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2010年4月16日,沪深300股指期货合约在中国金融期货交易所正式挂牌交易,这标志着中国证券市场进入了股指期货时代。股指期货业务给证券市场带来做空机制,中国A股市场结束了20年单边做多的时代,它对于完善市场功能,改善市场结构,健全资本市场内在稳定机制和风险对冲机制,具有十分重要的意义。股指期货为现货市场提供了有效的风险管理工具,从长期看有利于扩大股票市场规模和增强市场流动性,有利于股票市场价格发现和资源配置功能的有效发挥。股指期货的推出作为一项制度性的变革,对股票市场价格行情的影响是全方位的,主要体现在市场资金流向、流动性、波动性、到期日效应、股价结构和市场走势等方面。
On April 16, 2010, the Shanghai and Shenzhen 300 stock index futures contracts were officially listed on the China Financial Futures Exchange, marking the entry of China’s stock market into the stock index futures era. The stock index futures business has brought a short mechanism to the stock market. China’s A-share market ended an era of unilateralism for more than 20 years. It is very important for improving the market function, improving the market structure, and improving the internal stability mechanism and risk hedging mechanism in the capital market Meaning. Stock index futures provide an effective risk management tool for the spot market. In the long run, it will be conducive to expanding the stock market and increasing market liquidity, which is conducive to the effective discovery of the stock market price and the function of resource allocation. The introduction of stock index futures as an institutional change has an all-around impact on the stock market price quotes. It is mainly reflected in the market capital flows, liquidity, volatility, maturity effects, stock price structure and market trends.