摘要: 在我国资本市场逐步开放的节奏下，股指期货在我国正式推出，其风险管理也成为了金融发展的重要课题。本文在对股指期货进行简单概述的基础上，重点分析了我国股指期货所特有的交易风险，如交易主体风险、合约设计风险以及市场结构风险。目前，我国股指期货市场以中小投资者为主体的交易主体结构，以及其较低的专业素质，将增加投机风险。偏高的合约乘数和保证金率将增加市场的违约风险和流动性风险。现货市场和期货市场不对称的结构也将增加交易风险。本文针对这些现存交易风险，提出了几点防范建议，如完善股指期货市场的相关体制，加强期货与现货市场的合作，建立和健全交易主体的结构，以及完善我国股指期货合约设计。除此之外，我国还应该升级股指期货交易的技术系统。
关键词:股指期货 交易风险 防范建议
ABSTRACT：China’s capital market is opening to the outside world gradually. Under such a rapid pace, the stock index futures have been officially launched, therefore the risk management has become an important issue of our financial development. Based on the brief introduction of the stock index future, the paper focuses on the analysis of its trading risks, which can be attributed to its subjects, the contracts’ design, as well as the asymmetric market structure. At present, there are too many medium and small investors who lack professional skills. Contract multiplier, along with margin rate, is so high that it will make default risk and liquidity risk more possible. At last, some suggestions have been put forward, for example, the perfection of China’s subject structure and the contracts’ design, as well as the strengthened cooperation of the spot market and futures market. In addition, we should improve the legal system, regulatory mechanism, and the trading system.
Key words: Stock Index Futures Trading Risks Prevention Proposals
