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(guò)以上對(duì)套期保值者讓渡剩余價(jià)值的方法的詳細(xì)分析为搞点激情，可以發(fā)現(xiàn)判斷期貨價(jià)格漲跌方向的全新的另一種方法在线视频国产一区二区，即套期保值者作為一個(gè)整體呈現(xiàn)凈空頭的時(shí)候，期貨價(jià)格必定上漲免费看黄色网站大全；套期保值者作為一個(gè)整體呈現(xiàn)凈多頭的時(shí)候三级无码视频进入，期貨價(jià)格必定下跌。

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.

按照以上研究思路国产精品黄色网站一级大片手机版免费看，本論文論述由以下幾個(gè)部分構(gòu)成：第一部分国产精品一区二区三区视频，簡(jiǎn)要概述股指期貨產(chǎn)生的背景和基本情況，對(duì)國(guó)內(nèi)股指期貨進(jìn)程和滬深300股指期貨合約進(jìn)行簡(jiǎn)單介紹日韩色色图；第二部分日韩欧美一级特黄AAAAA片，回顧海內(nèi)外股指期貨避險(xiǎn)研究的主要文獻(xiàn)，討論相關(guān)避險(xiǎn)策略及避險(xiǎn)模型日韩在线观看自拍网页视频，為后面套期保值策略如何有效運(yùn)用的實(shí)證分析和檢驗(yàn)提供理論基礎(chǔ)和依據(jù)肏女人逼12p；第三部分，對(duì)套期保值的原理美女被操免费看、關(guān)鍵因素及實(shí)際流程進(jìn)行概述大量国产真实在线视频，并采用香港恒生指數(shù)對(duì)常用的幾種避險(xiǎn)模型進(jìn)行實(shí)證分析，最后一攬子以建信優(yōu)選成長(zhǎng)股票型基金為現(xiàn)貨標(biāo)的人人入人人操，實(shí)際檢驗(yàn)以滬深300股指期貨模擬交易IF0706產(chǎn)品進(jìn)行對(duì)沖時(shí)的套期保值效果高清无码污网站；第四部分，探討國(guó)內(nèi)確定避險(xiǎn)比率的過(guò)程激情图区，包括國(guó)內(nèi)股票組合β值的穩(wěn)定性檢驗(yàn)一级毛片性爱视频网站、歷史β值的修正及估計(jì)歷史β值的最佳數(shù)據(jù)長(zhǎng)度等，通過(guò)數(shù)據(jù)分析91精品免费大秀，本文在尋找估計(jì)β值的最佳數(shù)據(jù)長(zhǎng)度和考察風(fēng)格黄色视频免费进入入口、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(shí)操作的結(jié)果黄免费片网站入口处。

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

同時(shí)由于衍生品市場(chǎng)上的上市品種與套期保值企業(yè)的套期保值目標(biāo)對(duì)象常常出現(xiàn)資產(chǎn)不匹配的現(xiàn)象精品第一国产综合亚洲午夜，給套期保值企業(yè)的套期保值避險(xiǎn)目標(biāo)的實(shí)現(xiàn)帶來(lái)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(gè)投資組合來(lái)計(jì)算最優(yōu)套期保值比率国产v碰，而且一般不考慮套期保值過(guò)程中面臨的各種風(fēng)險(xiǎn)因素和套期保值者的實(shí)際需求亚洲浮力第一页。

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(xiǎn)最小化而忽略套期保值者期望收益率和交易成本的不足色94色欧美一区，為套期保值提供了一種優(yōu)化策略欧色色色。

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(xiǎn)分散化思想的內(nèi)在聯(lián)系，指出資產(chǎn)之間價(jià)格的相關(guān)性是套期保值問(wèn)題和資產(chǎn)組合選擇問(wèn)題的共同基礎(chǔ)99九九热爱视频精品免费，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(wèn)題的研究思路爱搞网在线观看，即在充分考慮套期保值過(guò)程中各種風(fēng)險(xiǎn)因素和套期保值者實(shí)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)套期保值組合无码人与动欧交视频A片，并稱這種研究套期保值的方法為套期保值組合選擇。

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.

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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，套期保值策略的最優(yōu)化問(wèn)題国产精品香蕉AV，也是套期保值研究中最核心的內(nèi)容欧美精品黄色免费线视频观看视频，這一課題的研究可以對(duì)提高套期保值效果，為套期保值在投資實(shí)務(wù)中的應(yīng)用提供理論上的支撐精品久久99国产精品。

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.

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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.

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