我国股票市场产生的影响。

关键词：股指期货；股票市场；影响

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股指期货推出对我国股票市场的影响

ABSTRACT

China's stock markets in the national economy play a more and more important position and role. If the stock market of china needs to keep on development it cannot rely on buying long because it will cause a large market risk. Lacking of financial derivative products and incompleteness of market mechanism and function restricts the further development of Chinese stock market. Stock index future is a kind of financial futures that stock index as underlying asset. It has become the most rapidly developing subclass of the financial derivatives in the recent decades. The introduction of stock index future is good for completing the stock market mechanism and function and improves China financial market internationalization. People will focus on the impact of stock index future’s implement on domestic stock market as the introduction of the stock index future in China stock market. The whole article analysis the impact of stock index future’s implement on domestic stock market from the investors’ structure and behaviors, the stock price, the fluctuate of stock index, the market scale and liquidity of stock market.

Key Words: Stock Index Future; Stock Market; Impact

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股指期货推出对我国股票市场的影响

目 录

一、引言 ............................................. 1

（一）选题背景 ............................................. 1

（二）国内外研究现状 ....................................... 1

二、股指期货概述 ..................................... 2

（一）股指期货的基本概念 ................................... 2 （二）我国股指期货的发展情况 ............................... 3 （三）沪深300股指期货介绍 ................................. 5

三、股指期货推出对我国股票市场的影响 ................. 7

（一）股指期货推出对市场投资者的影响 ....................... 7 （二）股指期货推出对股票价格和股票指数波动的影响 ........... 9 （三）股指期货推出对股票现货市场规模及流动性的影响 ........ 10

四、股指期货推出的相关政策建议 ...................... 11 五、结论 ............................................ 13 参考文献 ............................................ 16

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