It is good for capital market of our country to open the outside world and develop . some department has already aware of the flaw of the capital market , and they speed up to study the problem of stock index futures . this article just base on this background , it studies and requires the problem about developing the stock index futures , it will do it is best to play a little role in the stock index futures 股指期货作为一种重要的金融衍生工具，具有价格发现、套期保值等功能，能有效规避股市的系统性风险，目前在国外发展极为迅速，而我国尚未开设股指期货，资本市场的这种不完善的结构体系，势必会影响其功能的充分发挥，不利于我国资本市场的对外开放与发展，我国的有关部门早已意识到我国资本市场的缺陷，并已经在加紧研究推出我国的股指期货问题，本文正是基于这一背景，对我国开展股指期货的有关问题进行了研究探讨，力求为我国股指期货的开发尽一己微薄之力。
The result shows that there is a bi - directional leading relationship between cotton prices in futures market and cash market and there is a long - term equilibrium relationship between them ; both futures and cash markets play important roles in price discovery and the day futures market is in a dominant position 研究结果表明：棉花期、现货价格之间存在显著的双向引导关系；二者存在长期均衡关系；期、现货市场都扮演重要的价格发现角色，期货市场在价格发现中处于主导地位。
At the last , it discusses how to make good use of the capital market to improve the corporate governance . effective corporate governance will primarily give investors correlative information about its management . the quotation discovering mechanism slows down the asymmetry in the information between the investor and the manager , and reduces the investor ' s cost to supervise manager 有效的公司治理首先要求出资人能够得到公司经营的相关信息，资本市场的价格发现机制缓解了出资人与公司经理之间的信息不对称程度，降低了出资人监控经理人员的信息成本，在此基础上，出资人利用资本市场的流动性实现对内部人控制的间接控制，但这一切都要基于一个有效的资本市场。
To establish an innovative type of state , the core is the development of science and technology as a strategy , and the technology to enhance the ability of innovation as the main direction , greatly promote scientific and technological innovation and promote scientific and technological progress by leaps and bounds , promote the development of the national economy faster and better . in the modern economic society , technology and finance have become the most active elements of the social productive forces . the development process of human society shows that the role of financial industry to scientific and technological progress should not be ignored , the development of technology can not be separated from financial support 任何一项科技成果,在其研发阶段、应用转化阶段、直至产业化阶段等各个时期,不仅存在着不断放大的资金需求,需要在金融市场解决资金支持的问题;而且,金融市场所提供的风险规避与转移、公司治理,激励约束、价格发现、流动性供给等功能,为科技的发展提供了功能性保障;从科技发展的历史进程来看,科技的重大进展及其应用,都以金融创新与深化为先导,显示出金融对科技创新的强大拉动力。
As an effective resource allocation mode and price seeking mechanism , auctions have been expanded from the traditional local auctions to the online auctions . it has been an important e - business pattern by means of the extensive transaction means with little limited and the rapid increasing of transaction sum . therefore , researches on online auctions show the essentiality more and more 拍卖作为一种有效的资源配置方式与价格发现机制,已从传统的现场拍卖扩展至网上拍卖,其交易方式的灵活广泛和交易额的快速增长,使之成为电子商务的重要商业模式之一,因此,网上拍卖的相关研究显得愈来愈重要。
The on - hand merchandise operator carries on in the futures market to hedging , can beforehand to own management profit have a basic estimate , therefore the value to contain in the futures market quoted price to the market rational analysis factor , only in the rational analysis foundation , can make the decision - making which avoids to the risk , and is advantageous to the realization of price discovery function 现货经营者在期货市场上进行套期保值交易的时候，会事先对自己的经营利润有一个基本估计，所以套期保值者在期货市场上的报价包含着对市场的理性分析因素，只有在理性分析的基础上，才能够做出对风险回避的决策，并且有利于期货市场的价格发现功能的实现。
In this part , firstly , this paper change the condition of markowitz model , prove short sales exist possibility and certainty ; and discussed the role of the mechanism in stock market , narrate the 3 functions of the mechanism of short sales . they are strengthening mobility function , price discovery function and decreasing the information asymmetrical function for stock market 在这一章，本论文首先通过在markowitz提出的均值-方差模型的基础上通过重新设定条件，证明了卖空存在的可能性和必然性，然后详细论述了卖空机制对股票市场的积极作用，提出了卖空机制具有增强股票市场的流动性、价格发现和减少信息不对称三大功能。
The mechanism takes the advantage of improving the transparency of the market information , stabilizing the price volatility and enhancing the liquidity of the transaction by means of introducing the competitive public quotation mechanism and the open competition of the bankers in realizing the price finding 其最主要的优点是能够依靠公开、有序、竞争性的报价驱动交易机制，通过多家券商共同竞争，达到价格发现的功能，从而促进市场信息的透明，稳定价格波动，提高交易流动性。
