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自20世纪80年代股指期货产生以来,股指期货对股票现货市场的影响研究就逐渐成为金融衍生工具领域一个重要的研究课题。作为一种金融衍生工具,股指期货独特的运作机制有利于投资者规避股票市场较高的系统性风险,进而在一定程度上可以促使股票市场健康、有序的发展。同时,由于期货市场较高的投机及套利动机,这也会给股票现货市场带来一定的风险。本文在论述股指期货含义、功能及风险的基础上,从正反两方面讨论了股指期货对股票现货市场的影响。
Since the stock index futures in the 1980s, the research on the impact of stock index futures on the stock spot market has gradually become an important research topic in the field of financial derivatives. As a kind of financial derivatives, the unique operating mechanism of stock index futures helps investors to evade the higher systematic risk in the stock market, and to a certain extent, it can promote the healthy and orderly development of the stock market. In the meantime, due to the high speculative and arbitrage motives in the futures market, this will also bring certain risks to the stock spot market. On the basis of discussing the meaning, function and risk of stock index futures, this article discusses the impact of stock index futures on stock spot market both positive and negative.