部分市场人士和投资者担心,股指期货的推出将会成为现货市场做空的动因,从而导致中国股市出现大幅震荡和下跌,即所谓的“股指期货行情命题”。笔者认为,只有结合一个国家或地区的经济社会发展阶段、经济金融背景,在充分估计非股指期货因素对特定现货市场的影响之后,才能够相对客观和准确地把握股指期货推出对现货市场走势产生的实际影响。 Some market participants and investors are worried that the introduction of stock index futures will become the cause of the short of the spot market, resulting in the Chinese stock market volatility and falling sharply, the so-called “stock index futures market proposition ”. I believe that only by combining the economic and social development stage of a country or region, economic and financial background, after fully assessing the impact of non-stock index futures on specific spot market, can we relatively objectively and accurately grasp the stock index futures launch on the spot market trend The actual impact.