China Launched The Feasibility And Design Of The Stock Index Futures

After the establishment of socialistic market economics system,innovations in economic fields experienced exciting development. Securities market and futures market,as an important part of socialistic market economics,also make rapid progress. However,on account of the great risks of simplex securities merchandise market,the investors always have nothing to do when undertaking systematic ventures on whole stocks market Likewise the futures market,which based on simplex primary products,also exist development bottleneck such as deficiency of hedging,excess of speculation,and invalidation of price discovery function. It is an important topic that how to effectively combine the securities market with the futures market to promote the whole macroscopic economics.It has been taking 18 years to confirm the importance of venture avoidance and price discovery function in western developed countries,after they experienced the global economic crisis in 1987 and the Asian finance crisis in 1998. Comparing with the randomness in foreign- contract design,it is more consistency in china,which make use of various abilities to process feasibility analysis under the uniform lead of Chinese government. We can research the characteristic of foreign stock-index futures trade,use the successful experience for reference,and introduce the stock-index futures trade in good time. As one kind of financing derivative,the stock-index futures contains great risks,which makes the risk of stock-index futures management an important part of the operation in stock-index futures. Whether to implement stock-index futures,rest with the re-understanding about the function of futures market on the base of development in Chinese securities market. Therefore,the Chinese financial innovation may practically accelerate the economic development,inspire enthusiasm in Chinese securities market,futures market and insurance market,activate microcosmic economic main body,and instruct them make use of the stock-index futures market to avoid business venture and keep continuous and steady progress.This thesis contains three parts. The first part introduce basic concepts,which include the stock-index,the stock-index futures trade and its characteristic and function,the research status of the stock-index futures in overseas,Hong kong district and china.The second part provides detailed analysis on the feasibility of implementing stock-index futures in china. Without the stock-index futures may cause lots of problems,only by implementing the stock-index futures,socialistic market economics system may draw perfect conclusion.The third part is the project design for the Chinese stock-index futures,that consist of the stock-index futures operation model,the demarcating index reconstruction,instruction idea of project design,and its relevant outline and details.Considering the limitation of my practice experience and theoretic accomplishment,there would be lots of insufficiency and shortage in my thesis when expatiates such aprecise and large system. Some of the problems are not thorough discussed. Any suggestion and advice received from teachers and classmates will be helpful to my improvement.Meanwhile,my tutor professor Li yang devotes all his attention on the instruction. His precise attitude and profound wisdom impressed and influenced me very much. I am most appreciative of his earnestly and tirelessly instruction.