一、引言风险转移是期货市场的基本功能之一，这一功能是通过期货交易中的套期保值（h-edging）行为来发挥的。所谓套期保值，即是在持有现货或要进行现货交易的同时，在期货市场上作与现货交易同量、同质但交易部位相反的期货交易，这样当未来市场价格出现波动时，现货市场上 I. Introduction Risk transfer is one of the basic functions of the futures market. This function is played through the h-edging behavior in futures trading. The so-called hedging, that is, holding the spot or spot transactions at the same time, in the futures market for the same amount with the spot transactions, but the opposite side of the same trading futures, so that when the future market price fluctuations, the spot in the market