股指期货在风险管理中的应用

股指期货属于金融期货的一种,是以股票市场的股票价格指数为标的物的期货合约.在很多发达的股票市场乃至资本市场中,股指期货扮演着规避风险、套期保值的重要角色.在利用股指期货对股票组合进行套期保值时,可能面临各种风险,其中,基差风险是套期保值者面临的最主要风险.利用向量误差修正模型可以估计最小风险套期保值比,为投资者综合选择风险最小的套期保值策略提供了现实的、可操作的定量分析工具.

The Application of Stock Index Futures in Risk Management

Stock index futures is one of financial futures; It is based on the price of stock index futures. In many developed financial markets, it plays a role of avoiding risks and hedging. Many kinds of risks may be faced with when investors use stock index futures to hedge the stock portfolio. Basis risk is the most important. VECM model is helpful to estimate the hedge ratio with minimum risk which provides investors a practical and operable implement to choose hedging approaches.