Research On Avoiding The Risk Of The Stock Index Futures Of China

With the development of the security market of China, in order to evade the systematic risk of the market effectively , alleviate the management pressure of the domestic securities traders and raise their competitive power effectively, and provide institutional investors including QFII, the insurance funds , National Social Security Fund (NSSF), the business enterprise annuity, and Shanghai security 50ETFs which offer recently with insurance tools , the introduction of the stock index futures has possessed certain urgency. At the same time, the booming development of the Chinese stock market has already caused the attention of the foreign investors. DownJones and Morgan Stanly have already set up the stock index futures in China and begun to trade . Hong Kong has put out the H-share index futures formally on December 8 , 2003. On October 18, 2004, Option Exchange in Chicago of U. S. A. has put out the stock index futures of China. Meanwhile, Singapore, Brunei international exchange , Hong Kong JunYI futures Co. Ltd. also want to put out the index of reunification of China. Under this kind of international situation, some stock exchanges in China have launched a series of free discussions about the stock index futures. And the center discussed has already been transferred from the questions, such asfeasibility, necessity, etc. to the concrete mode of execution, listing choice, controlling risk of stock index futures. So, no matter from the request for development of capital market of our country, or the trend of the international capital market to see, the stock index futures are not only a kind of deadly enticement to Chinese stock market, but also one kind of essential intrinsic need。Because the security market of China produced and developed in the special environment that planned economy carries out the transition to market economy, it has obvious Chinese characteristics, exists disconnect from formulation of laws and regulations to operation mechanism of trade with international market, appears the administration leading characteristics, such as enterprises reform system incompletely in the course of transition , the administrative immobilization strength too is strong, the market regulation mechanism is too weak . As a result of the deep involvement of the administrative authority and the administrative mechanism, the resources disposition of the stock market cannot effectively play the role. Because the stock market and stock index futures have high dependence, the special influence factor on the stock market of China may cause the special risk of the stock index futures in China. In view of this, on the basis of the finance and stock index futures theory, insisting that the theory combines with practice, drawing lessons from the principle that combines together with innovation, consulting the domestic and international relevant documents and materials, combining author's thinking of China's development .stock index futures, this paper analyses systematically the risk of the stock index futures of China, the risk influence factor and the countermeasures of avoiding risk.This paper combines closely with concrete national conditions of China, and deliberates the risk of the stock index futures of China whichmay be produced from the defect which the stock market exists in China. Following order of "what" , "why" , "how" , this paper studies the risk law of the stock index futures, identifies the risk of the stock index futures of China and the reason which produces the risk, fully faces the risk and question, and establishes the valid system which guards against risk. Carrying on systematic analysis to the influence factor of the stock index futures' risk of China is the focal point of this paper. Proposing measures which avoid the risk of the stock index futures of China is the difficult point of this paper.