风险对冲

以复制定价、动态规划为基本工具；以Hilbert空间投影理论为指导，重点研究非完全市场条件下实物期权的定价与风险对冲问题。

Basing on the principle of arbitrage-free pricing theory , the basic tools of replicated pricing and dynamic programming approach , and under the guide of projection theory of Hilbert space , this paper focus on the issues of pricing and hedging of real option in incomplete markets .

风险对冲与公司价值：来自石油天然气行业的经验证据

Hedging and Firm Value in the Oil and Gas Industry

基于CAPM的风险对冲方法

Method of Stock Index Futures Hedging Portfolio Risk Based on CAPM

去年，GE同意支付5000万美元，以了结涉及该公司2002及2003年风险对冲行为的会计欺诈指控。

Last year , the company agreed to pay $ 50m to resolve charges of accounting fraud relating to hedging activities in 2002 and 2003 .

但由于我国证券市场环境和法律环境的限制，国内推出的上证50ETF不具有借券卖空机制和期货等衍生产品进行风险对冲等特点。

However , because of stock market environment and legal constraints in China , domestic50ETF can not be permitted short selling , and does not have derivatives and futures mechanism for hedging risk .

在价格风险对冲机制方面一直没有取得任何进展。

No progress has been achieved on price risk hedging .

我国养老金制度长寿风险对冲路径分析

Channels of Hedging against Longevity Risk in Chinese Pension System

价格风险对冲机制可以缓和市场震荡带来的痛苦。

Price risk hedging would ease the pain of volatility .

文章主要研究的是寿险公司的年金保险业务中的长寿风险对冲。

Our research aims at hedging the longevity risk of life insurance .

论企业风险对冲与管理者激励

On Enterprise Risk Hedging and Managerial Incentive

它在活跃金融市场、风险对冲、价格发现上起到了很好的作用。

It has played a good role in active financial markets , risk hedging and price discovery .

什么时候一只股票足够便宜才值得购买并在没有套期卖空风险对冲的情况下持有它？

When is a stock cheap enough to buy and hold without a short sale as a hedge ?

光明的行业前景所需的结构变化包括：私有化、整合和价格风险对冲机制。

The structural changes required for a positive future were : privatisation , consolidation and a mechanism for price risk hedging .

第一章绪论：介绍风险对冲的一些实质性内容以及它的数学表示。

The text is organized as follows : Chapter 1 is introduction : introduces some substance and mathematical expression of hedging theory .

应从绝对水平和相对水平两方面比较对价水平的高低，作为一种金融衍生工具，权证具有财务杠杆和风险对冲两大功能。

Comparing consideration level , absolute level is thought as a developing banking tool , with two functions : financial leverage and diversification of risk .

研究了依概率准则，投资者如果进行风险对冲，将可转换债券中的期权风险套期，而仅仅获取固定收益时的动态投资策略。

This paper uses the probability criterion to guide the investor hedge and can hedge the option risk in the convertible bond and only get the fixed interest .

本文首先介绍了对冲理论的一些背景知识，介绍了风险对冲的基本原理、基本方法及其数学表示。

In this paper , the background knowledge of hedging theory is given firstly , such as the basic principle , the basic method and the mathematical expression of hedging theory .

利用随机动态规划法，本文得到基本资产不可交易时实物期权的最优风险对冲策略，在一定条件下还可以得到近似定价。

In this paper , with the dynamic programming approach , the optimal hedging strategy of real option is obtained , and its approximation valuation can also be gained under certain condition .

若某一种风险对冲模型在对任一种现货构建方式都能产生最好的套期保值有效性，则说明这个模型具有套期保值有效性中的最优性。

If a certain kind of risk hedging model can produce the best hedging effectiveness in any kinds of constructed spot position , then this model can be defined as a model of having the hedging effectiveness of optimality .

股指期货套期保值是对持有的股票现货进行风险对冲或者锁定未来购入股票现货的成本，实现不同市场参与者间的风险转移。

Stock index futures hedging is used for risk hedging of stocks held in the hand or locking the cost of buying stocks in future , so as to achieve the transfer of risk among different kinds of market participants .

并且由于股指期货风险对冲功能的充分发挥，将会对现货市场的波动起到抑制作用，因此在长期趋势中，现货市场与期货市场的走势比较吻合。

As stock index futures and hedge the risk of giving full play to function , will be on the spot market volatility has played inhibition , in the long-term trends in the spot market and futures market movements compared anastomosis .

股指期货市场上的套期保值，其目的是对持有的现货资产进行风险对冲或锁定未来购入股票的成本，通过套期保值可实现不同市场参与者之间的风险转移。

Stock index futures market hedging , with the aim of holding the cash assets , or hedge the risk of buying shares to lock in the future the cost of hedging can be realized through various market participants between the risk transfer .

因此，从政策层面上，应加快人民币利率市场化进程，转变外汇衍生交易监管思路，建立高效的银行间远期外汇市场，开辟银行汇率风险对冲渠道；

Therefore , from the policy level , it 's compulsory to quicken the renminbi interest rate market-orientation progress , changing ideas of foreign exchange derivative dealing supervision , establishing an efficient forward inter-bank foreign exchange market , developing the bank exchange rate risk offset channels ;

通过套期保值，投资者可以对持有的股票头寸面临的风险进行对冲，将市场风险转化为相对于市场风险小很多的基差风险。

Through hedging , investors can transform market risk into much smaller base risk .

在利率是随机的情况下，通过概率测度变换来确定权益连结保险合同的局部风险最小对冲交易策略。

We first determine locally risk-minimizing trading strategies by a change of probability measure .

威廉姆斯说，安然表面上是一家业务多元化的能源企业，其实是一只高风险的对冲基金。

Enron was a high risk hedge fund disguised as a diversified energy company .

最后，给出了一个关于局部风险最小对冲误差与均值&方差对冲误差的比较结果。

Finally , we provide a comparative result on the hedging errors in local risk-minimization and mean-variance hedging for this model .

港交所将在第三季度推出一种美元兑人民币期货合约，旨在为投资者提供管理人民币汇率风险的对冲工具。

The exchange will launch a US dollar-renminbi contract in the third quarter to give investors a hedge against their exposure to the Chinese currency .

本文主要研究对冲（套期保值）者的债务由一般的支付流描述时的局部风险最小对冲策略决定问题。

This paper deals with the problem of determining locally risk-minimizing hedging strategies when the hedger 's liablities are described by a general payoff stream .

运用套期保值和风险头寸对冲的方式，将存在于标的资产中的信用风险头寸进行化解并转移到金融市场上。

Using the methods of hedging and arbitrage , we can release the risks existed in basic assets , and transfer it to the financial market .