Research On The Application Of The CSI 300 Index Futures And Options In Market Value Management

Since 2005 non-tradable shares reform brings out the concept of market value management, this conception has been discussed in different ways by scholars, and have some conclusions. Different participants include listing companies, share holders of listing companies, security intermediary institutions tried to put it into practice. The regulatory authorities paid particular attention to it, because they must maintain market integrity and protect investors. This article based on the summary of theoretical sources of market value management and practices, try to give a clear definition of market value management. We think that market value management is sum of a series of methods, including safeguard the legitimate rights and interests of all shareholders, make shareholders and managers have the same interests, according to the law, using multiple capital operation tools to optimize the total amount and structure of capital stock, and make their market value to be a real reflection of the intrinsic value of the company.Then we innovative proposed that use stock index futures and stock index options to hedge the systemic risk is an important method in market value management. We picked some representative stocks from the market and calculated their ? with CSI300, the result showed that majority of stocks has need for hedge risk. At next, choose the 50 stocks in SSE50, then we test when there is systemic risk in the market, how is the performance of CSI300 futures and CSI300 options in hedging. On the basis of the above, we suggest government launch more derivatives, such like stock index options and industry index futures.