实证结果表明：本模型可以有效分散基差风险，提高套期保值收益。

The empirical test shows that this paper's model can effectively disperse the basis risk and increase the hedge return.

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引入多个期货合约收益率向量代替单个合约的收益率，推导出多种期货合约对一种现货进行套期保值模型，解决了交叉套期保值的基差风险分散问题。

We introduce the futures return vector to replace the single future return, deduce the multiple futures to single cash hedge model to realize the dispersion of basis risk.

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流动性基差是指由于缺乏流动性而产生利率差价，即债券的内含收益率与短期市场利率的差价。

Liquidity spread is the difference between the locked-in yields of bonds and short-term interest rates.

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