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股指衍生品:国际经验与借鉴

书 名: 股指衍生品:国际经验与借鉴
英 文 名: STOCK PRICE INDEX DERIVATIVES:International Experience and Reference
作 者: 刘凤元
I S B N: 978-7-5097-3713-2
关 键 词:  股票指数期货 股指期权 金融衍生产品 风险管理 市场监管
出版日期: 2012-09-01

中文摘要

2010年4月沪深300指数期货开始交易,这是继1995年国债期货因价格操纵被退市后国内第一个金融衍生品。从全球衍生品市场发展历史看,在大部分金融市场上,股指期货成功推出后,股指期权,以及波动率指数等产品也会逐步推出,将为投资者提供更多的股指衍生品种。

当然,股指期货等衍生品的出现,也会给市场监管者带来一些新问题,如到期日效应、跨市场冲击、跨市场价格操纵等。另外,虽然股指衍生品为市场参与者提供了保值和投资的机会,但其高风险的杠杆交易,为企业的风险管理也带来了挑战。

因此,本书以股指期货和期权为核心,以全球股指衍生品历史和现状为切入点,梳理了股指衍生品的国际经验,探讨关于股指衍生品创新的争论以及给市场带来的新问题及其应对策略。本书最后两章回顾了国内衍生品市场的发展历史和现状,并最终给出了发展股指衍生品的相关政策建议。

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CommonID:DIR_26481191,ID:8427100,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:309188,name:第一章 前言,ShortName:,SubName:,EnTitle:Chapter One Preface,EnShortTitle:,EnSubTitle:,Level:0,BookId:8426597,AbstractCH:本章是本书的前言,主要介绍了研究意义、背景、文献综述和本书结构。,AbstractEN:,KeyWords:94793,163325,368440,EKeyWords:66732,162582,449268,SubjectWords:,LiteratureId:8427043,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120160801X20120804001_000_001,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-04-27 16:51:46.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:01:43.0,HitCount:8,ShowType:putong,LogoID:0,PdfID:10082801,DownCount:1,AuthorInfos:,BookPublishDate:2012-09-01 00:00:00.0,SearchTitle:股指衍生品:国际经验与借鉴前言,ISBN:978-7-5097-3713-2,BookTitle:股指衍生品:国际经验与借鉴,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:股指衍生品:国际经验与借鉴前言,_RowNo:3
CommonID:DIR_26481252,ID:8427233,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:309189,name:第二章 股指衍生品市场概述,ShortName:,SubName:,EnTitle:Chapter Two Brief Introduction of Stock Price Index Derivatives Market,EnShortTitle:,EnSubTitle:,Level:0,BookId:8426597,AbstractCH:本章主要介绍了股票现货市场概述;衍生品市场概述;股指衍生品的类别与功能;各国股指衍生品发展历史。,AbstractEN:,KeyWords:304756,94793,368440,EKeyWords:449270,66732,449268,SubjectWords:,LiteratureId:8427181,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120160801X20120804001_000_002,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-04-27 16:51:46.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:01:43.0,HitCount:10,ShowType:putong,LogoID:0,PdfID:10082802,DownCount:4,AuthorInfos:,BookPublishDate:2012-09-01 00:00:00.0,SearchTitle:股指衍生品市场概述,ISBN:978-7-5097-3713-2,BookTitle:股指衍生品:国际经验与借鉴,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:股指衍生品市场概述,_RowNo:4
CommonID:DIR_26481318,ID:8427339,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:309190,name:第三章 股指衍生品创新与争论,ShortName:,SubName:,EnTitle:Chapter Three Innovation & Disputation Stock Price Index Derivatives,EnShortTitle:,EnSubTitle:,Level:0,BookId:8426597,AbstractCH:第二次世界大战后,随着布雷顿森林体系的解体,20世纪70年代初国际经济形势发生急剧变化,固定汇率制被浮动汇率制取代,利率管制等金融管制政策逐渐取消,汇率、利率频繁剧烈波动。为了迎合投资者规避汇率风险的需求,1972年5月芝加哥商业交易所(CME)创新推出全球第一个汇率期货品种。金融衍生品的出现,彻底改变了投资市场的发展格局,并且对整个世界经济产生了深远的影响。

但是,对于包括股指期货、期权在内的金融创新的批评和质疑从来没有消失过,特别是当发生金融危机的时候。随之而来的是对金融创新的批评以及严厉监管,20世纪以来影响较为深远的案例是1929年美国金融危机以后对创新交易方式——卖空(short selling)的限制。在2007年次贷危机导致的金融危机中,卖空和与资产证券化产品相关的金融创新产品再一次被推到了风口浪尖上,而投资者则对金融创新产品避之不及。

既然众多媒体、监管机构和投资者都认为金融创新导致了银行破产、股票下跌,使得经济和金融危机最终出现,那么有必要对有关金融创新对经济波动和对银行风险,以及对股票市场波动的影响的代表性文献进行研究与梳理,以为监管者和投资者提供一个对金融创新更为公正与辩证的评价。,AbstractEN:,KeyWords:368440,8352,171348,304756,20421,EKeyWords:449268,23105,171351,449270,34015,SubjectWords:,LiteratureId:8427296,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120160801X20120804001_000_003,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-04-27 16:51:48.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:01:43.0,HitCount:3,ShowType:putong,LogoID:0,PdfID:8427343,DownCount:0,AuthorInfos:,BookPublishDate:2012-09-01 00:00:00.0,SearchTitle:股指衍生品创新与争论,ISBN:978-7-5097-3713-2,BookTitle:股指衍生品:国际经验与借鉴,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:股指衍生品创新与争论,_RowNo:5

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