一揽子交易

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。

That may require some horse-trading on the continuing resolution, and on the borders of the financial package but not the fundamentals of the financial package.

这可能需要双方在持续性决议上进行某些交易，在金融一揽子方案的枝节上作出妥协，但不涉及这一计划的核心要素。

The following types of licensing practices have been found to be contrary to US antitrust law: Requiring a licensee to purchase separate unpatented products as a condition of obtaining the license for a patented product; Requiring mandatory package licensing; Forming a cartel through exclusive cross-licensing; Using a patent, trademark or trade secret as the basis for an agreement that restrains where, how or to whom a patented product is disposed of in the US after the licenser or licensee has sold the product to an independent purchaser; Agreeing in relation to a license that no further licenses will be granted to a third party without the licensee's consent; Requiring a licensee to adhere to any specified or minimum price for the licensee's sale of the licensed products; Insisting as a condition of the license that the licensee pay royalties in an amount not reasonably related to the licensee's sale of products covered by the licensed rights; Attempting to enforce a patent license or collect a royalty beyond the term of the patent (the same reasoning could apply to attempts to enforce or collect royalties on a license based on know-how that has entered the public domain); and Requiring a licensee to agree in advance to grant back to the licenser title or an exclusive license on any new patents or trade secrets related to the licensed technology rights that the licensee may obtain or develop.

下列许可行为被认为违反了美国反垄断法：●要求被许可方购买另外非专利产品作为获得某一专利产品许可的条件；以强制性一揽子方式提供许可；通过独占交叉许可组建一个企业联盟；利用一项专利，商标或商业秘密作为协议的基础，在许可方或被许可方将某一专利产品卖给一位独立买家后，限制该产品在美国的处理地点，方式和交易对象；规定某一许可在未获被许可方同意的情况下，不再向任何第三方发放许可；要求被许可方在销售其获得许可的产品时遵守特定的或最低价格；对于销售受许可权利保护的产品，要求被许可方支付不合理的特许权使用费，并以此作为获得许可的条件；试图超出专利范围强加一项专利许可或对其收取特许权使用费(同一理由可适用于试图根据已进入公共领域的技术秘密强加一项专利许可或对其收取特许权使用费)；以及对于被许可方可能获得或拥有的与被许可技术权利相关的任何新专利或商业秘密，要求被许可方事先同意向许可方回授有关权利或专属许可。

Minster are trying to put together a package deal that will end the dispute.

部长们正在力图寻求能解决争端的一揽子交易。

So much that whether you know it or not you are participating in a package deal.

你在中国旅行的时候你买了一揽子交易，他们不管你要不要。

This is a great opportunity for you to get a package deal on cable services and Broadband Internet.

这是一个伟大的机会，让各位得到一揽子交易有线电视服务和宽频上网。

He tried to tantalize me by revealing that the Soviet Union was prepared to discuss a package deal.

他想要逗弄我，于是就露出口风说，苏联愿意讨论一揽子交易。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。