股指期貨對中國股市有四影響 不改市場長期趨勢
隨著我國經濟的持續穩定發展以及市場化改革的不斷推進，金融衍生產品的推出成為當務之急。股指期貨作為壹個投資品種和風險管理工具，本身是中性的，它的推出不會改變市場的長期趨勢，雖然在其推出後短期內可能會對股市形成壹定的擾動，但主要仍將受市場總體態勢及內在估值的影響，而且估值因素的影響更為重要。
當然，由於股指期貨具有金融衍生產品的特性，它的推出必然會對我國股票現貨市場產生重要而深遠的影響，主要有以下幾個方面：
影響壹，證券投資思維方式的變革。股指期貨提供了風險管理工具，有助於投資者真正構建投資組合，降低系統性風險。另外，股指期貨引入了做空機制，影響市場走勢的因素比以前就更多了，投資者的投資思維和投資策略也必須適時轉變，改單向思維為雙向思維。股指期貨推出後，壹方面，市場估值更趨合理，股價不太可能再大幅超出其內在價值，否則，與基本面嚴重脫節的股票就會產生很多套利機會；另壹方面，只要趨勢判斷準確，做空也能獲利，即在熊市中亦可賺錢。
影響二，可以吸引增量資金進場，擴大股票市場規模，增強市場流動性。股指期貨推出後，由於部分投資者需要對資產組合進行重新配置，故短期內可能會分流股票現貨市場的資金，影響股票市場交易量。但從中長期來看，股指期貨的推出使得股票交易機制更加完善，同時多了壹種風險管理工具，將會吸引更多的穩健型資金參與股票投資。另外，利用股票現貨和股指期貨套利是壹種風險較低的交易模式，能夠吸引許多套利資金入市。因此，股指期貨能夠為市場帶來大量新增資金，提高股票現貨市場的活躍程度，推動股票現貨和股指期貨的交易量雙向增長。美國、香港等市場的經驗也驗證了這壹點，芝加哥商業交易所1982年推出S&P500股票指數後，股票現貨和股指期貨的交易量大幅提高；香港1986年推出恒生股指期貨後，股票交易量當年就上升了60%，此後股票交易量不斷增加。
影響三，有助於優化投資者結構。目前我國證券市場參與者仍以中小投資者為主，機構投資者的規模只占30%左右，由於各種原因，中小投資者大多以投機心態參與股市，顯然不利於證券市場的長期健康發展。股指期貨推出後，除了會增強市場的流動性和穩定性之外，也將提高證券市場的發展程度和層次，各種套期保值和套利行為將趨於活躍，中小投資者難以參與，這有利於改善我國證券市場的投資主體結構，大大加速機構化進程，使機構博弈成為市場投資的主流，我國也將像其它發達國家壹樣進入機構投資者主導的時代。
影響四，將提升大盤藍籌股的投資價值。大盤藍籌股具有股本巨大、業績優良、派息率高、流動性強等優勢，容易受到主流資金的青睞。股指期貨推出後，機構投資者手中必須擁有充足的大盤藍籌股籌碼，才能具備調控股指的話語權。我國A股股指期貨已選定以滬深300指數為標的，因此，以滬深300指數成分股為代表的大盤藍籌價值股將成為今後投資者最為關註的焦點，它們將是機構投資者不可或缺的核心配置資產。此外，機構投資者進行套期保值也需要配置許多大盤藍籌股，並作為基礎倉位戰略性持有。尤其在股指期貨正式推出前還會有搶籌效應，大盤藍籌股將顯現稀缺性溢價。今後投資者應積極關註滬深300指數的成分股，特別是主要成分股。
下面是大概翻譯成英文,妳還要自己修正壹下:
The stock index stock's square face makes a sound the stock index stock to have four influences to the Chinese Stock market not to change market long-term trend to continue the steady progression as well as the marketability reform unceasing advancement along with our country economy, the finance derivative product promotes into the urgent matter. The stock index stock takes an investment variety and the risk management tool, is in itself neutral, it will promote will not change the market the long-term trend, although after it will promote in the short-term to the stock market will possibly form certain perturbation, but mainly still will receive the market overall situation and the intrinsic estimate value influence, moreover the estimate value factor's will influence be more important. is natural, because the stock index stock has the finance derivative product characteristic, it will promote definitely will have important and the profound influence to our country stock stock market, mainly will have the following several aspects: affects one, securities investment thinking mode transformation. The stock index stock has provided the risk management tool, is helpful constructs the investment profolio truly in the investor, reduces the systematic risk. Moreover, the stock index stock introduced has made the spatial mechanism, affected the market trend the factor before have been more than, investor's investment thought and the investment strategy must at the right moment transform, change the unidirectional thought are the bidirectional thoughts. After the stock index stock promotes, on the one hand, the market estimate value hastens reasonably, the stock price not too possible to surpass its intrinsic value largely again, otherwise, the stock which will come apart seriously with the fundamental plane will have many arbitrage opportunities; On the other hand, so long as the tendency judgment is accurate, does spatially can also make a profit, namely may also make money in the bear market. affects two, may attract the increase fund approach, the expansion Stock market scale, strengthens the market fluidity. After the stock index stock promotes, because the partial investors need to carry on to the asset portfolio redeploy, therefore in the short-term will possibly diverge