查询词典 hedge operation

In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路，本论文论述由以下几个部分构成：第一部分，简要概述股指期货产生的背景和基本情况，对国内股指期货进程和沪深300股指期货合约进行简单介绍；第二部分，回顾海内外股指期货避险研究的主要文献，讨论相关避险策略及避险模型，为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据；第三部分，对套期保值的原理、关键因素及实际流程进行概述，并采用香港恒生指数对常用的几种避险模型进行实证分析，最后一揽子以建信优选成长股票型基金为现货标的，实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果；第四部分，探讨国内确定避险比率的过程，包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等，通过数据分析，本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试，并得到了有助于现实操作的结果。

Meanwhile, the index futures hedge theory has also get a further development, which evolves from traditional hedge theory, the selectivity hedge theory and modern hedge theories. After analyzing the merits and shortcomings of the three theories, the paper mainly studies four minimum square hedge theory models, which are The traditional static OLS model, VECM model, one variable GARCH(1, 1) model and one variable GJR-GARCH(1, 1, 1) model. Established on September 8th in 2006, China Financial Futures Exchange initiated a new era of our country finance ramification-- index futures, opening a door for the China futures industry.

而股指期货的套期保值理论也随之得到长足发展，历经传统套期保值理论、选择性套期保值理论和现代套期保值理论，本文在分析三大理论优缺点的同时，着重研究现代套期保值理论即最小方差避险理论的四种模型：传统静态OLS模型、VECM模型、单变量GARCH(1，1)模型、单变量GJR—GARCH(1，1，1)模型。2006年9月8日，中国金融期货交易所的成立，掀开了我国金融衍生品种股指期货的新纪元，迎来了中国期货行业发展的机遇期。

Center is located at the vortex of the financial crisis in the hedge fund industry suffered heavy losses, at least 350 were out of funds (including hedge funds Peloton Partners in London's size 1.8 billion U.S. dollars of hedge fund ABS Fund, another total Department of the London-based hedge fund MKM Longboat Capital Advisors LLP has no choice but to shut down its 1.5 billion U.S. dollars of the multi-strategy fund).

中心是在对对冲基金行业的金融危机的旋涡中位于损失惨重，至少有350人进行资金（包括对冲基金在伦敦的尺寸1.8亿美元的对冲基金获取和惠益分享基金美元珀莱东伙伴另一位伦敦总部的对冲基金资本顾问威宝朗伯特事务所别无选择，只能关闭其15亿美元的多策略基金）。

The sand fixed hedge has been using at Taiwan's coastally, how is the best desing for different from angle between main hedge and wing hedge, it is still no results. In this study, there are two part of experiment that are field study and wind tunnel. The field study is analysis by BSNE sand sampler and multi-layer anemometer at Yuanli coastally, the wind tunnel experimental that study different length and angle of hedge.

中文摘要堆砂篱於台湾沿海虽已被广泛使用，然堆砂篱是否需要大面积全面铺设，才能获得最显著功效；主篱与翼篱之间夹角应如何规划，才能达到最佳化设计，至今尚无具体结果，为能深入探讨本研究分为现地及风洞试验，现地试验以苑里沿海为试区，架设BSNE垂直集砂器及多层风速计等进行观测；风洞试验则依翼篱长度与角度从事模型吹砂试验。

Strabismus diorthosis under microscope has clear advantages compared with traditional strabismus diorthosis. The muscle, blood tube and the move of needle in sclera as well as the depth can be seen clearly during the operation which make the operation easy to control, so we can properly and correctly perform the operation, shorten the operation time and avoid complications like blooding, penetrate sclera which often occur during the traditional operation. The strabismus diorthosis under microscope using general micro equipments can also separate structure correctly with fewer operation steps, light reaction after operation, sooner recovery after operation, which is suit to patient who needs strabismus diorthosis.

显微镜下斜视矫正术较传统直视下斜视矫正术具有较明显优势，可以清晰地看清肌肉、血管、及针在巩膜内的走行、深浅，使手术较易掌控，可以使手术量及手术操作准确无误，缩短手术时间、避免出血、穿透巩膜等直视下手术常见的并发症的发生，同时组织分离准确，操作减少，也直接减轻了术后反应，缩短了术后恢复时间，适合所有需斜视手术患者，优势为初学者易掌握巩膜进针深度。

Second, if investment banks are buying or launching hedge funds, the sector itself is expanding into loan-making and private equity, and mutual funds are adopting hedge-fund techniques, is there any sense in talking of a separate hedge-fund industry any more?

其次，如果投行正购买或者发行对冲基金，对冲基金本身又将业务拓展到贷款和私募股权投资领域，而共同基金也在采用对冲基金的策略，那再谈论一个独立的对冲基金业还有什么意义呢？

These hedge instruments are fixed income security with an embedded credit default swap and can provide the hedge to issuers by the forgiving reference obligation and the issuer has no risk of nondelivery on the hedge.

此信用衍生性商品可视为固定收益证券与信用违约交换以组合而成。此避险工具可使发行者规避标的债权之风险，而且发行者能够将信用风险完全转移至票券持有人。

Finally,the study on the core of hedge research-i.e,the optimum hedge strategy can provide theoretic support in improvement of hedge efficiency and its application in investment practice.

最后，套期保值策略的最优化问题，也是套期保值研究中最核心的内容，这一课题的研究可以对提高套期保值效果，为套期保值在投资实务中的应用提供理论上的支撑。

As the gold itself with the attributes of the financial, hedge funds as a natural "safe haven" in times of crisis, in particular its demand for hedge will be highlighted, the hedge demand for gold rose to become the boosters, the recent body Related positions will be able to prove to be very good.

由于黄金本身所具有的金融属性，避险资金将它作为天然的&避风港&，尤其在危机时刻它的避险需求就会凸现，故此避险需求成为黄金上涨的助推器，这从近期机构的相关持仓就能得到很好的证明。

No one seems to know and care about what the hedge funds are doing, but they are allowed, almost, to do anything! It is therefore important to protect the integrity of the global financial markets by putting in place a framework whereby short term capital and the operation of the hedge funds may go by some rules of the game, and at the same time, the short term capital flow can be allowed to move freely.

似乎没有人知道，也没有人理会，对冲基金管理人在做甚麽，但他们几乎可以随所欲为，因此，为了维护国际金融市场的完整性，订立一套机制，让短期资金和对冲基金的运作有一些游戏规则作为依据，而短期资金又可同时自由流动，是非常重要的。

Just so you know where we're going...

只要让你知道我们的目标。。。

One of his friends acted as the gobetween in his business.

在这件事中，他的一个朋友充当了中间人。