小厂商与期货市场：基于分割定理的分析

Small Manufacturers and Futures Market——An Analysis Based on the Segmentation Theorem

本文对具有杠杆作用的金融模型在两个小企业中的应用做了详细说明。这个模型在使期贷套头交易的实现过程中得以扩展,并且分割定理被用来表明最佳套头交易为零。无风险资产的假设是随意的,并且尽管这会导致违反分割定理,但如果期货市场有效,那么最佳套头交易为零的推论依然成立。结论是,如果资本市场有效,那么除非投机,小厂商对期货市场不会有什么兴趣。

This essay makes a detailed description of the financial leverage model in two small businesses. This model expands in the achieving process of futures hedging transactions, and the segmentation theorem was used to indicate the best hedging transactions zero. The risk-free asset is arbitrary assumptions, and although this would lead to violation of the segmentation theorem, the futures market effectively, then the best hedging transactions zero inference is still valid. Conclusion is that if capital market effective, unless speculative, small manufacturers in the futures market would have any interest.