摘要
韩国KOSPI200指数期权是全球最活跃的衍生品合约。本文认为,按期权权利金收取低廉的交易费用等制度创新是韩国股指期权10年来爆发性增长的根本原因。本文还深入剖析了股指期权推出后对股票市场波动率、资金面、投资者结构、市场操纵行为等方面的影响。韩国股指期权衍生品创新的成功经验对我国权证市场与即将推出的指数类金融衍生品发展有很好的借鉴与启发意义。
South Korea KOSPI200 index options are the world＇ s most active derivatives contracts. This article holds that lower transaction costs based on the rates of the option premium and other institutional innovation are the main causes of the significant growth of those products during the past 10 years. This article also analyzes in depth the effect of introducing stock index options on the stock market volatility, capital availability, investor structure, market manipulation, and other aspects. The innovation of South Korean stock index options provides a successful example for China＇ s warrant market and the upcoming financial derivatives.
出处
《证券市场导报》
CSSCI
北大核心
2008年第1期42-46,共5页
Securities Market Herald
基金
国家自然科学基金(编号：70703024)
