【正文】 設(shè)計(jì)（論文）專(zhuān)用紙 I 我國(guó)股指期貨交易對(duì)股票指數(shù)波動(dòng)性的影響探討 摘 要 股指期貨是以股票價(jià)格指數(shù)為標(biāo)的物的金融期貨合約，雖然推出時(shí)間相對(duì)較晚，但一經(jīng)推出就獲得了快速的發(fā)展，具有廣泛的應(yīng)用范圍和巨大的影響力， 股票指數(shù) 是用來(lái)反映樣本股票整體價(jià)格變動(dòng)情況的指標(biāo)。而 股票價(jià) 格 的確定十分復(fù)雜，因?yàn)槿藗儗?duì)一個(gè)企業(yè)的內(nèi)在價(jià)值的判斷以及未來(lái)盈利前景的看法并不相同。悲觀者要賣(mài)出，樂(lè)觀者要買(mǎi)進(jìn)，當(dāng)買(mǎi)量大于賣(mài)量時(shí)，股票的價(jià)格就上升；當(dāng)買(mǎi)量小于賣(mài)量時(shí)，股票的價(jià)格就下跌。所以，股票的價(jià)格與內(nèi)在價(jià)值更多的時(shí)候表現(xiàn)為一致，但有時(shí)也會(huì)有背離。投資者往往會(huì)尋找那些內(nèi)在價(jià)值大于市場(chǎng)價(jià)格的股票，這樣一來(lái)，就使股票的股票指數(shù)的價(jià)格處于不斷變化之中。 目前，全球已經(jīng)擁有上百種股指期貨合約，在各個(gè)交易所進(jìn)行交易，股指期貨已成為國(guó)際市場(chǎng)上最主要的期貨交易種類(lèi)。股票期貨交易在我國(guó)發(fā)展起步較晚，滬深 300 股指期貨合約 在 2021 年 4 月 16 日起才正式上市交易。在這個(gè)初步的發(fā)展時(shí)期，研究中國(guó)股指期貨市場(chǎng)存在的風(fēng)險(xiǎn)，并提出一些對(duì)策是非常有必要的。本文先分析了股指期貨的概念以及特點(diǎn)，并指出它的發(fā)展歷程，進(jìn)一步分析了股指期貨交易對(duì)股票指數(shù)波動(dòng)性的影響，最后，結(jié)合我國(guó)股指期貨的實(shí)際情況及其特點(diǎn)，針對(duì)這些風(fēng)險(xiǎn)，提出了完善我國(guó)股指期貨交易的相關(guān)對(duì)策建議。 關(guān)鍵字 ： 股指期貨；現(xiàn)貨市場(chǎng)；杠桿；金融風(fēng)險(xiǎn) 設(shè)計(jì)（論文）專(zhuān)用紙 II The impact of stock index futures trading on the volatility of stock index in China Abstract Stock index futures on the stock price index of the subject matter of financial futures contracts, although the launch time is relatively late, but once launched have achieved rapid development, has wide application range and the huge influence, the stock index is used to reflect the overall sample stock index of price changes. And the determination of stock price is plex, because people judgment about the intrinsic value of an enterprise and future earnings prospects is not the same. Pessimists to sell, optimists to buy, when buying quantity is greater than the selling quantity, the price of the stock will rise。 When buy amount less than the quantity sold, the price of the stock will fall. So, when the price of the stock and the intrinsic value more show is consistent, but sometimes also can have. Investors tend to find the intrinsic value is greater than the market price of stocks, so that makes the price of the stock index of the stock is constantly changing. At present, the world has hundreds of stock index futures contracts, on various exchanges, the stock index futures has bee the main types of futures trading in the international market. Stock futures trading in our country started relatively late development, Shanghai and shenzhen 300 index futures contracts, began in April 16, 2021 listings. In the initial stage of development, the risk of stock index futures market in China, and puts forward some countermeasures is very necessary. This paper first analyzes the concept and characteristics of stock index futures, and points out its development course, analyzed the influence of stock index futures on the volatility of stock index, in the end, bining the actual situation of our stock index futures and its characteristic, according to these risks, puts forward the relevant countermeasures and Suggestions of perfecting our country39。s stock index futures. 設(shè)計(jì)（論文）專(zhuān)用紙 III Keywords: stock index futures； spot market； leverage； financial risks 設(shè)計(jì)（論文）專(zhuān)用紙 IV 目 錄 第 1 章 引言 ........................................................ 1 研究的背景 ......................................................... 1 研究意義及目的 ..................................................... 2 研究意義 ...................................................... 2 研究目的 ...................................................... 2 研究?jī)?nèi)容及方法 ..................................................... 2 第 2 章 股指期貨概述 ................................................ 3 股指期貨的概念 ..................................................... 3 股指期貨的特點(diǎn) ..................................................... 3 跨期性 ....................................................... 3 杠桿性 ....................................................... 3 聯(lián)動(dòng)性 ....................................................... 4 高風(fēng)險(xiǎn)性 ...................................................... 4 股指期貨的功能 ..................................................... 4 價(jià)格發(fā)現(xiàn)功能 .................................................. 4 風(fēng)險(xiǎn)規(guī)避功能 .................................................. 5 杠桿功能 ...................................................... 5 抑制波動(dòng) ...................................................... 5 資產(chǎn)配置的功能 ................................................ 5 套期保值功能 .................................................. 6 第 3 章 股指期貨的發(fā)展?fàn)顩r .......................................... 7 國(guó)外發(fā)展?fàn)顩r ....................................................... 7 我國(guó)發(fā)展?fàn)顩r ....................................................... 8 第 4 章 股指期貨對(duì)股票現(xiàn)貨市場(chǎng)波動(dòng)性的影響分析 ..................... 11 股指期貨對(duì)股票現(xiàn)貨市場(chǎng)波動(dòng)性的積極影響 ............................. 11 可以有效地防范系統(tǒng)性風(fēng)險(xiǎn) ..................................... 11 股指期貨交易可以活躍市場(chǎng)，擴(kuò)大交易量 ......................... 11 股指期貨有利于 平抑股票價(jià)格，穩(wěn)定股票市場(chǎng) ..................... 11 股指期貨有助于優(yōu)化投資者結(jié)構(gòu) ................................. 12 股指期貨對(duì)股票現(xiàn)貨市場(chǎng)波動(dòng)性的消極影響 ............................. 13 股指期貨可能引發(fā)過(guò)度的投機(jī)行為，增加市場(chǎng)風(fēng)險(xiǎn) .................. 13 可能產(chǎn)生操縱股票市場(chǎng)及不公平交易等違法行為 ................... 13 在短期內(nèi)會(huì)造成資金大量轉(zhuǎn)移，使股市出現(xiàn)不合理波動(dòng) .............. 13 第 5 章 完善我國(guó)股指期貨交易的對(duì)策 ................................. 14 完善法律監(jiān)管體制 .................................................. 14 建立完善的法律法規(guī)制度、加強(qiáng)市場(chǎng)監(jiān)管、防范金融風(fēng)險(xiǎn) ................. 14 培養(yǎng)成熟理性投資者 ................................................ 14 加強(qiáng)保證金管理 .................................................... 14 努力改善投資者結(jié)構(gòu) .............................................. 15 設(shè)計(jì)（論文）專(zhuān)用紙 V 結(jié) 論 ...............