利用股指期货为处于限售期的个股套期保值

套期保值是股指期货的一项基本功能，也是最为重要的功能之一。股指期货作为一种股票组合的保值工具，在我们国家证券市场系统性风险比较大的情况下能用来为某些个股保值。投资者在投资某只股票时已经获得了预期的收益率，但是由于处于限售期而不能获利了结，为了防止系统性风险带来的收益损失，利用股指期货来为这种股票保值是一种可行的方法。文章对适合用股指期货进行套期保值的个股选择、套期保值的比例及需要额外承担的成本等问题作了分析与阐述。

Hedging for Particular Share in the Lock-in Periodby Using Stock Index Futures

Hedging is one basic function of stock index futures, as well as one of the most important functions. Stock index futures （ a portfolio of several stock shares） working as a value-maintaining tool could also be used to maintain the value of particular share under the circumstance that the general market risk in China is high for the investors. The investor has gained expected rate of return, however, s/he cannot sell at a profit due to the share is still in the lock-in period. To prevent the loss, the investor can use stock index futures to maintain the value as a practical method. This paper analyzes such content as the shares which are suitable for the use of stock index futures, the ratio of the use of stock index futures, the actual amount of a short sale contract of stock index futures, and the extra cost etc.