金融學(xué)畢業(yè)論文外文文獻(xiàn)翻譯--股指期貨最佳套期保值策略實(shí)證分析-資料下載頁
2025-05-11 14:50本頁面
【導(dǎo)讀】金融衍生工具，通過做空股指期貨，可以達(dá)到規(guī)避風(fēng)險(xiǎn)和鎖定收益的目的。潮，與此同時(shí)，也加重了市場上的投機(jī)因素和市場的動(dòng)蕩。此時(shí)，推出股票指。數(shù)期貨的現(xiàn)實(shí)意義自然極為重要。掛牌交易，這標(biāo)志著我國正式推出了股指期貨。截至12月22日，共167個(gè)交易日，滬深300股指期貨累計(jì)成交4432萬手。日均成交量近萬手日均成交金額2371億元，較好，報(bào)價(jià)連續(xù)，成交迅速。由表可知，交易量如此之大，顯然，股指期貨已經(jīng)成為中國投資者的寵兒。保值比率可以達(dá)到虧損與獲利的大致平衡，從而實(shí)現(xiàn)套期保值的目的。定價(jià)格，避免風(fēng)險(xiǎn)的目的。資金先在期貨市場上建立多頭頭寸來套期保值，鎖定買入成本。到位這段時(shí)間，股票價(jià)格變動(dòng)帶來的風(fēng)險(xiǎn)。投資者通過在期貨市場配置與現(xiàn)貨市場多頭相反的空頭頭寸，險(xiǎn)，可賣出9月份滬深300指數(shù)期貨進(jìn)行保值。該投資者的賬戶總值基本維持不變。多頭頭寸，利用期貨盈余抵消現(xiàn)貨成本上升的風(fēng)險(xiǎn)。算也一直是金融工程研究的重點(diǎn)，國內(nèi)外都對(duì)此有所研究。
【正文】 nt to put them into stock market ,but he worrys that system risk will e ,at this time, he can use buying hedging .In reality ,investor can use βto study the volume of stock index future. The Introduction of Hedge Ratio: At the trades of hedging ,the hedge ratio make a significantly important role in the whole effect of hedging .Considering the articles of hedging ,studies always focus on how to make out hedge ratio . Amonge them ,most of them are based on OLS ,and then make out the best hedge ratio to hedging. To gain the perfect effect of hedging ,it is a key to figure out hedge ratio .Estimation of edge ratio is always important to finance engineering’s research ,and home and abroad do a lot to it. From traditionary hedge theory to modern hedge theory , we make prodigious progress ,and OLS model is a easy and effective model by looking hedge as bination of goods and futures to reduce its risk。 and yet hedge ratio under it .By using historical data of goods and futures’ price ,it is easy to get the result through regression analysis. Conclusion: The reason why the stock index futures can have the function of hedging is that ,at the normal circumstance ,there are the same factors works in the price of the stock index futures and the price of spot market ,hence, they have the same They have the same trend in the direction of change ,so ,if only investors build a contract in the stock index futures in the future market which has a opposite direction in the spot market .We can get a balance of loss and gain through calculating a suitable hedging ratio ,at last ,we can make our hedge e true. When we push βinto consideration,we will find that the effect of hedging will be more ,we will analysis the best hedge scope through hedge ratio,and it can be calculated through model OLS,then we will ensure that we can make the investor get the biggest profit. It is clear that it is better to push βinto calculation and the effect of hedging will be better.,especially in the empirical analysis of stock index future. With the introduction of stock index future,investors have different expections to risk and it is useful for them to build a arbitrage the markrt of HS300 stock index future,we found many arbitrage opportunities,at the same time ,the ine ratio is article assume that at the beginning of the stock index future,there will be a lot of arbitrage opportunities,however,with the stock index future market bees more and more mature,there will be less arbitrage opportunities then.
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