金融學畢業(yè)論文外文文獻翻譯--股指期貨最佳套期保值策略實證分析(參考版)
2025-05-16 14:50本頁面
【正文】 3720200 3300 720200 3400 2280000 3500 5280000 3600 8280000 3700 11280000 We can see from the table ,after selling hedging ,no matter how the index of HS300 change ,the investor’s total asset will be not change. If investor have much capital and want 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。s securities regulator on April, 16th approved Shanghaibased China Financial Futures Exchange (CFFEX) to undertake stock index futures trade .It means China passed an historic milestone on the path to a marketdriven economy. In China ,the first four HS300 Stock index futures contract was listing in the Financial Future Exchange on April 16， and it marked that China launched the stock index future officially. After the introduction of stock index， arbitrage with low risk and stable return will be pursued by investors .HS300 stock index futures take standardized contract,the main content and principles are as follows: Table11 The Contract Table of HS300 Stock Index Future Subject Content The subject of contract HS300 stock index future Contract multiplier 300yuan/dian Contract size Index Minimum price fluctuation Contract month The present and next month,and the later season Contract time 9:1511:30（ part one） 13:0015:15（ part two） Last trading day and trading time 9:1511:30（ part one） 13:0015:15（ part two） Daily price fluctuation The last trading day’s closing price177。本文認為在我國推出股指期貨的初期，會涌現(xiàn)大量的套利機會，隨著股指期貨市場的不斷成熟，套利機會會逐漸的減少。 股指期貨推出后，投資者對指數(shù)走勢有不同預期、對風險有不同的認知和承受力、對成份股現(xiàn)金分紅有不同估測，并且 T+0 的交易機制下短時間內(nèi)獲利機會反復出現(xiàn)也會影響投機心理，這些因素反映到期貨交易中就會導致期貨的實際價格與其理論價格出現(xiàn)偏離，形成 套利機會。同時，通過 OLS模型計 算最優(yōu)套期保值比率 h 來測算出最優(yōu)套期保值規(guī)模
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