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。

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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。

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