Trading of Stock Index Option and Complete Market
- 管理学院－已发表论文 
完备市场是一种理想的市场状况,完备市场能够自我实现资源配置的帕累托有效,能够实现风险的分摊和抵消。首先,阐述了完备市场的形式化定义及其与期权交易的关系;其次,分析了已经为现代金融经济学所证明了的、完备市场的若干重要性质;最后,探讨了在中国当前市场条件下,开放股指期权交易的必要性。Complete market is an idea market status. In a complete market, resources location is Pareto efficient, and risk can be shared and offset. In this paper, we set forth the definition of complete market and its relation with option trade firstly. Secondly, we analyze some important properties of complete market, which have been proved in modern financial economics. Finally, we discuss the necessity of opening stock index option trade in Chinese current stock market.