CAJ | 학술논문

随着投资全球化和金融创新的发展，特别是以指数为标的的期货及期权等衍生产品的出现，指数逐渐成为直接投资的金融工具，使全球指数及指数化衍生品市场交易量日益增加。而研究者的实证也显示了指数对市场的作用：指数及其衍生品能够降低市场交易成本、提高指数成分股流动性、指数衍生品对信息的反应效率比现货高。目前指数化面临的问题包括内幕交易与操纵，以及股指期货异地上市的法律纠纷。指数化的两个重要趋势是指数的迷你化和指数的深入衍生化。
수착투자전구화화금융창신적발전，특별시이지수위표적적기화급기권등연생산품적출현，지수축점성위직접투자적금융공구，사전구지수급지수화연생품시장교역량일익증가。이연구자적실증야현시료지수대시장적작용：지수급기연생품능구강저시장교역성본、제고지수성분고류동성、지수연생품대신식적반응효솔비현화고。목전지수화면림적문제포괄내막교역여조종，이급고지기화이지상시적법률규분。지수화적량개중요추세시지수적미니화화지수적심입연생화。
With the development of financial innovation and investment globalization, specially, emergence of stock index futures and options make index become direct investment tools, there is increase volume of stock index and its derivatives products. Empirical study show index function to market, include： index and its derivatives products can reduce market trade cost, improve liquidity of constituent stock, information efficiency of index derivatives products higher than its spot stock. This indexation is facing on insider trading, manipulation, and law bother of cross listing index futures. At last, the main trend of indexation is mini contract index and the deeper derivatives products.