期货套期保值理论发展的纬度、内核与困境6.docVIP

期货套期保值理论发展的纬度、内核与困境 ——从线性策略到非线性策略的拓展 郑尊信 （深圳大学经济学院金融系，深圳518060） The Latitudes, core and dilemma of futures hedging theory Zheng Zunxin （Business School of Shenzhen University, Shenzhen city, 518060） ABSTRACT: By review of futures hedging theory, it would be found that the development of hedging theory, which has been promoted by risk measurement tools and econometric techniques, includes two latitudes: motivation of hedging and price co-movement pattern. But framework is also shacked by econometric methodology, and goes into dilemma of linearity strategies, namely that hedging theory is challe