I 摘要 近十年来，我国的国民收入水平显著提高，投资者的投资意愿越来越强，传统的储 蓄理财已经不能满足人们的理财需求。银行理财产品和信托产品规模的迅速增长显示出 人们越来越趋向于自主投资和多元化投资。融资融券和股指期货的推出，投资者在股市 的盈利模式从以前的单向盈利转变为现在的双向赢利，投资空间进一步扩大。我国的金 融制度不断完善，金融市场也越来越发达，但是金融衍生品的发展仍然略显不足。金融 衍生品的发展水平显示了金融创新能力的强弱。只有保持强劲的金融创新能力，才能保 证金融市场资源配置的能力不断提高，交易效率的不断增强。大力发展金融衍生品，不 但可以刺激我国的金融创新能力，而且能够使投资者有更多的投资渠道和获利空间。 发展金融衍生品有两种途径，一种途径是直接设计开发适合我国金融环境的金融衍 生品；另一种则是引入国外的金融衍生品，针对我国的金融制度进行修正。相对于第一 种途径来说，引入国外现存的金融衍生品具有开发成本低，运营风险小的优势。虽然国 外金融衍生品种类繁杂，但真正适合我国金融环境的数目并不多。在对比分析了国外众 多的金融衍生品之后，笔者发现差价合约既能满足投资者的投资需求，又适合我国的金 融环境。很明显，在我国的金融市场内引入差价合约可以使金融市场参与者受益匪浅。 因此，笔者有必要对我国引入差价合约进行相关研究。本文将论述我国引入差价合约的 可行性，对差价合约的结构特点，交易原理，市场运营等进行详细的介绍和对比，最后 结合我国的金融环境对差价合约的引入进行规划设计。 关键词 投资风险 金融衍生品 差价合约Abstract II Abstract These years, as the level of people’s revenue becomes higher and higher, people’s consciousness of managing money grows. Individuals are not content to invest in deposit. The growing scale of financial product and trust products indicates that investors tend to invest in different ways by themselves. Investors may make profits in the reverse direction with securities margin trading and stock index futures. Our country’s financial system is becoming more and more perfect and our financial market is becoming more and more developed. But the development of financial derivatives is still a weakness in our country. The development of financial derivatives manifests the capability of financial innovation. Keeping strong capability of financial innovation can guarantee the boosting of the distribution of resources in financial market and the efficient of financial exchange. Investing energy and resources to develop financial derivatives could enhance the ability of our financial innovation and give investors more ways to invest and more space to profit. There are two ways to develop financial derivatives: one is to design financial derivatives which accommodates our financial environment, the other is to introduce foreign financial derivatives and revise them in order to make them adapt to financial system. Comparing to the former way, the latter has the advantage of small cost and low risk. Although there are thousands of financial derivatives in the foreign country, only a few of them accommodate to our financial environment. After reviewing many financial derivatives, the author finds that the contracts for difference both fulfills the desire of the investors and accommodates our financial environment. It is evident that introduce the contracts for difference into our financial market could benefit our financial participators a lot. So the author needs to make a research on how to make it.This paper will illustrate Contracts for Difference’s inner structure, principles of trading, operation mechanism and some other relevant things. Then the author will depict a route map to launch Contract For Difference in China. Keywords Investmentrisk Financial derivatives Contract for Difference目 录 III 目 录 第 1 章 引 言1 1.1 研究背景及意义 1 1.2 研究现状 2 1.3 研究目标 2 1.4 报告组织结构 3 1.5 报告创新点与研究方法 3 第 2 章 差价合约及其特点5 2.1 差价合约的产品概述 5 2.2 差价合约的发展历史 5 2.3 差价合约的结构特点 7 2.4 差价合约的风险因素 8 第 3 章 差价合约的交易与运营原理 11 3.1 差价合约的交易流程 11 3.1.1 买多差价合约的交易流程 11 3.1.2 卖空差价合约的交易流程 12 3.2 差价合约运营商的类型特点 13 3.2.1 经纪中介型运营商的概况和特点 13 3.2.2 做市商的概况和特点 15 第 4 章 差价合约与相关金融产品的对比 17 4.1 差价合约与股票的对比 17 4.2 差价合约与融资融券的对比 18 4.3 差价合约与期货的对比 18 4.4 差价合约与期权的对比 19 4.5 差价合约相对于其他金融产品的优势 20 第 5 章 我国开展差价合约的规划设计 22 5.1 差价合约标的物品种的选择 22目 录 IV 5.2 差价合约运营商与投资者的准入 23 5.3 差价合约运营机制的规划 24 5.3.1 运营商类型的选择 24 5.3.2 差价合约运营中现金流的处理 25 5.4 差价合约的监管 27 5.4.1 对做市商运营与服务的监管 27 5.4.2 对投资者投机行为的监管 28 第 6 章 结 语 29