Therefore, the profits of the speculators or the form of the transformation of the surplus value must be assigned by the arbitragers. The method of the arbitrager to assign the surplus value is corresponding to the trading methods of the future market.

通過以上對套期保值者讓渡剩余價值的方法的詳細(xì)分析国产高清无码丝袜，可以發(fā)現(xiàn)判斷期貨價格漲跌方向的全新的另一種方法，即套期保值者作為一個整體呈現(xiàn)凈空頭的時候，期貨價格必定上漲日韓美女一級黃片免費；套期保值者作為一個整體呈現(xiàn)凈多頭的時候，期貨價格必定下跌欧美一级a一片美国大黄。

In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路www..com黄色A片免费观看，本論文論述由以下幾個部分構(gòu)成：第一部分，簡要概述股指期貨產(chǎn)生的背景和基本情況欧美黑人又粗又长精品，對國內(nèi)股指期貨進程和滬深300股指期貨合約進行簡單介紹高端自拍无码在线；第二部分，回顧海內(nèi)外股指期貨避險研究的主要文獻色污网站网站，討論相關(guān)避險策略及避險模型亚洲精品国精品91，為后面套期保值策略如何有效運用的實證分析和檢驗提供理論基礎(chǔ)和依據(jù)人人澡人人爽人人夜夜；第三部分，對套期保值的原理999A片免费看在线播放、關(guān)鍵因素及實際流程進行概述群p网站，并采用香港恒生指數(shù)對常用的幾種避險模型進行實證分析，最后一攬子以建信優(yōu)選成長股票型基金為現(xiàn)貨標(biāo)的女生按摩破处视频在线观看，實際檢驗以滬深300股指期貨模擬交易IF0706產(chǎn)品進行對沖時的套期保值效果日日骚一区二区；第四部分，探討國內(nèi)確定避險比率的過程亚洲一区二区无字幕，包括國內(nèi)股票組合β值的穩(wěn)定性檢驗在线免费黄站、歷史β值的修正及估計歷史β值的最佳數(shù)據(jù)長度等，通過數(shù)據(jù)分析日韩国产欧美亚洲，本文在尋找估計β值的最佳數(shù)據(jù)長度和考察風(fēng)格午夜理论在线、行業(yè)β值的差異上做了較為有益的嘗試，并得到了有助于現(xiàn)實操作的結(jié)果乱中年熟女伦av一区。

Meanwhile, the contracts ofderivative market differ from the objects of hedging, which causes great inconvenience to hedger.

同時由于衍生品市場上的上市品種與套期保值企業(yè)的套期保值目標(biāo)對象常常出現(xiàn)資產(chǎn)不匹配的現(xiàn)象一级黄色一级，給套期保值企業(yè)的套期保值避險目標(biāo)的實現(xiàn)帶來不便。

As a common rule,the classical hedging theories and methods calculate the optimal hedging ratio based on a portfolio including a hedged asset and certain hedging instruments,and don\'t consider risky elements of hedging and hedger\'s realistic requirements during the course of hedging.

傳統(tǒng)的套期保值理論與方法一般將需要套期保值的資產(chǎn)和特定套期保值工具作為一個投資組合來計算最優(yōu)套期保值比率欧美曰人人操人人干，而且一般不考慮套期保值過程中面臨的各種風(fēng)險因素和套期保值者的實際需求亚洲无码熟妇黄色视频。

At the same time, the optimal hedge ratio is derived and analysised theorictically. This leads to the disadvantage of existing model blindly pursuing risk-minimizing and ignoring the hedger's expected return being settled, and provides a futures hedging strategy for hedger.

并從理論上推導(dǎo)和分析了最優(yōu)套期保值比率，解決了現(xiàn)有模型的一味追求風(fēng)險最小化而忽略套期保值者期望收益率和交易成本的不足国产av福利第一精品，為套期保值提供了一種優(yōu)化策略手机在线视频日韩一区。

The dissertation in depth analyzes the inner relationship between hedging and risk diversification, finds out that the relevance among prices or returns of different assets is the common basis for hedging and portfolio selection,and presents the notion of hedging portfolio selection referring to portfolio selection theory,which means that hedgers choose optimal hedging portfolio from a set of feasible hedging tools considering risky elements and hedger\'s real requirements during the course of hedging.

