借券卖空机制对中国推出股价指数期货交易影响分析.PDF

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借券卖空机制对中国推出股价指数期货交易影响分析.PDF

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[ ] [ ] Abstract: Whether or not has the short sale obstructed China from establishing stock index futures market? Firstly, the definition of short sale in stock markets, short sale mechanism and short position mechanism are presented, it discusses the pairwise relationship between short sale, short position mechanism and stock index futures. Secondly, the short selling in American, Korea, South Africa, Britain, German, Singapore, Hong Kong etc. countries or district are analyzed. Thirdly, this paper focuses on short selling in stock market and its impact on establishing stock index futures market, Finally, it concludes that the short sale is not an obstacle to constitute the stock index futures markets, and presents some suggestions of establishing short position mechanism, stock index futures and short selling etc. in China. Key Words: Stock market, Securities lending, Short selling, Stock index futures, Financial innovation 2004 2005 Stock Index futures Options 2001 8 14