浅析我国股指期货交易面临的风险及监控对策.pdf

【摘要】 随着我国证券、期货市场的发展成熟以及相关制度法规的完善，股指期货的 推出已是大势所趋。作为中国内地第一个金融期货产品，沪深 300 指数期货正处 于模拟交易阶段。在这种情况下，股指期货风险管理问题也就显得尤为重要。本 文系统地指明了股指期货可能存在的一般风险，并进一步阐明中国股指期货可能 存在的特殊风险，借鉴了发达国家经验并针对我国市场情况，提出了股指期货风 险管理与控制相关策略。 本文共分四个部分。 第一部分为前言，这部分分析了我国开展股指期货的经济背景和金融环境， 得出我国开展股指期货蓄势待发的客观形势，提出股指期货风险及监控对策分析 和研究的重要性。第二部分阐述了股指期货风险类型、特征及我国股指期货特有 的风险，根据中国的具体国情，总结出中国股指期货市场特有的风险特征，做到 具体问题具体分析。第三部分分析了股指期货风险的成因、防范对策及我国股指 期货风险的影响因素。第四部分阐述了国外发展股指期货的成功经验及对我国的 启示,并对我国现阶段股指期货的最后推出提出建议。要建立和发展中国股指期货 要做到以下几点：在宏观上，要建立健全监管体系；完善风险管理；减少行政干 预，构建有序的市场竞争机制。在微观上，完善股票现货市场建设，加强股票市 场与股指期货市场的协调和合作；强化行业自律；加强投资者内部风险控制。 关键词：股指期货；风险成因；风险监管 【Abstract 】 Along with the maturing of the security market and the perfection of related rules and regulations ，Stock Index Futures is bound to appear on the market soon. As the first financial futures in Chinese mainland，HS300 is said to come out lately. So in such circumstance，stock index future risk management is especially important. This article pointed out the risk in Stock Index Futures business based on the analysis of the Stock Index Futures，and suggested on the strategies of risk managements. The thesis has four parts in all. The first part is the foreword. Secondly the thesis explains the types、features of the stock index futures risk and the Chinas own features. The third part analyzes the causes of the stock index futures, gives the methods and countermeasures. Then it points out the influencing factors of China’s. The fifth Part depicts the development strategies of the Stock Index Futures in some emerging markets, generalizes their successful experiences. And the calculation based on them, argues about the feasibility of immediate launch of the stock index Futures, and comes up with relevant cou