Var is used to measure the market risk of america s & p500 stock index futures and a conclusion is got that supervisor and trader can adjust supervision strategy and provision of risk capital according to daily varvalue 运用var技术测量了美国s & p500股指期货的市场风险，得出在正常市场条件下，监管部门和交易者可以根据日var值来调整监管策略和风险资本金的准备率,为我国将来推出股票指数期货交易提供一套有效的风险度量的方法。
A model for stock index futures trading in china is designed and risk management reassures are illustrated . it emphasizes the necessity for launching stock index futures trading in china , functions to china ' s economy and the model for stock index futures and risk management 论证了我国发展股指期货交易的必要性与可行性，认为我国现在已经具备开展股票指数期货的环境条件，立足于中国国情来合理地设计股指期货合约和股指期货交易的运作机制。
With the fast development of chinese economy and step - by - step opening to world capital market , there is increasing concern within the chinese financial community that it ' s time for us to initiate the transaction of stock index futures in china 随着我国证券市场的发展完善，缘于规避股票现货市场的系统风险和活跃证券市场的需要，我国股票指数期货交易也呼之欲出。我国如何适时适地推出股票指数期货交易，是一个需要理论界和实务界共同探讨的问题。
Along with the expansion of securities market scale , acceleration of market process and development of organization investors , to establish effective risk management system , developing derivative market including stock index futures in china causes notice inside and outside market 随着中国证券市场规模的壮大、市场化进程的加快和机构投资者的发展，为了建立有效的风险管理体系，中国发展包括股票指数期货在内的股权类衍生品市场引起了市场内外的关注。
In this essay , the author mainly discusses the necessity and feasibility that today we launches the stock index futures trade after the development of home security market in 13 years , since the stock index futures trade firstly being launched by hainan stock pricing centre had failed 在本文中,笔者主要讨论了自1993年在海南证券交易报价中心推出股票指数期货交易失败以后,我国的证券市场在又经过了13年的发展,到今天推出股票指数期货交易的必要性和可行性。
On the whole , the introduction of china ' s stock index futures favors the improvement of the function and mechanism of china ' s securities market , the strengthening of its international competitiveness and the providing of better service for international capital inflows 综上所述，中国适时的推出股票指数期货有利于完善中国证券市场的功能与机制，加强中国金融市场的国际竞争力，更好为国际资本流入提供金融服务，以满足加入wto后中国金融市场国际化的要求。
Moreover , the recent years " development of futures market has provided valuable experience for launching stock index futures market . meanwhile a lot of experienced brokage companies and investors are cultivated during the process . investors group who have been in futures business and large amount of idle fund are the market basis for stock index futures transaction 另外我国期货市场几年来的发展也为推出股票指数期货交易提供了宝贵的经验，它培养了一大批经验丰富的经纪公司管理者和投资者，已经从事期货交易的投资者队伍和大量闲散资金是开展股票指数期货交易的市场基础。
The following dissertation sums up fundamental principles of stock index futures trading in advanced countries with a great deal of interrelated books and figures for reference . it introduces current situations of china " s securities markets and analyzes functions of stock index futures to china ' s economy . it also discusses the necessity and feasibility for developing stock index futures trading in china 本文首先阐述了股票指数期货的内涵、特点、功能以及交易原理，回顾了股指期货的相关理论研究，分析了国外股票指数期货的发展历程和现状，结合我国目前证券市场的现状，探讨了股指期货在我国经济中的重要作用，提出发展股票指数期货已成为目前我国资本市场发展必要而现实的选择。
