中文摘要：

投资组合保险策略利用期权、期货或模拟期权等衍生金融工具对冲和转嫁风险，金融衍生工具以风险资产作为标的物，因此风险资产价格波动对投资组合保险产生极大影响。本文利用动态复制模拟期权的方法，讨论风险资产价格波动与投资组合保险价值、投资组合保险收益、投资组合保险成本之间的关系，并进行相应的数据实证分析，为投资保险者提供一定的技术支持。

英文摘要：

The portfolio insurance strategy can hedge against and transfer risks by means of options, futures and other financial derivatives. As financial derivatives and risk assets can serve as mortgaged objects, price fluctuation of risk assets has a great impact on portfolio insurance. Based on the method of dynamic replicating simulated option, this paper explores the relationship between price fluctuation of risk assets and the value of the portfolio insurance and that between the profit of the portfolio insurance and its cost through empirical data analysis. The results of empirical analysis of corresponding data provide a certain technical support for insurers.