一段时间以来,有关股指期货的讨论沸沸扬扬,赞成者多,反对者少。股指期货似乎成了规避市场系统风险的“灵丹妙药”,投资者对这一新兴金融衍生品寄予了极大期望。然而,仔细研究一下中国证券市场的大环境,开办股指期货,至少在现阶段还有无法跨越的两大障碍:1.证券的β系数测算困难。股指期货交易对象 For some time now, the discussion on stock index futures has been on the rise, with many in favor and few in opposition. Stock index futures appear to have become the “panacea” to evade the systemic risk in the market and investors have placed great hopes on this emerging financial derivative. However, a careful study of the general situation of China’s securities market, the establishment of stock index futures, at least at this stage there are two major obstacles can not be crossed: 1. The beta of securities is difficult to measure. Stock index futures trading object