Assume investors are absolute risk averter, and it is their aim to minimize its risk, and get hedge ratio under it.

假定投资者是绝对的风险厌恶者，其保值的目的是将风险最小化，由此得到最小方差下的套期保值比率。

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The result about the analysis of the portfolio shows that as long as arbitrage chance exists, each investor can get higher income, not increasing risk, no matter he is a risk averter or seeker.

对此套利组合的分析结果表明：只要存在无风险套利机会，无论风险投资者的偏好如何，都能在不增加风险的基础上，获得较高的收益。

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