The Research On The Risk Of Stock Index Futures Market And Its Management

As we know, futures have huge risk charasteristics because of its leverage eflect on the gains and losses, the stock index futures also has. It is an important thing that finance supervisors and investors must treat with. That is: total knowing the risk of the stock index futures, to use it properly.The thesis focuses on the stock index futures and its function in financial risk management. The thesis includes five chapters. After introduce the situation and specialities of stock index futures, it sets up the system of risk management: risk identification risk evaluationand and risk control. It analyzies the risk evaluationand and control of stock index futures. At risk identification stage, it uses tree analysis to identify the risk in stock index future market in our country; at risk evaluation stage, it brings in the most popular risk evaluation technique-VaR, and make use of that technique to evaluate the risk of hu shen 300 market; at risk control stage, after drawing lessons from domestic and international advanced experience, it gives a series of measures to control the risk of our market. At last it shows that although some new market risk sources will appear, it is feasible to develop stock index futures in China at present under the circumstances that the supervising organizations, the bourses, the broker institutions and the market participants can fully understand the investment risks of stock index futures and master the measures of risk management. And it also shows that developing stock index futures will benefit Chinese security market.