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Research On Supervision Of The Risk After Our Country's Stock Index Futures Listed In The Market

Posted on:2008-10-13Degree:MasterType:Thesis
Country:ChinaCandidate:J WangFull Text:PDF
GTID:2189360212486160Subject:Industrial economy
Abstract/Summary:PDF Full Text Request
The stock index futures is a variety of financial futures taking stock price index as trade target, which came from the financial innovation in the 1980's and became one of the most important and successful financial derivatives ,and it is also one financial derivatives who has the shortest history and grew fastest. Nowadays stock index futures play more and more important role as a mature risk management instrument of international capital market. With the development of Chinese capital market, the investors from different organizations, such as open-end fund, social security fund and assurance capital are forming continued flow in the stock market. In order to ensure the safe operation of huge sum of money and the normal development of the stock market, there is an urgent need of efficient risk prevention instruments such as stock index futures in Chinese capital market. The carrying out of the stock index futures will be beneficial to optimizing the function and the mechanism of the stock market, enriching the investment instruments of the mass of investors and play an important part to accelerate the development of Chinese stock market.Due to the speculative, indirect and concentrate characteristics of stock index futures, the entire risk of the cash market is more intensively shown in the futures market, also due to the stock index futures trade's financial lever characteristics of"little against big", the accumulated risk is thus increasing, which will affect the corresponding financial capital markets. Therefore, the risk prevention and management of the stock index futures is especially important. The control of risk is an important premise to the development of stock index futures. This paper, based on risk management theory, has done a research on risk management of Stock Index Futures.There are four parts in this paper: the first part is an introduction about the definition, the characteristics and the functions of Stock Index Futures; the second part is on necessity and possibility of establishing Stock Index Futures in China; the third is the analysis on risk management of Stock Index Futures, and this part could be divided into two sections: one is how to find the risks (using events-tree way) and the other is how to measure the risks (using VaR method); the last part clarify particularly the risks control of Stock Index Futures, and conclude that, as long as we set up a rigorous system of market risk watch and control, and take advanced technique of risk control to strengthen the harmony of security and future market, the coming risks would be managed well after the establishment of Stock Index Futures.
Keywords/Search Tags:stock index futures, hedging, risks identification, risks evaluation, risk management, VaR method
PDF Full Text Request
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