Stock Index Futures And Its Applicability In China,

Since the experimental stage at the beginning of 1990s' till now, sharp fluctuations have accompanied the development of Chinese stock market. How to effectively evade the market risks has become an important problem in the development of stock market , which also poses the realistic demand for bringing forth stock index futures. With the succe-ssful lanching of Hua'an Innovative Open Fund and the access of China into WTO, also the lowering of interests rate in Feb., 2002, the demand for introduing stock index futures has become ever stronger.Starting from the study of the inherent function of stock index futures and the basic market conditions in China, this thesis introduces the evolution process of stock index futures in the international market. Adopting the way of combining quantitative and quantitative research method, this thesis analyzs and explores the situableness of this instrument in china. The whole thesis comprises four parts. In the first part, the author mainly introduces the overall situation of the development of stock index futures abroad. The second part focuses the effect of introduing stock index futures on the stock market. In the third part, analysis is made on the neccesity and feasibility of implementing the instrument. In the last part, in the light of the specialties of the securities and futures market in China, conclusion is made that stock index futures will be suitale in China, and some policy suggestion has also been put forward to solve the relative problems.