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Under the hypothesis of stock price submitting to exponential Ornstein-Uhlenbeck process ,we solve the formula of pricing of stock and analyse the kind of the option formula, and then aiming at the blemish to suppose to interest rate before and considering the relation of the fluctuation of interest rate and the fluctuation of stock price , we bring up the model of the market interest rate and focus on analyzing the effect of the fluctuation of market interest rate on the option price based on the model.

本文首先在股票价格服从指数Ornstein-Uhlenbeck过程模型假设下，求解了股票的定价公式，分析了期权公式的性质，然后针对以往对利率假定的缺陷，考虑到市场利率波动与股价波动的相关性，提出了市场利率模型，并在此基础上，着重分析了市场利率的波动对期权价值的影响，求得了适合于期权有效期较长情形下的期权定价公式，并将该公式通过实例与著名的Black-Scholes期权定价公式进行了深入比较。

The 4 · study content includes: Stock elementary knowledge Stock noun terminology Fundamental plane analysis Technical surface analysis The plate mouth language actual combat experience folk secret simulation speculates in the stock market and so on ......

4·学习内容包括：股票基础知识股票名词术语基本面分析技术面分析盘口语言实战经验民间秘技模拟炒股等等。。。。。。

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。

September 18, which is a loading in China's stock market go down the days to come, coincidentally,"9.18" is "a rescue" the homophony, after the close of that day, management issued a three Lifeboat policy , will be replaced by unilateralism levy stamp duty on stock transactions, Huijin announced that with immediate effect in the secondary market to buy workers, the construction of three major banks stocks, SASAC encourages the central rate announced stock repurchase its own.

9月18日，这是在中国股市载入下去的日子，巧合的是，"9.18"是"拯救"的谐音后的这一天结束，管理层发出三救市政策，单边主义将被取代征收股票交易印花税，汇金公司宣布，在二级市场购买即日起工人，3大银行股票的建设，国资委鼓励中央宣布的股票回购利率本身。

The high risks, the anticipative trades and the impersonalization of stock market determine that the well-ordered development of stock market must rely on the principles of credit and the principles "open, impartiality and justness", which jointly constitute the system of ethical principle and guarantee the healthy and steady development of stock Markey.

证券市场的高风险特质、交易的预期性与非人格化特征决定了证券市场的良序发展必然依赖诚信原则和三公原则。

To be able to grasp more opportunities for sex crimes at the same time the relatively high use of three-station configuration, to operate a computer, here are divided into A Computer, B Computer and C computers, computer A computer-based operations, the main task is to buy and sell orders operations and holdings of individual stocks that have been tracked so that the best point and fled the country, late in the day or night, werewolves are the technical stock selection, with the potential to become a dark horse, or it is possible to start the second Stock elected, put into the C computer Optional Share Lane, B computer is a laptop, while wirelessly with a broadband connection, broadband and sometimes dropped to avoid or segment of electricity causes can not be traded, the general cases, the task of the computer B is always concerned about the A shares and Hong Kong stock market trend in broader market, in the opening period of time, C is Optional Share computer display, and interface options with the four shares of K-line column, and set to automatically turn the industry, so that If the C Optional Share computer technology, there are individual stocks will soon reach the selling points, werewolves can be found in the first time and simultaneously enter the code in the A computer, using keyboard shortcuts with the fastest speed for the next single!

为了能够把握更多的机会，狼人同时运用3台配置相对较高的电脑进行操作，这里分为A电脑、B电脑和C电脑，其中A电脑为主操作电脑，主要任务就是进行买卖下单操作和对已经持有的个股进行跟踪，以便在最佳点位出逃，在每天的盘后或者是晚上，狼人都会进行技术选股，把有可能成为黑马或者是有可能二次启动的股票选出，放入到C电脑的自选股里，B电脑是笔记本，同时以无线方式与宽带连接，避免了有时宽带掉线或者是段电的原因造成无法进行交易，一般情况下B电脑的任务是随时关注A股大盘和港股大盘走势，在开盘的时间内， C电脑显示为自选股，同时界面上选择4股K线同列，并设置为自动翻业，这样，如果在C电脑的自选股中有个股即将到达技术买点，狼人可以在第一时间发现并同时在A电脑中输入代码，使用键盘快捷方式以最快速度进行下单！

And the evaluation effects of China's Stock Market's volatility by different ARCH models from different point of view are compared. In addition, by using two mixed distribution models, the leptokurtosis and fat-tail of stock return are examined. Based on the above analysis, an improved Laplace distribution model is proposed. Furthermore, the root generating non-Gaussian return distribution of the stock market ? is expounded from the perspective of both economy and capital market.

首先分别从分布和波动性模型出发，研究中国股票市场收益分布特征与波动性特征：从ARCH族模型出发，考察了中国股票市场波动性的异方差、集群性、杠杆效应以及长记忆性特征；从两个混合分布模型出发，结合随机模拟考察了收益分布的尖峰、厚尾和偏态特征，并提出了改进型LapJace分布。

He said that the Hong Kong Tracker Fund of the then government for the purpose of the game with the international hedge funds, which concentrate superior forces to play the "annihilation", as long as the hedge funds would not have打跑a problem, and now the stock market,"the size of non-" play do not run, waiting in line to the listing of more and more companies are a lot of day do not buy one day, so even come up with 200 billion yuan to 3,000 billion yuan enrich stabilization fund, there are "one announced to buy the stock market on the up, revealed the news to sell a stock market or "situation.

他说，香港盈富基金为与国际对冲基金，集中优势兵力打"歼灭战"，只要游戏的目的，当时的政府作为对冲基金不会打跑一个问题，现在的股市，"大小非"玩不运行，排队的越来越多的公司上市是一个很大的一天不买一天，因此，即使拿出2000.0亿元至3000亿元元充实稳定基金，有"一宣布购买股市的上升，透露了这个消息出售股票或"的情况。

The development of the stock market should be support by the investment confidence and their funds of small shareholders. If small shareholders were subjected to loss but could not get in expiation, they would not participate in stock market, and the development of our country stock market can be a malarkey.

股票市场的发展应该是由中小股东的投资信心以及他们的资金来维系的，如果中小股东受到损失却得不到补偿，那么他们就不会参与股票市场，那么我国股票市场的发展只能是一句空话。

The fund, the fund manager, the proposed CengGuoFu stock dividends from its own characteristics, in the short-term market instability of the situation, the safety stock dividend is relatively high, and have a strong defensive, But in the long run, the stock dividend growth also very stable, is relatively minor fluctuations in the premise for investors YuDaPan relative excess return of.

该基金拟任基金经理曾国富表示，从红利股票自身的特点来看，在短期市场不稳定的形势下，红利股票的安全性相对较高，具备较强的防御性；而从长期来看，红利股票的成长性也十分稳健，有望在波动相对较小的前提下给投资者带来相对于大盘的超额回报。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。