金融学论文说课.doc

股指期货对现货市场的影响分析 摘 要 2010年4月16日，我国推出首个股指期货合约——沪深300股指期货，这在中国证券市场上具有里程碑的意义。自1982年2月24日，世界上推出首个股指期货合约以来，股指期货以其独特的魅力和成功的运作，迅速被世界许多国家和地区所接受和发展，成为应用最为广泛的金融期货之一。西方主要发达国家的股指期货市场在经过20多年的发展后己经十分成熟，股指期货在稳定股票现货市场方面发挥着重要的作用。而我国股指期货刚刚推出不久，在制度、法制上还不完善，亟待需要对我国股指期货推出过程中产生的问题进行研究，并吸收成熟市场与新兴市场在发展股指期货方面的经验教训，为我国发展股指期货提供借鉴。 本文首先介绍了股指期货的产生背景及发展趋势，同时介绍了股指期货的功能特点，然后通过通过分析国外成熟市场和新兴市场推出股指期货后对现货市场的影响，发现股指期货对现货市场的影响规律和程度。在此基础上，分析研判沪深300股指期货推出对现货市场流动性、波动性的影响。最后为投资者和市场监管部门提出了一些建议。 [关键词]股指期货、流动性、波动性 ABSRACT April 16，2010，China launched its stock futures contracts—— the shanghai and Shenzhen 300 stock index futures,which is a milestone in the Chinese stock market.harm and successful operation,and became one of the most widely used financial futures .The stock index futures market has been very mature after 20 years of development in major western developed countries.The stock index futures play an important role in stabilizing the spot market.In our country, the stock index futures just launched soon,so there are some problem in system and legal.It is urgent to study these problems in the process of introduce stock index futures ,and absorb the experiences and lessons of the development of stock index futures in the mature markets and emerging markets,and provid reference on of stock index futures for our country. This paper first introduces the background and development trend of the stock index futures, stock index futures Features, and then passed through the analysis of the impact of foreign mature markets and emerging markets stock index futures on the spot market, stock index futures on the spot marketregularity and extent. On this basis, the torment and the impact of the CSI 300 stock index futures on the spot market liquidity, volatility. Finally, some suggestions for investors and market regulators. [Key Word] Stock index futures , Liquidity, Volatility 目 录 一、绪论 1 二、 股指期货概述 2 (一)股票指数与股指期货 2 1、股票指数 2 2、股指期货 2 (二)股指期货的产生与发展 2 1、股指期货的产生 2 2、股指期货的发展趋势 4 (三)股指期货的特点与功能 4 1、股指