期货

Therefore, the profits of the speculators or the form of the transformation of the surplus value must be assigned by the arbitragers. The method of the arbitrager to assign the surplus value is corresponding to the trading methods of the future market.

通过以上对套期保值者让渡剩余价值的方法的详细分析，可以发现判断期货价格涨跌方向的全新的另一种方法，即套期保值者作为一个整体呈现净空头的时候，期货价格必定上涨；套期保值者作为一个整体呈现净多头的时候，期货价格必定下跌。

This paper is studying fluctuation of price, backwardation and contango in future markets. Based on the theory of future market and spot market, it takes a further analysis of Robert and Nir's study of backwardation in oil future markets. By data acquisition and processing, descriptive statistics and time series analysis, it investigates the relationship between backwardation and the equilibrium of oil future prices and spot prices.

本文根据期货和现货的相关理论研究，以Robert和Nir对石油期货市场延期交割费的研究为基础，采用数据收集、对比统计分析和时间序列分析的方法，建立模型进行实证分析，对石油期货市场延期交割费的相关问题进行了研究。

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。

For margin financing and stock index futures at the same time whether the two new business applications, the SFC explained that the persons concerned,"that" referred to re-apply for new businesses are two of the ceiling,"financing financial Coupons can be, but sub-index futures to self or brokers, if the stock index futures brokerage business to apply, then only the futures companies, and stock index futures have been self-approval of the SFC in order to do so."

同时是否两个新的业务申请后，证监会解释说，有关人士"，即"是指重新申请新的企业是两个限额"融资的财务优惠券可以，但撒哈拉指数期货自我或经纪人，如果股票指数期货经纪业务的申请，那么只有期货公司，股票指数期货价格已经自我证监会审批，为了做到这一点。"

In this paper, the future settlement risk is defined as the uncertainty encountered by clearing house in the settlement process from contract registering to contract delivery or settlement.

期货结算系统的效率与安全直接关系着整个期货市场的健康运行，因此期货结算系统常被喻为期货市场的"心脏"。

Based on works above all, the thesis compares results of positive analysis with what is going on in real markets, proceeds to verify the results of positive analysis, the thesis brings forward some advice in order to reform and perfect the China"s agricultural commodity futures markets.The first two chapters in this article investigates the unbiasedness hypothesis of futures prices in China"s agricultural commodity futures markets.

第二章详细介绍了协整技术和误差修正机制，利用该技术分析了距离最后交易日一月、二月、三月、四月、五月和六月期的大豆和小麦期货价格与现货价格之间的协整关系，发现四月期以内的大豆和二月期以内的小麦期货价格是对现货价格的无偏预测，而五月、六月期的大豆和三月期的小麦期货价格不是现货价格的无偏预测，四月、五月、六月期的小麦期货价格与相应的现货价格不存在协整关系。

But there are limited roles for the information transmission effect of stock index future in stabilizing the spot market. This limitation comes from the followings: First, stock index future has a finite function of discovering price; Second, it is possible that stock index future transmits information with noise to the spot market; Third, the extent of the ways of explaining information affect to stabilizing the mark et; Forth, stock index future may bring about homogeneous information, make the market lose heterogeneous briefs, which may bring about frequent overacting.

但是，股指期货信息传递效应对现货市场的稳定作用具有一定的局限性，这种局限性源于：第一，股指期货有限的价格发现功能；第二，股指期货有可能向现货市场传递有噪音信息；第三，市场解释信息方式影响稳定作用发挥的程度；第四，股指期货引起信息同质性，使市场丧失信念多样性，更易反应过度。

Meanwhile it researches the management institutional code of domestic future market . it shows that code of future market not only offers the fundament of law for bargainers , but also provides the guarantee for the

论文同时研究了我国期货市场的管理法规，研究结果表明，我国期货市场法规不仅是交易者进行期货交易的法律依据，而且也为交易者规避期货市场风险提供了保障。

We inquired of 300 futures bargainers about this phenomenon and delivered questionnaire, which indicates that our local future investors have the mind of"over scare"universally, which is the most important reason to interpret why bad news has greater impact on markets activities than good news. At last we interpret the demonstration output in detail.

对300个期货交易者的问卷调查结果也表明：我国期货投资者普遍存在的&过度恐惧&心理，是造成利空消息对期货价格波动的影响大于利多消息对期货价格波动的影响的最为重要的原因。

China Stock Index Futures Research Center through the mainland stock index futures market research found that the lack of individual protection measures, such as from the first phase of the management of the parties and the market launch of stock index futures preparations watch, despite the risk of education, institution building, as well as stock index futures Simulation of a series of transactions, but we have not found one has for small and medium-sized retail, especially with regard to protection of small and medium-sized retail system.

中国股指期货研究中心通过大陆市场调研发现股指期货缺乏散户保护措施，比如从第一阶段管理层与市场各方对股指期货推出的准备工作看，虽然进行了风险教育、制度建设，以及股指期货的仿真交易等一系列的工作，可我们却在其中没有发现有针对中小散户、特别是有关中小散户保护的相关制度。

The labia have now been sutured together almost completely.The drains and the Foley catheter come out at the top.

此刻阴唇已经几乎完全的缝在一起了，排除多余淤血体液的管子和Foley导管从顶端冒出来。

To get the business done, I suggest we split the difference in price.

为了做成这笔生意，我建议我们在价格上大家各让一半。