stock stock market the fund, will affect the Stock market business volume. But looking from the medium and long-term, the stock index stock promotes causes the stock transaction mechanism to be more perfect, simultaneously have been many one kind of risk management tool, will attract the more steady fund participation stock investment. Moreover, the use stock on-hand merchandise and the stock index stock arbitrage is one kind of risk low transaction pattern, can attract many arbitrage fund entering the market. Therefore, the stock index stock can bring the massive additional fund for the market, enhances the stock stock market the active degree, impels the stock on-hand merchandise and the stock index stock business volume bidirectional growth. Market and so on US, Hong Kong experiences have also confirmed this point, after Chicago commercial exchange in 1982 promoted the S&P500 stock index, the stock on-hand merchandise and the stock index stock's business volume largely enhances; After Hong Kong in 1986 promoted the Hengsheng stock index stock, the stock business volume rose 60% in the past, hereafter the stock business volume increased unceasingly. affects three, is helpful in optimizes the investor structure. At present our country stock market participant still by the young investor primarily, institutional investor's scale only accounted for about 30%, as a result of each kind of reason, the young investor mostly by the congenial point of view participation stock market, does not favor the stock market obviously the long-term healthy development. After the stock index stock promotes, besides will strengthen the market the fluidity and the stability, also will enhance the stock market the degree of development and the level, each kind of hedge and the arbitrage behavior will tend to be active, the young investor will participation with difficulty, this will be advantageous in improves our country stock market the subject of investment structure, will accelerate the organization advancement greatly, will cause the organization to gamble into the market investment the mainstream, our country will also look like other developed countries to enter equally the time which the institutional investor will lead. affects four, will promote the bulk lots blue chip stock the value of each contribution. The bulk lots blue chip stock has the capital stock to be huge, the achievement is fine, distributing dividends rate high, fluidity strong and so on superiority, easy to receive the mainstream fund the favor. After the stock index stock promotes, in the institutional investor hand must have the sufficient bulk lots blue chip stock chip, can have the regulative stock index words power. Our country A stock index stock has designated take the Shanghai and Shenzhen 300 indices as the sign, therefore, will become take the Shanghai and Shenzhen 300 indices distributes stock shares plans the value stock as representative's bulk lots to become the focal point which blue the investor most will pay from now on attention, they will be institutional investor's indispensable core disposition properties. In addition, the institutional investor carries on the hedge also to need to dispose many bulk lots blue chip stock, and the underlie shipping space strategic has. Especially before the stock index stock will promote officially will also have snatches plans the effect, the bulk lots blue chip stock will appear the scarcity premium. From now on the investor should pay attention to the Shanghai and Shenzhen 300 indices to become positively distributes stock shares, specially mainly becomes distributes stock shares.