由于我国股票市场存在的制度缺陷,在建立股票指数期货时存在着与国外的成熟市场不同的风险,在我国的股票市场中,发行制度、股价虚高、国有股流通问题、缺乏作空机制以及股票市场参与主体的结构缺陷会导致现货市场与股指期货市场之间的套利机制和过度投机,将使我国股指期货的建立面临特殊的风险。面对这种特殊性的风险,有必要提出可行的政策建议。 Due to the institutional defects in the stock market of our country, there are different risks in the establishment of stock index futures when compared with mature markets abroad. In China’s stock market, the issue system, the high stock price, the circulation of state-owned shares, the lack of short-selling mechanism and the stock The structural defects of the participants in the market will lead to the arbitrage mechanism and excessive speculation between the spot market and the stock index futures market, which will expose the establishment of our stock index futures to special risks. Faced with this particular risk, it is necessary to put forward feasible policy recommendations.