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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。

Results of this paper lay a good foundation for the dynamic instability study of this kind of structure.

本文的计算结果为此类结构系统的动力失稳研究奠定了基础。

In Chinese culture time is described from the intuitionist and realistic lay; in western culture it is a transcendent time; Marx's time is full of human practice. It has value and meaning, which is also the social time. This paper analyzes the commentary of time in order to provide a new way and the source of study on time.

中国文化重在从直观和现实层面来描述时间，时间就是运动和变化的经验式的时间观；西方文化重在从心理和思维层面来描述时间，即先验的时间；马克思则以人类的实践活动充盈着时间，丰富着时间，时间被赋予了价值和意义，这也是人类的社会时间。

The innovation of this paper lay in introducing the innovation theory to study the exploration for the innovation of architectural design of the Pritzker Architecture Prize winners, summarizing the personality characteristics and the time characteristics of the innovations of their architectural designs, studying the innovations of their design conceptions to establish their theoretical system of the innovation of architectural design from the four aspects of nature, culture, city and art, expatiating on their innovation of architectural form to make the basis for the further research from the three aspects of form, space and detail, studying their innovations of building technology to provide valuable suggestions for architects to make use of more new technologies in their architectural design inventively.

论文的主要创新之处在于引入创新学理论，系统地总结了普利茨凯奖获奖建筑师对建筑设计创新的探索；提出了他们建筑设计创新的个性特征和时代特征；从自然、文化、城市和艺术四个角度研究了他们的设计理念创新，初步构建了他们建筑彩钢活动房设计创新的理论体系；从形体、空间和细部三个角度指出了他们的建筑形态创新，为建筑形态创新的进一步研究做了铺垫；从材料、结彩钢活动房构、生态和计算机技术四个角度论述了他们的建筑技术创新，为更多的新技术在建筑设计中的创新应用提供了有益的借鉴。

This paper tries to lay a foundation for making the further research.

本文的这些探讨旨在为今后进一步的理论研究打下基础。

At the same time combined with indoor maximum dry density test,this paper discusses the possibility that rock-filling construction quantity .Then data of densification quantity examination under the condition ofdifferent filling material.densification machinery.densification parameter and lay-down thickness are collected as the analytic object. On the basis of making a statistical analysis of experiment data ,supervisory standard and assessment method of settlement difference and settlement ratio that adopted to examine rock-filling embankment construction quantity are put forward systematically At last carrying on settlement observation tests of rock-filling embankment in different construction stage in different layer ,the dependability of assessment method is validated.

同时结合室内最大干密度试验，讨论了表面沉降法作为填石路基施工质量检测手段的可行性和可靠性；然后通过汇总不同填料、不同压实机械、不同压实参数和不同摊铺厚度条件下的压实质量检测数据作为分析对象，在对试验数据进行了统计分析的基础上，较为系统地提出了以沉降沉降差及沉降率作为填石路基施工质量检测指标的评定方法和相应的管理标准值；最后通过对填石路基试验段进行不同填筑时期不同层位的沉降观测试验，验证了评定方法的可靠性。

Sheets of paper on which no more than a few words were written lay innocently in the litter basket.

很多纸上仅仅写了几句话就被毫不顾惜地扔在废纸篓里面。

Here, in the endless paper chase which began so clearly but ended in my mystery, lay the threads of my career.

这种无休无止的文档追索游戏，始而目标明确，终于迷雾一团，贯穿其中的便是我的职业生涯。

Here, in the endless paper chase which began so clearly but ended in mystery, lay the threads of my career.

这种无休止的文档追索游戏，始而目标明确，终于迷雾一团，贯穿其中的便是我的职业生涯。

Here,in the endless paper chase which began so clearly but ended in my mystery,lay the threads of my career.

这种无休止的文档追索游戏，始于目标明确，终于迷雾一团，贯穿其中的便是我的职业生涯。

We have no common name for a mime of Sophron or Xenarchus and a Socratic Conversation; and we should still be without one even if the imitation in the two instances were in trimeters or elegiacs or some other kind of verse--though it is the way with people to tack on 'poet' to the name of a metre, and talk of elegiac-poets and epic-poets, thinking that they call them poets not by reason of the imitative nature of their work, but indiscriminately by reason of the metre they write in.

索夫农 、森那库斯和苏格拉底式的对话采用的模仿没有一个公共的名称；三音步诗、挽歌体或其他类型的诗的模仿也没有——人们把&诗人&这一名词和格律名称结合到一起，称之为挽歌体诗人或者史诗诗人，他们被称为诗人，似乎只是因为遵守格律写作，而非他们作品的模仿本质。

The relationship between communicative competence and grammar teaching should be that of the ends and the means.

交际能力和语法的关系应该是目标与途径的关系。