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在股指期货推出初期,人们普遍认为股指期货有利于规避股票现货市场的系统风险,有利于促进现货市场健康发展,因而世界性的股指期货品种迅速涌现。市场波动性是市场价格对信息的反应而引起的波动程度,用以度量市场的风险。波动性对于市场运行效率是十分重要的,而且与市场信息效率的联系非常紧密。股指期货推出的初衷之一就是为股票现货市场投资者提供一种避险工具,规避系统性风险,进行风险管理。如果其上市后显著加剧了现货市场的波动性,则无疑加大了现货市场的风险。这便与各国地区交易所推出股指期货的初衷相违背。
Early in the introduction of stock index futures, it is generally believed that stock index futures are conducive to circumvent the stock market risk of the stock market is conducive to promoting the healthy development of the spot market, which the world’s stock index futures quickly emerged. Market volatility is the degree of volatility caused by the reaction of market prices to information in order to measure the market risk. Volatility is crucial to the efficiency of the market and is very closely linked to the efficiency of market information. One of the original intention of the introduction of stock index futures is to provide a tool for the stock market investors to hedge, to avoid systemic risk, risk management. If its listing significantly exacerbated the volatility of the spot market, it undoubtedly increased the risk of the spot market. This is contrary to the original intention of the introduction of stock index futures by exchanges in various regions of the world.