如何趋利避害,关键在于政府的政策选择,在避险与投机上把握合适的尺度,从根本上让股指期货成为股市的稳定器股指期货是20世纪70年代西方发达国家经济波动,尤其是股票市场价格频频暴跌背景下孕育而生的。投资者迫切需要寻找规避股市风险,尤其是系统性风险,实现资产保值的金融工具。于是,股指期货1982年在美国堪萨斯交易所最早问世,并在90年代获得迅速发展,成为全球金融衍生品市场中仅次于 How to reduce profits and avoid disadvantages lies in the policy choice of the government, the proper measure of hedging and speculation, and fundamentally making the stock index futures the stabilizer of the stock market Stock index futures are the economic fluctuations of the western developed countries in the 1970s, especially Stock market prices have come down in the context of frequent plummeting. Investors urgently need to find a way to avoid the stock market risk, especially systemic risk, the realization of asset hedging financial instruments. As a result, the stock index futures first appeared on the Kansas Stock Exchange in 1982 in the United States, and rapidly developed in the 1990s to become the world’s financial derivatives market, second only to