本文深入分析了套期保值與風(fēng)險分散化思想的內(nèi)在聯(lián)系，指出資產(chǎn)之間價格的相關(guān)性是套期保值問題和資產(chǎn)組合選擇問題的共同基礎(chǔ)一级做a爱黑人又硬又粗，提出應(yīng)該在真正的資產(chǎn)組合選擇理論意義上研究套期保值問題的研究思路免费一级A一片在线播放无，即在充分考慮套期保值過程中各種風(fēng)險因素和套期保值者實際要求的基礎(chǔ)上從可供選擇的套期保值工具集合中選擇最優(yōu)套期保值組合，并稱這種研究套期保值的方法為套期保值組合選擇在线免费看黄高清无码网站。

The fusion between the mutually contradicted forms of to sell and to buy the arbitrage. Their combined proposition, the dual arbitrage is the negation of the negation. Deducted by analogy, when summarizing all the trading forms, we can find that they all conform to the trinity philosophy of Hegel. As Marx said,"In Greek, this is the positive, negative and combined proposition. And to those readers who cannot understand Hegel"s language, we tell them a holly formula: positive, negative and the negation of the negation. All these trading forms follow the principles of the change of quantity and quality, the contradictive unification and the negation of the negation.

我們把套期保值交易看作正題欧美在线官网，那么，賣出套期保值是肯定一一買入套期保值是否定人人操人人干人人射人人爱人操，這兩個包含在反題中的對抗因素的斗爭超级大潮喷加勒比无码，形成辯證運動；賣出套期保值和買入套期保值就可以互相轉(zhuǎn)化女人內射色人人在线；這兩個彼此矛盾的交易亚洲欧美日韩AⅤ中文三区，形成新的合題，就形成一個新的交易形式一区二区美女脱黑色丝袜视频，即賣出套期保值和買入套期保值這兩個彼此矛盾的融合原创国产，它們的合題——雙向套期保值是否定之否定。

Finally,the study on the core of hedge research-i.e,the optimum hedge strategy can provide theoretic support in improvement of hedge efficiency and its application in investment practice.

最后日韩特黄Av毛片免费播放，套期保值策略的最優(yōu)化問題色惰日本人哺乳奶水视频网1，也是套期保值研究中最核心的內(nèi)容国产偸第一页，這一課題的研究可以對提高套期保值效果，為套期保值在投資實務(wù)中的應(yīng)用提供理論上的支撐欧美成电影网。

Meanwhile, the index futures hedge theory has also get a further development, which evolves from traditional hedge theory, the selectivity hedge theory and modern hedge theories. After analyzing the merits and shortcomings of the three theories, the paper mainly studies four minimum square hedge theory models, which are The traditional static OLS model, VECM model, one variable GARCH(1, 1) model and one variable GJR-GARCH(1, 1, 1) model. Established on September 8th in 2006, China Financial Futures Exchange initiated a new era of our country finance ramification-- index futures, opening a door for the China futures industry.

而股指期貨的套期保值理論也隨之得到長足發(fā)展欧美真人操逼免费大片，歷經(jīng)傳統(tǒng)套期保值理論、選擇性套期保值理論和現(xiàn)代套期保值理論免费黄色三级性交，本文在分析三大理論優(yōu)缺點的同時免费av在线播放网址，著重研究現(xiàn)代套期保值理論即最小方差避險理論的四種模型：傳統(tǒng)靜態(tài)OLS模型、VECM模型美欧三级、單變量GARCH(1xxxxx黄，1)模型、單變量GJR—GARCH(1欧美一级欧美三级视频在线播破处女，1我想看黄片儿一级片一区二区，1)模型www.欧美专线电影。2006年9月8日在线观看免费播放国产一区在线，中國金融期貨交易所的成立，掀開了我國金融衍生品種股指期貨的新紀(jì)元偷拍久久丝袜免费视频，迎來了中國期貨行業(yè)發(fā)展的機遇期在线可以直接观看的黄色视频。。

The main work of the paper is shown as follows.1 The optimal model of the single and combinatorial hedging based on the constraints of total loss is established.The paper takes the positive profit skenewss as constraint of serious loss\' probability, which the tail of curved shape on density function of the hedging yield elongates right,and the left tail become short.

