The Research Into Problems Of Developing Chinese Stock Index Futures Market

Since 1990, great structural changes have taken in motion in Chinese financial market. The development in securities market, which makes stock market as nucleus, transformed the market pattern of single bank credit for a long period of time. The speed and tremendous blast power resulted in social economic life have made clear that the development of securities market has expansive foreground, position and function in Chinese financial market in the future.Along with the expansion of securities market scale, acceleration of market process and development of organization investors, to establish effective risk management system, developing derivative market including stock index futures in China causes notice inside and outside market.This thesis makes the stock index futures as the research object, and tries to research its establishment and operation in China by beginning with the basic theories of stock index futures. Firstly, the paper introduces the correlative conceptions and theories, analyzes the circumstances in Chinese securities market and futures market, combined with the generation and development of Chinese stock market and futures market. Then the paper discusses the essentiality and feasibility of establishing Chinese stock index futures, and the influence of capital market after launching stock index futures, such as influence of open-end fund, reducing state-owned shares, the second-board market and so on. Then the paper analyzes all sorts of problems of establishing stock index futures and gives suitable policies and suggestions for every problem. This is the emphasis and difficulty of the paper.At last, the paper designs the content of Chinese stock index futures contract on the basis of experiences internal and external, including the pricing model in Chinese stock market.