| 期货投机交易对现货市场的稳定效应及福利分析 |
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| 引用本文： | 苏圻涵,陈伟忠.期货投机交易对现货市场的稳定效应及福利分析[J].当代经济科学,2003,25(3):51-54. |
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| 作者姓名： | 苏圻涵 陈伟忠 |
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| 作者单位： | 同济大学,现代金融研究所,上海,200092 |
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| 基金项目： | 国家自然科学基金资助项目 (12 0 0 2 340 12) |
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| 摘 要： | 设立股指期货市场 ,引入大量投机交易者是否会对证券现货市场产生负面影响 ,是导致目前市场管理者在设立股指期货市场时犹豫不决的重要原因。本文通过建立两阶段的理论模型以及国际股指期货币市场数据的实证表明 ,股指期货的风险分担和信息传递功能将导致我国股票现货市场波动的减缓和原有市场参与者福利的提高
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| 关 键 词： | 投机 风险分担 信息传递 |
| 文章编号： | 1002-2848(2003)03-0051-04 |
| 修稿时间： | 2003年2月4日 |
An Analysis on the Effect of Futures Speculative Transaction on Steadiness of SpotMarket and Its Benefit |
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| SU Qi-han,CHEN Wei-zhong.An Analysis on the Effect of Futures Speculative Transaction on Steadiness of SpotMarket and Its Benefit[J].Modern Economic Science,2003,25(3):51-54. |
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| Authors: | SU Qi-han CHEN Wei-zhong |
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| Abstract: | Regulators have frequently expressed their concern that futures and options markets, through which a great number of speculators flow into the spot market may go through price fluctuation and benefit reduction. This paper shows that stock index futures will benefit the spot market in China because of its risk-sharing and informational transmission functions. |
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| Keywords: | speculation risk-sharing informational transmission |
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