| 最近几年来，韩语论文范文，全球金融衍生品成长迅猛。继2010年4月16日沪深300指数期货的推出，2012年4月，中国金融期货生意业务所开端了沪深300指数期权的仿真生意业务，并从8月份开端从中国金融期货生意业务所外部测试阶段慢慢向试点期货企业会员铺开。沪深300指数期权呼之欲出。而沪深300指数期权对沪深300指数现货市场的市场质量的作用是对质券市场的成长和稳固有侧重要意义的成绩。本文以与我国本钱市场成熟水平较为类似且股指期权合约较为类似的韩国为研究对象，从实际和实证两方面来研究KOSPI200指数期权对KOSPI200指数的动摇性的作用。在KOSPI200指数期权对KOSPI200指数的动摇性作用的实证剖析中，分离用参加一个虚拟变量的GARCH模子和参加两个虚拟变量的EGARCH模子对KOSPI200指数期权对KOSPI200指数的动摇性及动摇性的信息非对称性的作用停止实证剖析，获得以下结论：第一，KOSPI200指数期权增年夜了KOSPI200指数收益率的动摇性；第二，KOSPI200指数期权同时加强了股价下跌信息和股价下跌信息对KOSPI200指数收益率动摇性的作用，而且股价下跌信息对动摇性作用的加强的感化要年夜于股价下跌信息对动摇性作用的加强的感化，即KOSPI200指数期权增年夜了KOSPI200指数收益率的信息非对称性。本文剖析了KOSPI200指数期权对KOSPI200指数的动摇性作用的缘由：第一，KOSPI200指数期权使KOSPI200指数市场正反应生意业务增长；第二，KOSPI200指数期权使KOSPI200指数生意业务量增长；第三，KOSPI200指数期权转变了KOSPI200指数现货市场中投资者构造。并从看重对沪深300指数期权风险掌握和监管和优化市场投资者构造两年夜方面来给出本文的政策建议。看重对沪深300指数期权风险掌握和监管详细包含：设计相符中国国情的包管金结算系统、对股指期权停止及时监管和监控市场把持行动；优化市场投资者构造详细包含引入本国投资者、培养国际机构投资者、增强小我投资者的教导。论文共分四个部门。第一部门为绪论，引见了论文选题配景及成绩的提出，对国际外的相干实际和实证研究结果停止综述，解释全文的研究内容与构造支配，并对本文重要的立异的地方和缺乏的地方停止了概述；第二部门为股指期权对标的指数动摇性作用的普通实际剖析，起首引见动摇性的界说及计量办法和股指期权对本钱市场的普通感化，然后分离从实际上剖析了股指期权会招致标的指数现货市场动摇性增年夜和减小的传导机制；第三部门为KOSPI200指数期权对KOSPI200指数的动摇性作用的实证剖析，起首对本章实证所触及的模子及办法停止引见，然后用引入代表KOSPI200指数期权的虚拟变量的GARCH模子对KOSPI200指数期权对KOSPI200指数的动摇性的根本作用停止实证剖析，并用代表KOSPI200指数期权的虚拟变量的EGARCH模子对KOSPI200指数期权对KOSPI200指数的动摇性的信息非对称性的作用停止实证剖析；第四部门为结论和建议，在这一部门，起首对全文停止总结，然后联合KOSPI200指数期权的经历，就我国推出沪深300指数期权后的风险防备、掌握和监管等成绩提出了一些建议。 Abstract: In recent years, the rapid development of global financial derivatives. Following the launch of the CSI 300 index futures in April 2012, April 16, 2010, China's financial futures business began to simulate business in Shanghai and Shenzhen 300 index options, and from the beginning of August, from China's financial futures business is outside the test stage slowly to the pilot Futures Company member. Shanghai and Shenzhen 300 index contrast options. And effects of CSI 300 index option on the Shanghai and Shenzhen 300 index spot market market quality is confrontation of securities market growth and stability of important achievements. In this paper, we study the KOSPI200 index options on the two aspects, which are similar to the mature level of our country "s capital market and stock index options contracts. Empirical analysis of the impact of KOSPI200 index options on the KOSPI200 index, the separation of GARCH model and the EGARCH model of the two dummy variables are used to analyze the impact of the KOSPI200 index on the KOSPI200 index. First, the KOSPI200 index options increase the stability of the KOSPI200 index. Second, the KOSPI200 index options increase the impact of the stock price decline in the impact of information on the stability of the impact, that is, the KOSPI200 index options increase the information asymmetry. In this paper, we analyze the reasons why the KOSPI200 index options have a positive impact on the KOSPI200 index: first, the KOSPI200 index options make the KOSPI200 index market positive response to business growth; second, the KOSPI200 index options make the KOSPI200 index business volume growth; third, the KOSPI200 index of the KOSPI200 index futures market investors structure. And from the value of the Shanghai and Shenzhen 300 index options risk control and supervision and optimize the structure of the market investors two years to give the policy recommendations of this paper. Value of the Shanghai and Shenzhen 300 stock index options risk control and regulatory details include: the design of China's national conditions of the guarantee payment settlement system, stock options to stop monitoring and control of the market control action; optimize the structure of the market investors to introduce the details of the introduction of domestic investors, training international institutional investors, enhance the education of individual investors. The paper is divided into four sections. The first part is the introduction, this thesis introduces background and achievements, empirical research results and actual coherent stop review of home and abroad, research content and structure interpretation of the control, and the important place where innovation and lack are summarized; the common theoretical analysis effect of the second sector index shake the underlying index option, first introduced the definition and measurement method of shake and stock index options on the capital market of ordinary probation, then separated from the stock index option will lead to the spot market volatility index scale increases and decreases the transmission mechanism; empirical analysis of third departments to shake the influence on the KOSPI200 index KOSPI200 index options the method first touches, mold and the chapter introduction, then introduced on behalf of KOSPI200 virtual index option The empirical analysis of the impact of the GARCH model on the KOSPI200 index of KOSPI200 is analyzed, and the EGARCH model of the KOSPI200 model is used to analyze the impact of the KOSPI200 index on the KOSPI200 index. The fourth part is conclusion and suggestion. The paper concludes with a combination of KOSPI200 index options. 目录: |
