How to give the hedge ratio is the core problem.
如何确定套期保值的比率是套期保值的核心问题。
To gain the perfect effect of hedging, it is a key to figure out hedge ratio.
要取得理想的套期保值效果，关键在于套期保值比率的计算。
Assume investors are absolute risk averter, and it is their aim to minimize its risk, and get hedge ratio under it.
假定投资者是绝对的风险厌恶者，其保值的目的是将风险最小化，由此得到最小方差下的套期保值比率。
As for the hedging strategy, this thesis mainly discusses its principle, the hedge ratio and the imperfect hedging strategy.
对于套期保值策略，本文主要讨论了套期保值的基本原理、套期保值比率的确定以及不完全的套期保值策略。
Through hedge model to determine the hedge ratio can improve the hedge efficiency and effectively averse the risk of cash markets.
通过套期保值模型合理确定套期保值比率，可以提高套期保值效果，有效规避现货价格的风险。
However, no matter which kind of hedge model or hedge strategy is adopted, it is totally considered that hedge ratio will vary with time.
然而，没有哪种模式或对冲避险策略是通过此事，认为这是完全套期保值比率会随时间而改变。
The function of risk transfer in futures markets mainly implements by hedging, so the key issue of futures markets is the determination of hedge ratio.
期货市场的风险转移功能主要通过套期保值策略来实现，期货市场套期保值的关键问题是套期保值比率的确定。
VECM model is helpful to estimate the hedge ratio with minimum risk which provides investors a practical and operable implement to choose hedging approaches.
利用向量误差修正模型可以估计最小风险套期保值比，为投资者综合选择风险最小的套期保值策略提供了现实的、可操作的定量分析工具。
Therefore, evaluation could be carried out by means of Generalized Autoregressive Conditional Heteroscedasticity (GARCH), which could make hedge ratio vary with time.
因此，评估可由广义自回归条件异方差(GARCH模型)，这可能使避险比率意味着出随时间变化。
In this paper, by the analyses about the strategy of the combination hedge in futures markets and its risk, we get least squares estimation of the hedge ratio and its risk.
对期货市场组合套期保值策略和保值风险进行了分析，给出组合套期保值率的最小二乘估计和保值风险的估计。
To reduce the basis risk, this thesis offers a compound hedge policy on stock index futures and deduces the expressions of the hedge ratio in two instances when the cost is same or restricted.
为了降低套期保值交易的基点差风险，本文提出了利用多种股票指数期货对股票组合进行复合套期保值的策略，并给出了套期保值成本相同和限制套期保值成本两种情况下的套期保值率公式。
To reduce the basis risk, this thesis offers a compound hedge policy on stock index futures and deduces the expressions of the hedge ratio in two instances when the cost is same or restricted.
为了降低套期保值交易的基点差风险，本文提出了利用多种股票指数期货对股票组合进行复合套期保值的策略，并给出了套期保值成本相同和限制套期保值成本两种情况下的套期保值率公式。
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