我国股指期货交易对股票指数波动性的影响探讨论文设计毕业论文.doc

我国股指期货交易对股票指数波动性的影响探讨 摘 要 股指期货是以股票价格指数为标的物的金融期货合约，虽然推出时间相对较晚，但一经推出就获得了快速的发展，具有广泛的应用范围和巨大的影响力，股票指数是用来反映样本股票整体价格变动情况的指标。而股票价格的确定十分复杂，因为人们对一个企业的内在价值的判断以及未来盈利前景的看法并不相同。悲观者要卖出，乐观者要买进，当买量大于卖量时，股票的价格就上升；当买量小于卖量时，股票的价格就下跌。所以，股票的价格与内在价值更多的时候表现为一致，但有时也会有背离。投资者往往会寻找那些内在价值大于市场价格的股票，这样一来，就使股票的股票指数的价格处于不断变化之中。300股指期货合约在2010年4月16日起才正式上市交易。在这个初步的发展时期，研究中国股指期货市场存在的风险，并提出一些对策是非常有必要的。本文先分析了股指期货的概念以及特点，并指出它的发展历程，进一步分析了股指期货交易对股票指数波动性的影响，最后，结合我国股指期货的实际情况及其特点，针对这些风险，提出了完善我国股指期货交易的相关对策建议。 关键字：股指期货；现货市场；杠杆；金融风险 The impact of stock index futures trading on the volatility of stock index in China Abstract Stock index futures on the stock price index of the subject matter of financial futures contracts, although the launch time is relatively late, but once launched have achieved rapid development, has wide application range and the huge influence, the stock index is used to reflect the overall sample stock index of price changes. And the determination of stock price is complex, because people judgment about the intrinsic value of an enterprise and future earnings prospects is not the same. Pessimists to sell, optimists to buy, when buying quantity is greater than the selling quantity, the price of the stock will rise; When buy amount less than the quantity sold, the price of the stock will fall. So, when the price of the stock and the intrinsic value more show is consistent, but sometimes also can have. Investors tend to find the intrinsic value is greater than the market price of stocks, so that makes the price of the stock index of the stock is constantly changing. At present, the world has hundreds of stock index futures contracts, on various exchanges, the stock index futures has become the main types of futures trading in the international market. Stock futures trading in our country started relatively late development, Shanghai and shenzhen 300 index futures contracts, began in April 16, 2010 listings. In the initial stage of development, the risk of stock index futures market in China,