株價指數 先物의 國內 導入에 관한 小考 = A Study on the Introduction of Stock Index Futures in Korea

다국어 초록 (Multilingual Abstract)

The Korean government made a decision to introduce the Stock Index Futures. And Korea Stock Exchange announced that the Stock Index Futures market will be opened on January 1996.
The purpose of this study is to analyze the introduction of Stock Index Futures and its effects in Korea
There have been many studies on the introduction of Stock Index Furures. They have mainly analyzed the expected effects and feasibillty of introduction of Stock Index Futuers into Korea.
As far as we know, however, any study has not analyzed the behavior of institutional investors who will be major member of Stock Index Futures market. This is the reason why we have selected this topic as our project.
We have adopted the survey method as the methodology of our research. Gathered questionnaires were classified and analyzed with correlation.
The results of analysis are as follows :
Ⅰ. Institutional investors thought the introduction of Stock Index Futures and its effects positively. Therefore we found that institutional investors will participate in the Shock Index Futures market actively.
Ⅱ. However, there will be some problems on liquidity condition.
In general a speculation has a critical effect on liquidity. Institutional investors thought speculation positively. But they were not interested in speculation in the Stock Index Futures market. It means that the real demand of speculation will be low. To solve this problem, the demand of speculation should be increased. For example, the system for stock loans will be one of the resolutions.
Ⅲ. (1) On the institutional constraints, they pointed out the imperfection of related law and tax system. Hence, the government has to arrange related law and tax system.
(2) On the preparation of Korea Stock Exchange, they raised the problems of computer system and index development. So, Korea Stock Exchange has to develop the index as soon as possible and select the computer system carefully.
(3) On the preparation of company, they indicated that there are few experts. Therefore, the training for experts is needed before introducing Stock Index Futures into Korea.

목차 (Table of Contents)

• Ⅰ. 序 論
• Ⅱ. 株價指數 先物去來 導入에 대한 先行硏究
• 1. 주가지수 선물거래의 경제적 기능 및 파급효과
• 2. 주가지수 선물거래의 도입 타당성
• Ⅲ. 株價指數 先物去來 導入에 대한 行態分析
• 1. 설문조사
• 2. 제도 도입의 문제점 및 대응방안
• Ⅳ. 結 論