套期保值

There are several kinds of hedging and anticipatory hedging just suits your situation.

套期保值有好几种，其中预期性套期保值刚好适合你这种情况。

In the calculation of futures costandard matrix, we use the MVGARCH model to reflect the cash's influence on the futures and the nonlinear changing of futures and cashes, thus the accuracy of hedge ratio would be inhanced, and we provide a new thought to solve the cross hedging ratio.

通过多元GARCH模型在计算期货合约的协方差矩阵的同时考虑了现货对期货的影响，反映了期货与现货收益率的非线性变化，提高了套期保值比率计算的精度，提供了交叉套期保值比率确定的合理思路。

In the calculation of futures costandard matrix, we use the MVGARCH model to reflect the cashs influence on the futures and the nonlinear changing of futures and cashes, thus the accuracy of hedge ratio would be inhanced, and we provide a new thought to solve the cross hedging ratio.

通过多元GARCH模型在计算期货合约的协方差矩阵的同时考虑了现货对期货的影响，反映了期货与现货收益率的非线性变化，提高了套期保值比率计算的精度，提供了交叉套期保值比率确定的合理思路。

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，本论文论述由以下几个部分构成：第一部分，简要概述股指期货产生的背景和基本情况，对国内股指期货进程和沪深300股指期货合约进行简单介绍；第二部分，回顾海内外股指期货避险研究的主要文献，讨论相关避险策略及避险模型，为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据；第三部分，对套期保值的原理、关键因素及实际流程进行概述，并采用香港恒生指数对常用的几种避险模型进行实证分析，最后一揽子以建信优选成长股票型基金为现货标的，实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果；第四部分，探讨国内确定避险比率的过程，包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等，通过数据分析，本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试，并得到了有助于现实操作的结果。

The research of the hedge model is essential for the hedger and is a key issue of futures markets.

套期保值模型的研究不仅是众多套期保值厂商关注的重要问题，也是期货价格理论的核心问题之一。

using the returns variance minimum of hedging as objective function,using positive profit skenewss as constraint of serious loss'probability,the constraints of hedger serious loss optimal model is set up.

摘 要：以套期保值收益率的最小方差为目标函数，以收益率偏度大于等于零控制套保者遭受重大损失发生的概率，建立了基于重大损失控制的套期保值优化模型。

This approach will enable the different investors bear the risk, and access to the corresponding rewards. The first two methods did not consider investors attitudes of risk and the expected price of the spot or futures. However, the hedger of the maximize effectiveness calculates the optimal hedge ratio through the establishment of investors utility function and calculus.

前面两类方法都没有考虑投资者的风险态度和对现货或者是期货价格走势的预期，而效用最大化套期保值通过建立投资者的效用函数，再利用微积分求最值的方法来计算最优套期保值比率。

The methodological analysis of statistic of the manage that use number is covered politicly period than, cover period the risk that keep a cost, cover period the problem such as the efficiency that keep a cost.

用数理统计的方法分析策略的套期比，套期保值风险，套期保值效率等问题。

By utilizing stock index option to insurance stock portfolio, we choose VAR as its objective, establish balance between hedging cost and VAR, and get nonlinear equation which optimal strike price satisfies.

通过利用股票指数期权对股票组合进行保险，用VAR作为套期保值目标，在套期保值成本与VAR之间建立一个均衡关系，由此得到最优执行价格所满足的非线性方程。

The net supply of silver from above-ground stocks dropped by 8 percent in 2007 to 173.1 Moz. The decline was mainly the product of lower net government sales and rising producer de-hedging, although scrap supply was also trimmed. De-hedging reduced the overall producer hedge position by a sizable 30 percent last year, the global book declining by 25.0 Moz.

2007年地表白银存量的净供给下降8％为1.731亿盎司，下跌的原因主要是由于官方售银量的减少以及矿产商套期保值解除的增加，尽管旧银回收同时也出现减少。2007年套期保值解除使得整个创产商的套期保值头寸整体减少30％，全球总共减少2500万盎司。

Since historical times,England ,where the early inhabitants were Celts, has been conquered three times .

从有历史以来，英国，在此地早期居住的是凯尔特人，已经被征服了三次。

Bluetooth OBEX File Transfer Enables the sending and receiving of files on your phone via Bluetooth.

蓝牙OBEX文件移动允许经过蓝牙传送和接受文件。。。。