为了研究中国期货市场的套期保值功能,本文利用确定套期保值比率的OLS、B-VAR、ECM三个模型和套期保值衡量指标,对我国期货市场的套期保值比率进行了实证研究。本文选取两个不同的时间段进行纵向比较研究,即金融危机爆发前后的中国期货套期保值比率和绩效的比较。从风险最小化的角度来看,不同市场环境下的套期保值中ECM和B-VAR的套期保值绩效各有其优势。 In order to study the hedging function of China’s futures market, this paper uses the OLS, B-VAR, ECM and hedging measures to determine the hedging ratio, empirical research on the hedging ratio of China’s futures market. This paper selects two different time periods for longitudinal comparative study, that is, the comparison of Chinese futures hedge ratio and performance before and after the financial crisis. From the perspective of risk minimization, the hedging performance of ECM and B-VAR in hedging in different market environments each has its own advantages.