As one kind of financing derivative, the stock-index futures contains great risks, which makes the risk of stock-index futures management an important part of the operation in stock-index futures. 作为金融衍生品的股指期货本与具有较大的风险,因此股指期货风险管理成为股指期货运行的重要环节。
First, by the international analysis, I bring forward the legal supervision system of risks for developing China's stock-index futures through comparing the legal supervision of risks in the international mature stock-index futures market. 首先从国际比较着手,通过对国际较为成熟的股票指数期货市场风险的法律监管体制的比较,提出发展我国股票指数期货应选择的风险监管体制;
Based on the features of stock objects, this paper have researched the method to predicting the stock-index and the stock-price by GEP algorithm and got satisfying result. 本文针对股票对象的特点,研究了用GEP算法对股票指数和价格进行预测,取得了满意的效果。
Based on these, I choose the thesis topic as "The Legal Supervision for the Risks of the Stock-index Futures" and the study on this subject will have strong realistic significance in establishing and developing China's stock-index futures market. 正是基于此,本文选择我国股票指数期货风险的法律监管这一命题进行探究,对于建立和发展我国股票指数期货市场具有较强的现实意义。
The Legal Supervision of the Stock-index Futures 'Risk 股票指数期货风险的法律监管
Since 1982 when it was first introduced in KCBT, the stock-index futures, as a mature risk control instrument in international capital market, has rapidly developed in the whole world. 股票指数期货是国际资本市场成熟的风险管理工具,自1982年美国堪萨斯期货交易所(KCBT)首先推出以来,在全球得到迅猛发展。
Study on Strategies of Stock Market under the Environment of Stock-index Futures 股指期货下股票市场运作策略
Resulted from avoiding the systematic risks of stock cash market, the stock-index futures have the functions of transiting and converting the basic market risks. Meanwhile, the external macro conditions and internal operating mechanism of the stock-index futures prove them to be a market of high risk. 股票指数期货因回避股票现货市场系统风险的需要而产生,具有转移和化解基础市场风险的功能,同时,其外在的宏观环境和内在的运行机制又决定了它也是一个高风险的市场。
Firstly, this paper studies the basic theory for stock-index futures, aimed to better understanding of stock index futures and spot and futures of the index spot price and stock-index futures price. 首先,本文研究了股指期货基本理论,旨在更好的理解股指期货及期货与现货的关系。
With Stock-index futures listing period approaching in China, our concern on that is rising continuously. 随着我国股指期货上市期的日益临近,我国市场对股指期货的关注度不断高涨。
By then, the stock-index futures, which China had been studying for eight years while preparing for four years, made its debut at the Chinese capital market. 至此,中国论证八年、准备近四年的股指期货正式登陆中国资本市场。
Reviews the development course of international stock index futures, and analysis the purpose of stock index futures insurance and investment, drawing institutions invested hedged stock-index futures are the developing trend and hedging is mostly institutional investors take trading stock index futures purpose. 回顾了国际股指期货的发展历程,并就保险投资股指期货目的进行分析,得出机构投资股指期货进行套期保值是一种发展趋势及进行套期保值也是大多机构投资者采取交易股指期货的目的。
What is the effect of the launch of stock-index futures and how does the stock-index future influence the stock market are worth to explore. 而股指期货的推出将会对股票现货市场产生哪些影响,这值得我们去探究。
On analysis of the overall samples, nominal variables ω is introduced in to study the influence of the stock-index futures to the spot market. 在对总体样本的分析中,本文引入了名义变量ω,研究股指期货推出对现货市场是否具有影响。
Meanwhile, as an associated research of the GARCH empirical model study, this paper, also compares the relations between stock-index futures and the long-term fluctuations in the spot market through schematic analysis. 同时,作为GARCH实证模型分析的辅助性研究,本文运用图表分析的方法,使用成熟资本市场&香港恒生指数直观的比较了股指期货上市后与现货市场长期波动关系。
Finally, suggestions are put forward in terms of contract design, institutional building and risk prevention of the newly launched stock-index futures. 最后,针对我国股指期货指数合约设计、制度建设、风险防范等方面提出一些完善建议。
Stock-index futures derivatives have functions of hedging, speculative arbitrage, price discovery and etc. which directly affect all participants related to those business in the entire financial industry. 股指期货等衍生产品所具有套期保值、投机套利、价格发现等功能,它们的推出将直接影响到整个金融行业中与这些业务有关的所有参与者。
It comes to the following conclusions: the launch of stock-index futures has marked impact on the short-term fluctuations in the spot market, which will be intensified before and after the launch. 研究得出如下结论:股指期货推出对现货市场短期波动性影响比较显著,股指期货推出前后现货市场波动加剧。
Domestic and overseas scholars researched the role of stock-index future in the security market from effectiveness, liquidity, volatility and so on. And they concluded with different conclusions. In fact, the difference of market microstructure has different effect on the influence of the index futures. 国内外学者从有效性、流动性、波动性等方面研究股指期货对现货市场的影响,得出了不尽相同的结论,实际上不同的市场微观结构特点,是股指期货发挥影响的重要基础。
Therefore, combining the current situation, the paper puts forward some Suggestions: such as strengthening stock-index futures knowledge propaganda, etc, with the hope that China stock-index futures can better play its role. 因此,结合当前的现状,文章提出一些建议:如加强股指期货知识宣传等,以希望我国股指期货推出后能更好的发挥其作用。
Secondly, it adopts the data of the emerging South Korea and Taiwan Markets, and employs GARCH model to conduct an empirical study on the impact of stock-index futures on the spot market fluctuations before and after the launch of the former. 其次,本文采用了新兴市场韩国和台湾市场数据,运用GARCH模型实证研究了股指期货推出前后对现货市场波动性影响。