股指期货同其他衍生金融工具一样,既是资本市场发展到一定阶段的产物,又是资本市场深化的助推器。但从各国的运行实践来看,在股指期货推出的初期,往往伴随的是股市的调整,其原因在于股指期货带来的“挤出效应”——当股市缺乏做空机制时,股票价格可能经常被推高至脱离基本面支持的状况,形成泡沫,而股指期货的引入有助股市泡沫的 Like other derivative financial instruments, stock index futures are not only the product of the development of the capital market to a certain stage, but also the boosters of deepening the capital market. However, judging from the operational practices of various countries, the initial adjustment of stock index futures often accompanies the adjustment of the stock market due to the “crowding-out effect” caused by stock index futures. When the stock market lacks a short-selling mechanism, the stock price may often Pushed up to the support from the fundamentals of the situation, the formation of bubbles, and the introduction of stock index futures will help the stock market bubble