英语翻译In studies of futures markets much attention has been pa

英语翻译
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 futuresexchange 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.

在期货市场的关注已经支付的期货合约的套期保值有效性的研究,因为它是在解释期货合约成功的重要因素[约翰斯顿,塔什吉安和麦康奈尔（1989）].谁提出的这项措施的有效性,包括作家张方（1990）,Ederington（1979年）,耶尔德（1987）,欣,郭,
和李（1994年）,拉塞尔（1987年）和纳尔逊和Collins（1985）.这些措施都试图确定在何种程度上对冲可以减少现金使用期货合约的价格风险.在这些避险效益研究是指对投资组合的回报.特别是期货合同可以有不同的价值观方面的套期保值效果,这取决于措施的使用和避险工具的功能.期货合约,他们自己,引入hedgers.Therefore风险,
在何种程度上提供了一个期货合约的整体风险降低,是为futuresexchange管理的重要标准,以评估避险绩效.其实,较小的基础和期货合约,更大的风险降低市场深度的风险.对于一个对冲工具对另一选择是同时考虑后作出的风险和[Castelino,弗朗西斯替代对冲成本,沃尔夫（1991）].本文介绍了套期保值的效率和效益的这一措施,表明了一个期货合约（包括风险和套期保值的成本提供避险服务质量的新概念）.建议的措施是延伸和补充措施的程度,并且有不同的目的,不同的解释,和不同的目标群体.
它评估从期货交易所管理的角度期货合约.期货市场是假定为实现为客户创造卓越的价值[Narver和Slater（1990）]易感,从而产生高交易量[黑色（1986）].本文的目的是提供了一个措施,是能够给到外汇期货交易管理绩效的洞察力.拟议的套期保值效率的措施的评价,与实际避险和距离完美hedge.This距离可以成为一个系统的一部分,它可以由期货交易所管理,并随机分成部分,
这超越了其control.Hence是,这项措施是为期货交易所管理的有用工具,因为它使实际对冲质量进行评估.
应该是这样吧