摘要
采用套期保值可以大体抵消现货市场中价格波动的风险,但不能使风险完全消失。之所以这样,主要是因为存在基差这个因素。因此,基差的变动,对于套期保值者包括投机者来说,是必须密切关注的重要因素。 为了避免基差变动带来的损失,争取额外盈利,必须分析不同基差变动情况对套期保值效果的影响,争取选择最有利的基差变化时刻来结束套期保值交易,从而达到相对完美的套期保值的效果。
Hedging can offset the risk of price fluctuation in cash markets in a great part but cannot erase the risk completely because there exists basis. In a hedging trading, if basis keeps constant, then inverse operations between cash and futures markets will make loss in one market and be compensated in the other. Basis is always altering in the actual commodity抯 price change Therefore, traders either suffer some losses or earn profits in a non-basis hedging trading. In order to avoid the losses resulted from the change of basis and try to obtain additional profit, we must analyze different basis抯 effect on hedging and choose the best of change time basis to end hedging trading so as to realize relatively perfect hedging.
出处
《成都理工大学学报（社会科学版）》
2003年第1期31-34,共4页
Journal of Chengdu University of Technology:Social Sciences
