The Need To Launch Stock Index Futures In China And Feasibility Analysis

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.In this essay,the author mainly discusses the necessity and feasibility that today we launches the stock index futures trade after the development of home security market in 13 years, Since the stock index futures trade firstly being launched by HaiNan stock pricing centre had failed. The market has acquired great achivements.the listed companies have reached 1391 in 2005 but only 175 in 1993,and the highest gross value has ever exceeded 4.3 thousand billion yuan,the amount of inventors added up to more than 7300 ten thousand. The more speed has made great contribution for our market economic reform,at the same time it also lay a snag for the further development of our stock market. such as the problem of administration structure about the listed company,making fake performance,The inventors'getting low share bonus,divided stock right. Which were not settled immediately and delayed to be puzzle and they are rooted from the more speed. The above problems adding most of the inventors now are small investors and their whole quality is not so high,which caused thick speculation climate in market,big rise and big fall of the stock price. we take shanghai stock index for example. There was only 325 spot on February of 1994 ,went up to 2245 spot on July of 2001,the increasing range is 590% in 7 years, fell and got back to 998...