CAJ | 학술논문

本文2010年4月16日，中国首个股票指数期货在中国金融期货交易所上市交易，其的推出使得在中国只能单面做多的中国股票市场出现了改变。股指期货作为基础性风险管理工具，具有价格发现、套期保值的功能，它的推出填补了由于我国股票市场缺乏卖空和融券功能，市场缺乏针对系统性风险的管理手段这一空白，将改变证券市场缺乏规避系统性风险工具的现状。因此我们应该对股指期货推出后对中国股票市场的影响予以研究讨论，使投资者对股指期货有一个深刻的了解，使中国股票市场的机构投资者拥有资产配置和风险管理的全新选择；普通投资者，则拥有了投资手段，使价值投资理念更加深入人心。
본문2010년4월16일，중국수개고표지수기화재중국금융기화교역소상시교역，기적추출사득재중국지능단면주다적중국고표시장출현료개변。고지기화작위기출성풍험관리공구，구유개격발현、투기보치적공능，타적추출전보료유우아국고표시장결핍매공화융권공능，시장결핍침대계통성풍험적관리수단저일공백，장개변증권시장결핍규피계통성풍험공구적현상。인차아문응해대고지기화추출후대중국고표시장적영향여이연구토론，사투자자대고지기화유일개심각적료해，사중국고표시장적궤구투자자옹유자산배치화풍험관리적전신선택；보통투자자，칙옹유료투자수단，사개치투자이념경가심입인심。
China's first stock index futures was listed in the China Financial Futures Exchange on April 16th, 2010. The introduction of stock index futures in China has brought about changes to China's stock market where only the long trade was available. As one of the basic risk management tools, the stock index futures have func-tions of hedging and price discovery, and therefore its introduction has supplemented the function of China's stock market which was unable to deal with short selling, and security loan, and was lack of management tools against systematic risks. We should therefore launch a research on its influence to help investors better understand the stock index futures, and to facilitate new choices of portfolio and risk management for investors from institutions, and means for common investors, which can highlight the idea of value investment.