<p></p><p><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">为</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">了研究我国利率互</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">换</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">的套期保</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">值</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">功能，</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">该</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">文利用</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">协</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">整</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">检验</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">分析利率互</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">换</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">和国</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">债</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">的</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">长</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">期均衡</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">关</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">系，并通</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">过</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">确定套期保</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">值</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">比率的<span lang="EN-US">OLS</span>模型和套期保</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">值绩</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">效的衡量指</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">标</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">，</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">对</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">利率互</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">换</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">的套期保</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">值</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">比率和</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">绩</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">效</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">进</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">行了</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">实证</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">研究。</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">结</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">果</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">显</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">示，我国当前利率互</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">换</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">和国</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">债</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">收益率并不存在</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">长</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">期均衡</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">关</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">系；利率互</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">换</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">市</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">场</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">尚未</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">发挥</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">套期保</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">值</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">功能，其运行效率有待</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">进</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">一</font></span><span style="FONT-SIZE: 8pt; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt;">步</span><span style="FONT-SIZE: 8pt; FONT-FAMILY: HYe3gj; mso-bidi-font-family: HYe3gj; mso-font-kerning: 0pt;"><font face="Times New Roman">提高。<span lang="EN-US"><p></p></span></font></span></p>