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股指期货不同于股票的属性,使其能够更快地反映信息冲击、完成价格调整,充当价格领先者。本文总结了股指期货价格领先现货价格的原因,可以从产品设计、交易机制和投资者三方面提升股指期货价格发现作用,提高市场信息效率,进而完善资本市场价格形成、风险揭示和资源配置等方面的机制。
Stock index futures is different from the stock’s attributes, enabling it to reflect the impact of information more quickly, to complete the price adjustment, as a price leader. This paper summarizes the reasons why the price of stock index futures leads the spot price, which can improve the price discovery of stock index futures from the aspects of product design, trading mechanism and investors, and improve the efficiency of market information, so as to improve the capital market price formation, risk disclosure and resource allocation Mechanisms.