股票现货

但是自股指期货上市以来，我国股票现货市场出现了较大幅度的下跌，市场波动率明显上升。

However , with the stock index futures listed in our country , stock spot market appeared a big decline , volatility rises apparently .

第四章是股指期货的引入对股票现货市场波动性的影响分析。

The fourth chapter analyzed the influences of the spot market volatility introduced to the stock index futures .

作为管理股票现货市场风险的金融衍生工具，股指期货的重要性在危机背景下愈发凸显。

As a dominant risk management instrument , the importance of the stock index futures has been highlighted .

国内外已做多了大量关于股指期货对股票现货市场影响的研究，然而对股指期货的推出对成分股的影响却未作详细研究。

The impact of the stock index futures on stockmarket has been researched at home and abroad lot .

股指期货是为了满足管理股票现货市场风险，尤其是系统性风险的需要而产生的。

The invention of stock index futures is for the purpose of risk management , especially for the systematic risk management .

因此，充分了解股指期货对股票现货市场的影响并对其进行风险控制非常重要。

Therefore , full understanding of stock index futures of cash market and its influence to the risk control is very important .

场经济下，股票现货市场的价格波动往往是难以把握的，价格风险可能给投资者带来灾难性的后果。

In the market economy , price fluctuation in the stock market is often difficult to grasp , which may bring disastrous consequences .

第二、股指期货日交易量的异常变化会引起股票现货市场价格的剧烈波动。

Meanwhile , the price of the stock market would fluctuated fiercely caused by the abnormal changes of the volume of stock index futures market .

而股指期货的推出将会对股票现货市场产生哪些影响，这值得我们去探究。

What is the effect of the launch of stock-index futures and how does the stock-index future influence the stock market are worth to explore .

一般来讲，股指期货的引入有利于规避股票现货市场的系统风险，使资本市场更加有效率和更加健全。

Generally speaking , the stock Index future is conducive to circumvent the system risk and makes the capital markets more effective and more sound .

人们普遍认为股指期货有利于规避股票现货市场的系统性风险，有利于促进现货市场的健康发展。

It is generally believed that the stock index futures are useful to avoid systemic risks in the spot market and promote the development of the spot market healthily .

随着我国股指期货的推出，基于股指期货的套期保值成为投资者规避股票现货市场系统风险的重要工具。

As the launch of CSI 300 index future , hedging with stock index futures will be taken as an important approach to hedge the systematic risk in stock market .

第五部分从股票现货市场与商品期货市场的发展，分析我国推出股指期货已具备的基本条件；

Chapter 5 , by reviewing the development of the stock actual market and commodity futures market , represents the existing basic conditions for launch of the stock index futures in China .

推出股指期货有利于完善证券市场，增强竞争力，减少系统风险，稳定股票现货市场。

Launching the future stock price index will be good to accomplish the stock market , enhance the competition , reduce the system risk of stock market and stabilize the stock cash market .

西方主要发达国家的股指期货市场在经过了20多年的发展后已经十分成熟，股指期货在稳定股票现货市场方面发挥着重要的作用。

The stock index futures market has been very mature after 20 years of development in major western developed countries . The stock index futures play an important role in stabilizing the spot market .

股指期货应股票现货市场风险管理的市场需求而产生，是以股票价格指数为基础资产标的物的一种金融期货。

Stock Index Futures is a kind of financial futures which is based on the stock price index . Its emergency has meet our peoples ' needs of risk control on the spot stock market .

股指期货特殊的交易规则使其成为一把双刃剑，在给股票现货市场提供规避风险的方法的同时，也给股指期货市场带来不可避免的高风险性、高投机性。

On the one hand , stock index future provides risk-averse approach for the stock spot market . On the other hand , it brings inevitable high-risk and highly speculative to stock index futures market .

在股指期货规避股票现货市场系统风险的同时，股指期货的市场价格会通过自身的高杠杆性传递到股票现货市场，对其价格产生影响。

Stock index futures in the stock spot market can avoid systemic risk , while the market price of stock index futures will be highly leveraged through its own transmission to the stock spot market , and impacted their price .

股指期货套期保值是对持有的股票现货进行风险对冲或者锁定未来购入股票现货的成本，实现不同市场参与者间的风险转移。

Stock index futures hedging is used for risk hedging of stocks held in the hand or locking the cost of buying stocks in future , so as to achieve the transfer of risk among different kinds of market participants .

我国沪深300股指期货自推出之前就受到广泛关注，关于沪深300股指期货对股票现货市场的影响一直是众多学者关注的焦点。

The CSI 300 stock index futures have attracted extensive attentions before they are listed , the effects that the CSI 300 stock index futures bring to the stock cash market have always been a focus point by numerous scholars .

我国迟迟没有推出，其中一个重要的原因就是怕出现市场操纵，进而引起股指期货和股票现货市场的联动反应。

China delayed to put forward , one of the most important reasons is that it may be disarrange the present market , and then results in the coinstantaneous reflection between the markets on stock index futures and the present stock .

同时，对于现货市场和期货市场波动性的研究也一直长盛不衰，一般来说，人们认为股指期货产品有利于资源的合理配置和股票现货的价格发现，对于降低现货产品的波动性有重要作用。

In general , people think that the stock index futures products are conducive to the rational allocation of resources and the price discovery of stocks on the spot and have an important role to reduce the volatility of spot products .

股票指数现货交易制度对股票市场的正面影响大于负面影响。

This system has more positive influences than negative one on the stock market .

股票指数现货交易制度研究

On Spots Transaction System of Stock Index

其理论基础是在通常情况下，股指期货的价格与股票市场现货价格均受到相同因素的影响，两者的变动是一致的或者高度相关的。

The theory basis is the price of stock index futures and stock market are determined by the same factors , and the change between them is consistent or highly relevant .

这种做法忽略了股票指数期货和现货间的基差风险。

This approach ignored the stock index futures and the cash-poor risks .

通过与期货交易、股票交易以及传统现货交易的对比分析，指出现货仓单交易在本质上是一种非标准的贸易形式。

Through the contract and comparison with futures exchange , stock exchange and traditional spot trading , I intend to reveal that the warehouse receipts exchange is a form of non-standard trading .

股票期货作为从股票现货衍生出来的金融产品，和股票现货市场有着密切的关系。

The stock futures , a kind of financial products derived from the underlying stocks , has the closed relationship with the stock markets .

股票指数期货因回避股票现货市场系统风险的需要而产生，具有转移和化解基础市场风险的功能，同时，其外在的宏观环境和内在的运行机制又决定了它也是一个高风险的市场。

Resulted from avoiding the systematic risks of stock cash market , the stock-index futures have the functions of transiting and converting the basic market risks . Meanwhile , the external macro conditions and internal operating mechanism of the stock-index futures prove them to be a market of high risk .

股指期货是服务股票市场，是以期货交易方式复制股票市场的现货交易，具有规避价格风险，稳定股票市场内在机制，受到广泛重视。

Stock market index futures is a service , is to replicate the stock market futures stock trading has to avoid price risks , stabilize the stock market as an internal mechanism , by the extensive attention .