| 1. | On the development of chinese stock index futures markets
关于发展我国股票指数期货的探讨 |
| 2. | Stock index futures market
股市指数期货市场 |
| 3. | This would enable the speculators to benefit from the short positions that they had accumulated in the stock index futures market
这样投机者便可从期指市场积累的淡仓合约中获利。 |
| 4. | Moreover , the recent years " development of futures market has provided valuable experience for launching stock index futures market . meanwhile a lot of experienced brokage companies and investors are cultivated during the process . investors group who have been in futures business and large amount of idle fund are the market basis for stock index futures transaction
另外我国期货市场几年来的发展也为推出股票指数期货交易提供了宝贵的经验，它培养了一大批经验丰富的经纪公司管理者和投资者，已经从事期货交易的投资者队伍和大量闲散资金是开展股票指数期货交易的市场基础。 |
| 5. | This text uses the method of thoery and practice to analyse the positive role and negative consequence on the stock index futures to spot market , through carrying on the general theoretical research about the relation of stock index futures market and stock spot market . it analyses the necessity and feasibility of putting out stock index futures in our country , combining of chinese actual economic conditions
本文运用理论联系实际的方法，通过对股指期货市场与股票现货之间的关系进行一般的理论研究，分析股指期货市场对现货市场的积极作用与消极作用，结合我国经济的实际情况，分析在我国推出股指期货的必要性与可行性。 |
| 6. | This paper analyzed the system environment of building stock index futures , complete legal system and sophisticated supervising system , and argues that for the functions of short sales mechanism is neutral , it will not affect the normal operation of stock index futures markets , also it will not cause future index deviating from stock index
本文探讨了开设股指期货的制度环境，包括完善的法律体系及健全的监管机构，并重点论证了做空机制和做市商制度的缺乏，对我国推出股指期货不会造成影响，因为做空机制的功能是中性的，不会影响股指期货市场的正常运作，也不会造成期指与股指的偏离。 |
| 7. | In recent years , with the quick development of our country ' s stock market , the stock index futures market is to be vividly portrayed . " better tools make good work " , the investor only fully understands the market , he can fully use the tool to avoid the risk or get excess returns from investment in future , and can succeed in the coming increasingly fiercer rivalry
“工欲善其事，必先利其器” ，投资者只有充分了解这个市场，才能在未来的投资活动中充分利用这一交易工具来规避风险或者获得超常的投资收益，也才能在未来更加激烈的市场竞争中立于不败之地。 |
| 8. | As to the model of stock index futures in china , regulatory system can adopt the model of china securities regulatory commission - china futures association - future exchange . comprehensive , brokerage , self - trade member can become the clearing member of stock index futures exchange , which has its clearing house . institutional investors are the majority in stock index futures market
我国股指期货市场的模式选择主要有以下几个方面：监管体系采用中国证监会?中国期货业协会?期货交易所三级管理模式；股指期货交易所会员分为综合会员、经纪会员以及自营会员三类；结算制度采用交易所下成立结算所，每个会员均为结算会员；交易主体在初始阶段可确定为各类机构投资者，限制个人投资者过多参与市场；交易模式采用电子交易方式，实现股指期货交易的电子化和网络化；市场布局应选择在期货交易所上市。 |
| 9. | But it is like a two - way sword , the article analyses the side effect of stock index futures market , such as it can bring economic foam , its failure may become bigger , stock index transaction and the index arbitrage may adversely affect the stability of market , and stock index futures makes the cash market and derivatives market produce interaction relationship , hence providing convenience for stock investors to manage futures market
但是本文同时提出必须认识到股指期货是一把双刃剑，分析了股指期货可能带来的负面影响，比如它可能会形成经济泡沫；股指期货操作失败的影响有放大的可能；股指期货交易和由此引发的指数套利行为可能会影响市场的稳定；股指期货交易使现货和衍生市场间产生互动关系，从而为炒家利用股指期货操纵市场提供了方便等等。 |
| 10. | Considering the most fundamental and important function which is also the aim of use of stock index futures in china ' s stock market , the author lays stress on the principle and the theories of hedging . the third chapter introduces the research and results made by westen specialists on the effect of stock index futures market opon stock market
其中，考虑到股指期货最基本、最重要的交易功能以及我国未来发展的主要目的，着重分析了套期保值交易的基本原理及其理论发展；第三部分介绍了西方学者关于股指期货市场对股票现货市场波动性影响的有关研究状况及其结果。 |
