本文在公司价值与套期保值的理论与文献回顾的基础上,引用和借鉴了几何布朗运动、实物期权等思想,建立起股东价值与套期保值之间的模型,通过蒙特卡洛模拟的方法求解出股东价值期末时刻的均值,变动参数的设置,总结出股东价值与套期保值之间的联系,并得出结论:出于股东价值最大化,当负债率较低时,股东套期保值与负债率正相关;当负债率较高时,股东套期保值与负债率负相关。 Based on the review of the theory and literature on corporate value and hedging, this article uses the theories of geometric Brownian motion and real options to reference and draw lessons from the theory of shareholder value and hedging. Through the method of Monte Carlo simulation, Solve the setting of the mean and the change parameters of shareholders’ value at the end of the period, sum up the relationship between shareholder value and hedging, and conclude that for maximum shareholder value, when the debt ratio is low, shareholders hedging Which is positively related to the debt ratio. When the debt ratio is high, the shareholder hedging is negatively related to the debt ratio.