本文结合解析韩国KOSPI200期权对于KOSPI200期货市场的影响,论证股指期权市场对股指期货市场在提高流动性和培育机构投资者方面的显著作用。借鉴韩国股指衍生品市场发展经验,笔者认为在沪深300股指期货平稳运行之后,要选择时机及时推出股指期权,这样可以保证良好的流动性。为此,应当加快制定股指衍生品市场体系的发展战略。
By analyzing the impact of the Korean Kospi200 options market on the Kospi200 futures market, this paper argues that the stock index options have significant impact on enhancing liquidity and improving the quality of the institutional investor structure in the stock index derivatives markets. It further suggests that China should launch the stock index options in an appropriate time, after Shanghai-Shenzhen 300 stock index futures are launched and work stably. Therefore China is badly in need of a strategy for the stock index derivatives markets.