套期保值研究述评

套期保值理论经历了传统的套期保值理论、基差逐利型套期保值理论和现代组合投资套期保值理论三个发展阶段,与之相伴,套期保值比率的计算模型也日益成熟。国内已有文献主要是针对套期保值比率的研究,且主要面向商品期货市场,有关股指期货套期保值的研究有待进一步探索。

A Review of Research on Hedge

Hedge theory has experienced three stages： traditional hedge theory, basis of profit-oriented hedge theory and modem portfolio hedge theory. In accordance with hedge theory, the computational model of hedge ratio increasingly developed. In a review of the relevant research literature in China, there was little research on stock index futures. It mainly studied commodity futures market from the perspective of hedge ratio. Still, there is a clear need for further research in this area.