| Stock index futures is a new investment developed in the 1980's and it is also the most active financial derivative in the world at present. The fact that whether stock index futures can be developed in China has become an important issue to study in the field of securities and futures in China.Stock index futures was a brainchild of the USA, and it was called "the most exciting financial innovation" in the 1980's. Its essence is the process in which investors transfer the whole expected risk of price index in stock market to futures market. The transaction is made through different judgments on stock price trend by investors, so the stock market risk can be reduced. Stock index futures of new era has different characteristics in market scale, innovated types, organizing form of exchange market and exchange mode, etc.In 1993 stock index futures was on trial in Hainan Province, but it was forced to close because the condition was not mature. Now, great changes have taken place in many aspects. In this article, the viewpoint is that the condition for developing stock index futures in China has become mature and it has important significance. It can help investors effectively avoid risks in stock market and protect their interest, perfect capital market system, and enhance the international competitiveness of capital market of China. It has become a must to protect our country's macro economy in stable development, and it is the need of the stable and healthy development of stock market. It plays an important role in changing ways of stock-issuing, increasing the liquidity of market, promoting the reasonable fluctuation of stock price. The launch of stock index futures is also the need of perfecting market mechanism. It can satisfy various investment needs of investors, broaden the resource of stock capital and promote the prosperity of stock market and futures market. To develop the market of stock index futures is also the need of China's entry to WTO, facilitating the process of internationalization process of stock market.China's practical condition of the development of capital market proves that it is feasible to launch stock index futures. In stock market scale, China has possessed conditions for opening stock index futures. The structure of investors in securities market has become better. Stock investors have become mature with a high level condition of transaction. Moreover, the recent years' development of futures market has provided valuable experience for launching stock index futures market. Meanwhile a lot of experienced brokage companies and investors are cultivated during the process. Investors group who have been in futures business and large amount of idle fund are the market basis for stock index futures transaction. China may leam from some rich international experiences to open stock index futures.In addition, from the theory analysis, the economic effect for stock market intransacting stock index futures is also explained in this article. The article points out that launching stock index futures can increase the flexibility of market operation, enlarge the securities market scale rapidly, and reduce the cost of securities transaction. But it is like a two-way sword, the article analyses the side effect of stock index futures market, such as it can bring economic foam, its failure may become bigger, stock index transaction and the index arbitrage may adversely affect the stability of market, and stock index futures makes the cash market and derivatives market produce interaction relationship, hence providing convenience for stock investors to manage futures market. The facts that whether opening stock index futures can bring single lateral market of stock market and the relationship of opening stock index futures transaction and collapse of stock market are also discussed in this article. Correspondent measures are put forward in this article. Some problems and viewpoints may be accounted in the process of opening the stock index futures, but from the viewpoint of conditions... |
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