求高质量翻译INTRODUCTIONIn studies of futures markets much attenti

求高质量翻译
INTRODUCTION
In studies of futures markets much attention has been paid to the hedging
effectiveness of futures contracts because it is an important determinant
in explaining the success of futures contracts [Johnston, Tashjian, and
McConnell (1989)]. The authors who have proposed measures of this
effectiveness include Chang and Fang (1990), Ederington (1979), Gjerde
(1987), Hsin, Kuo, and Lee (1994), Lasser (1987), and Nelson and Collins
(1985). These measures all try to determine to what extent hedgers
are able to reduce cash price risk by using futures contracts. In these
studies hedging effectiveness refers to returns on portfolios. A particular
futures contract can have different values with respect to hedging effectiveness,
depending on which measure is used and on the hedger utility
function. Futures contracts, themselves, introduce risks for hedgers.
Therefore, the extent to which a futures contract offers a reduction in
overall risk is an important criterion for the management of the futures
exchange to evaluate the hedging performance. Actually, the smaller the
basis and market depth risks of a futures contract, the greater the risk
reduction. The preference for one hedging vehicle over another is made
after considering both the risk and the cost of the alternative hedges
[Castelino, Francis, and Wolf (1991)].
This article introduces a new concept of hedging efficiency and a
measure of this efficiency, indicating the quality of the hedging service
provided by a futures contract (including both the risks and the costs of
the hedge). The proposed measure is an extension and a supplement to
extent measures, and has a different purpose, a different interpretation,
and a different target group. It assesses futures contracts from the perspective
of the management of the futures exchange. The futures market
is assumed to be predisposed toward creating a superior value for customers
[Narver and Slater (1990)], thereby generating a high trading volume
[Black (1986)]. The article’s goal is to provide the management of
the futures exchange with a measure that is able to give insight into the
performance of the exchange. The proposed hedging efficiency measure
appraises the distance between the actual hedge and the perfect hedge.
This distance can be divided into a systematic part, which can be managed
by the futures exchange, and a random part, which is beyond its control.
Hence, the measure is a useful tool for the management of the futures
exchange, because it enables the quality of the actual hedge to be
evaluated.

在研究期货市场,已成为备受重视支付给对冲
效力的期货合约,因为这是一个重要的决定因素
在解释成功的期货合约[约翰斯顿, tashjian ,
麦克柯奈尔（ 1989 ） ] .笔者曾建议的措施,这
有效性包括常与方（ 1990 ） , ederington （ 1979 ） , gjerde
（ 1987 ） ,欣,郭,李（ 1994年） ,激光（ 1987年） ,与奶路臣和Collins
（ 1985 ） .这些措施都尝试,以确定在何种程度上hedgers
可以减少现金的价格风险,利用期货合约.在这些
研究套期保值的有效性是指回报率的投资组合.某一
期货合约可以有不同的价值观与尊重,以套期保值效果,
这取决于哪措施,是使用和对hedger公用事业
功能.期货合约本身,引入风险hedgers .
因此,在何种程度上期货合约的优惠减少
整体风险是一个重要的标准,为管理期货
外汇评价套期保值的表现.其实,越小
依据与市场深度风险的期货合约,风险就越大
减少.偏爱一个套期保值车辆超过另一个原因是,取得了
在考虑到双方的风险和成本,对替代篱笆
[ castelino ,弗朗西斯和Wolf （ 1991 ） ] .
本文介绍了一种新的概念,套期保值效率和
衡量这个效率,同时标明质量的套期保值服务
所提供的期货合约（包括风险和成本
对冲） .拟议的措施是扩大和补充
在多大程度上措施,并有不同的用途,不同的解释,
以及不同的目标群体.它评估期货合约,从这个角度
该项管理的期货交易所.期货市场
假设为台湾预设走向创造一个优越的价值,为顾客
[ narver和斯莱特（ 1990 ） ] ,从而产生高交易量
[黑色（ 1986 ） ] .这篇文章的目的是提供管理
该期货交易所的一项措施,就是能够给洞察到
高性能的交流.建议套期保值效率的措施
评价之间的距离实际避险和完善的避险手段.
这个距离,可分为一个系统的一部分,它可被管理
由期货交易所,并以随机的一部分,这是无法控制的情况.
因此,这项措施是一项有用的工具,为管理期货
交换,因为它让高质量的实际对冲待
评价.