金融学毕业论文外文文献翻译--股指期货最佳套期保值策略实证分析(编辑修改稿)

金融学毕业论文外文文献翻译--股指期货最佳套期保值策略实证分析(编辑修改稿)内容摘要：

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。 10% Delivery day Cash delivery Last trading day The third Friday of due contract’s month，meeting legal festivals or force majeure prolongs Delivery day The same to the last trading day Delivery volume decode IF By December 22th,there are 167 trading days,HS300 stock index futures has contracts ,the total capital reached 39600 billion is million contracts everyday and the capital reached billion history,the biggest volume is 474780 in July 15th ,we can see that the market is very active and have a fine flow. (offered by shenyin wanguo future year report),the graph is as follows: Stock Index Futures’ exchange quantity and open interest exchange quantity Open Interest We can see that the volume is so big that stock index futures has been the focus of the investors from the effect in hedging is huge. The Theory of Hedging: The reason why the stock index futures can have the function of hedging is that,at the normal circumstance,there are the same factors works in the price of the stock index futures and the price of spot have the same trend in the direction of change,so,if only investors build a contract in the stock index futures in the future market which has a opposite direction in the spot can get a balance of loss and gain through calculating a suitable hedging ratio,then we can make our purpose e theory has two mayor parts as follows: Part 1:There is a same direction in the price of futures and the price of spot market of one stock index. Part 2:If the trade of the stock index futures use the cash as the subject of the stock index futures,the price of the stock index futures will be pletely the same as the stock index . Take these two principles into consideration, investors can use an opposite operation in the stock market and the stock future,in order to us。