摘要:股指期货作为对冲工具，由于杠杆性原理存在损益放大效应，因此具有巨大的风险特征。股指期货源自股票市场，股票市场的价格波动必然影响到股指期货价格变动，股票市场的风险会传递到股指期货市场，股指期货具有对应的风险。由于中国股票市场是新兴市场，中国股票市场的特有影响因素可能导致中国股指期货的特殊风险。本文在金融和期货交易理论的基础上，系统地指明了股指期货可能存在的一般风险，并进一步阐明中国股指期货可能存在的特殊风险。针对股指期货的风险状况，本文中国股指期货风险管理研究分析了股指期货产生的外在和内在的原因，并就如何防范中国股指期货风险，提出具体的对策。
关键词：股指期货； 风险； 风险控制
Abstract:Stock index futures as a hedging instrument, the principle of existence because of the leverage effect to enlarge the profit and loss, so the risk of great characteristics. From the stock market index futures, stock price volatility is bound to affect the price movements of stock index futures, the risk of the stock market will transfer to the stock index futures market, stock index futures with the corresponding risks. Chinese stock market is because of the emerging markets, Chinese stock market could lead to special factors affecting Chinese special risks of stock index futures. In this paper, the theory of financial and futures exchanges, based on a systematic index futures pointed out the possible existence of a general risk, and to further clarify the possible existence of stock index futures Chinese special risk. Against the risk of stock index futures, stock index futures this article Chinese risk management research and analysis generated by the stock index futures both the external and internal reasons, and how to guard against the risk of stock index futures in China, and put forward concrete measures.
Key words：Stock Index Futures； Risk； Risk Control
