本文對所有各類型的期貨市場,係就其通性闡釋理論上的原則,並不將焦點 集中在特殊型態的商品期貨或金融期貨上。文中是以一般均衡模式探討理論上的 期貨價格如何被決定;另從市場活動中尋求公司做對沖交易的動機,並探討公司 設計期貨交易計劃的要領。 The emphasis of this article is a unified treatment of principles and techniques common to futures markts of all types, rather than concentrating on particular commodity or financial futures. The goal is to provide a package of both theoretical and practical interest, from the determination of futures prices in a general equilibrium setting to motives for hedging by firms, with a great deal in designing corporate furtures trading programs.