海内外

Ramie in China has thousands of plant and rough history, the earliest ramie cloth -"grass cloth" in ancient times known at home and abroad.nobles are like the identity of the levy.

苎麻在中国有上千年的种植及粗加工历史，最早的苎麻布—"夏布"在古时代蜚声海内外。是达官贵族身份的象的征。

Factory building area of about more than 6000 square meters, employs more than 400 people, all kinds of professional and technical personnel more than 100 people, can provide customers with product development, design, proofing, production through-train service to transport the spirit of hafnium Augmentum leather factory " high quality and fashionable, the prestige first, customer first "purpose, warmly welcome customers both at home and abroad to contact us to negotiate and create unlimited business opportunities!

工厂的建筑面积约6000多平方米，拥有员工400多人，各类专业技术人员100多人，能为客户提供产品开发、设计、打样、生产到运输的一条龙服务铪硕皮具厂本着"品质优良，款式新颖，信誉第一，客户至上"的宗旨，热忱欢迎海内外的客户前来联系洽谈，共创无限商机！

WELLBORN company believes that we can gain the success full chance if we let our customers succeed. And we obtain the trust of customers because of our high quality, heartiness and the good service. Today, our products are sold all over the world, and get a lot of customer's favour. We have over 300 selling agencies in domestic and overseas.

威尔宝公司一直以让人有成功之路来创造自己成功的机会，以高品质、诚信的理念经营，配套完善的售后服务，销售网络遍布全球，在海内外市场都赢得客户的青睐，培养了中外300多家销售商和全球80多个国家和地区客户的忠诚度。

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。

We have enjoyed great reputation overseas for our high quality, novel style and scientific management.

优良的品质，新颖的款式、科学的管理，使我们的产品在海内外有了良好的声誉。

For more than twenty years, relying on rigorous war industry technology, advanced design level, complete products, excellent construction quality, good after-sales services, the company has actively taken part in market competitions domestically and abroad and has established the leading position of high intensity gas discharging lights in China. The company has formed a production link of HID lights and electric apparatus sets, electric light source materials and spare parts, various road light and lantern poles, illuminating engineering design and construction. Apart from that, since the commercial network is covered throughout China, we are confident to provide complete services to the costumers and we have gained favorable comments from them

二十多年以来，三乐照明凭借严谨的军工技术，先进的设计水平，完备的配套产品，优秀的施工质量，良好的售后服务，积极参与海内外市场竞争，确立了在国内高强度气体放电灯领域领先者的地位，形成了集HID灯及配套电器，电光源材料和零部件，各类道路灯具灯杆，照明工程设计与施工为一体的照明产业链，依托遍布全国的市场营销网络，为用户提供一条龙全方位服务，赢得了国内外客户的一致好评。

We sincerely welcome global friends to make cooperation with us in a variety of forms.

我们真诚地欢迎海内外的朋友与我们一起开展多种形式的合作。

Many educational games software have been made both at home and abroad,but because they doesn\'t have developed theory instruction,lack the support and verification of practice,they\'re not perfect; there\'re many defects,for example,it combines games and knowledge points very incondite and the design strategies of educational games are not enough systematic.

海内外已经呈现了良多教育游戏软件，但因为没有成熟的理论指点，缺少实践的支持和验证，理论体系都还不够完美，存在诸如娱乐性和教育性的结合不幻想、教育游戏设计的策略不够体系等缺点。

We believe that FLOW EXPO 2003 will prompt the development of the flow industry and provide an infinitude business opportunity to the exhibitors .

相信，FLOWEXPO2003的召开，将促进我国流体行业的发展，给海内外参展单位及观众带来无限商机。

These inpour vitality in Shanxi economic and social development.

全省目前累计共有近三千家外商投资企业，美国可口可乐、卡特彼勒、德国大陆、英国 BOC 、日本能源、台湾鸿海集团等世界500强企业相继落户山西，大批海内外客商纷纷前来山西投资合作，为山西经济和社会发展注入了更大的活力。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。