論文的主要工作如下：(1)建立了基于整體風(fēng)險控制的單品種和多品種的套期保值優(yōu)化模型通過套期保值收益率的偏度大于等于零，使得套期保值收益率密度函數(shù)的尾部向右拉長色先锋玖玖av资源部每次更新，而左端的尾部較短最新国产乱伦视频。

hedge buying：邁進保值期貨

留成外匯 retained portion of foreign exchange by a locality or an enterprise | 留職停薪 retain the job but suspend the salary | 邁進保值期貨 hedge buying

hedge buying：買期保值,套買保值

1894 hedge 套期交易,對沖交易 | 1895 hedge buying 買期保值,套買保值 | 1896 hedge selling 套賣保值,賣期保值

hedge buying：買期保值,套買保值 hedge buying 買期保值,套買保值

1895 1 hedge buying 買期保值,套買保值 hedge buying 買期保值,套買保值 | 1896 1 hedge selling 套賣保值,賣期保值 hedge selling 套賣保值,... | 1897 1 hidden assets 隱蔽資產(chǎn),賬外資產(chǎn) hidden assets 隱蔽資產(chǎn),...

buying hedge：買期保值

并在一定時間和地點由買主出價競買的一種貿(mào)易方式.商品期貨貿(mào)易,根據(jù)性質(zhì)的不同,可分為投機(Speculation)和套期保值(Hedging)兩種.套期保值有賣期保值(Selling Hedge)和買期保值(Buying Hedge)兩種.對銷貿(mào)易的基本形式有易貨貿(mào)易(Better Trade),

買期保值,套買保值 hedge buying 買期保值,套買保值：hedge buying

1895 1 hedge buying 買期保值,套買保值 hedge buying 買期保值,套買保值 | 1896 1 hedge selling 套賣保值,賣期保值 hedge selling 套賣保值,... | 1897 1 hidden assets 隱蔽資產(chǎn),賬外資產(chǎn) hidden assets 隱蔽資產(chǎn),...

selling hedge：賣期保值

3.拍賣(Auction)由經(jīng)營拍賣業(yè)務(wù)的拍賣行接受貸主的委托,在規(guī)定的時間和約所,按照一定的章程和規(guī)則,從公開哪的方法,把貸物賣給出價最高的買方的一種貿(mào)易方式6.賣期保值(Selling hedge)指套則保值者根據(jù)在貸交易情況,先在期貸市場賣出期貸合同,

hedger：套期保值者

套期保值者(Hedger)是指那些把期貨市場作為價格風(fēng)險轉(zhuǎn)移的場所,利用期貨合約作為將來在現(xiàn)貨市場上進行買賣商品的臨時替代物,對其現(xiàn)在買進準(zhǔn)備以后售出或?qū)硇枰I進商品的價格進行保值的機構(gòu)和個人.

long hedge：多頭套期保值

但在期貨市場上發(fā)生損失. 這樣無論價格如何變動,投資者在現(xiàn)貨和期貨上的盈虧可以部分或全部抵消,從而減少了所承擔(dān)的價格變動風(fēng)險. 同理,如果投資者在將來某一特定時間要購買某一資產(chǎn),則可以持有期貨多頭來保值,即多頭套期保值(long hedge).

maintenance of value：款項之保值金

maintenance of soil fertility 維持土壤肥力 | maintenance of value 款項之保值金 | maintenance of value obligations 保值債務(wù)

hedgers：套期保值者

你是否有過要你的股票經(jīng)紀(jì)人在一個特定的價..套期保值者(hedgers) 那些通過放棄部分潛在收益來降低風(fēng)險的人. 套期保值者是處于減少風(fēng)險暴露程度的交易部位. 同一個人可能在某些風(fēng)險暴露面前是一個投機者,而在另一些風(fēng)險面前是一個套期保值者.