华中农业大学学报：社会科学版
華中農業大學學報：社會科學版
화중농업대학학보：사회과학판
Journal of Huazhong Agricultural University(Social Sciences Edition)
2010年
1期
90~93
,共null页
股指期货 套期保值成本 风险溢价 均衡价格 供需平衡点
股指期貨 套期保值成本 風險溢價 均衡價格 供需平衡點
고지기화 투기보치성본 풍험일개 균형개격 공수평형점
stock index futures; cost of hedge; term risk premium; equilibrium price; the balance point between supply and demand
价格理论是微观经济学的核心，在完全市场经济中，需求和供给是决定市场价格的两大力量。股指期货合约是以股票市场上的样本股票整体价格变动情况作为交易对象的期货。股指期货市场独特的卖空机制，使得如何理解股指期货合约的需求和供给成为股指期货市场价格决定理论的关键。套期保值者是股指期货市场的净供给方，其供给量由套期保值成本决定。投机者和套利者是股指期货市场净需求方，其需求量由风险溢价决定。股指期货市场均衡价格由供需平衡点决定。
價格理論是微觀經濟學的覈心，在完全市場經濟中，需求和供給是決定市場價格的兩大力量。股指期貨閤約是以股票市場上的樣本股票整體價格變動情況作為交易對象的期貨。股指期貨市場獨特的賣空機製，使得如何理解股指期貨閤約的需求和供給成為股指期貨市場價格決定理論的關鍵。套期保值者是股指期貨市場的淨供給方，其供給量由套期保值成本決定。投機者和套利者是股指期貨市場淨需求方，其需求量由風險溢價決定。股指期貨市場均衡價格由供需平衡點決定。
개격이론시미관경제학적핵심，재완전시장경제중，수구화공급시결정시장개격적량대역량。고지기화합약시이고표시장상적양본고표정체개격변동정황작위교역대상적기화。고지기화시장독특적매공궤제，사득여하리해고지기화합약적수구화공급성위고지기화시장개격결정이론적관건。투기보치자시고지기화시장적정공급방，기공급량유투기보치성본결정。투궤자화투리자시고지기화시장정수구방，기수구량유풍험일개결정。고지기화시장균형개격유공수평형점결정。
Price theory is the core of mieroeconomics. In the complete market economy,demand and supply are the two powers that decide the price. Stock index futures are futures based on the overall changes of the sample stocks. The special mechanism of selling short decides the key to the price determinism of futures market is how to understand the relationship between supply and demand of futures contract. The author regards hedgers act as the supply part in futures market, the amount of whose supply is decided by the cost of the hedge. Speculators and arbitragers both are the demand parts in futures market purely, the amount of whose demand is decided by risk premium. The equilibrium price of the futures market is decided by the balance point of supply and demand.
