股指期货对ETF套期保值的实证分析-工商管理专业论文.docxVIP

II II Abstract ETF uses completely passive investment strategy of the index,tracking and fitting a certain representative index, to evade non-system risk of single stock investment effectually, and to gain the same yield as the index.But the tremendous system risk of stock market brings loss that cannot be evaded to the investors for the ETF. Through the investment portfolio, while the purchase of a variety of different risk stocks, can be used to circumvent the non-systemic risk, but it cannot effectively avoid the stock market as a whole fell by the systemic risk. Stocks Index Futures is a stock Price index as a subject of financial futures contracts, which is the major tool for they ivestors,hedging, by putting stock index futures on a fall, to reach the goal of avoiding risk and locking yield. As the tools based on the index of products, the introduction of Chinas ETF back in stock index futures, there are now total five open-end fund ETF, namely Shanghai 50ETF, Shanghai dividend ETF, Shanghai 180ETF, Shenzhen and 100ETF Shenzhen small and medium-sized plate ETF. And stock index futures in China is still a blank. Due to the lack of a mechanism, the Chinese stock market investors can only be resolved through unilateral means do more transactions can be profitable, investors are facing a huge systemic risks. As Chinas stock fund the rapid development of the ETF, index futures, such as the urgent need for financial derivatives and hedge with. Now, the introduction of index futures has entered a fast track, Chinas first stock index futures-the Shanghai and Shenzhen 300 index futures contracts is expected to launch in the near future, this is most concerned about capital market financial innovation hotspots. The introduction of stock index futures unilateral means the end of the city, then investors will have a real sense of the short tool. Therefore, in our country is about the formal launch of stock index futures, the use of different models on the use of the Shang