中文摘要：

文章按照基于均值-方差资产定价理论框架下的套期保值理论和基于下侧风险框架的套期保值理论这两个发展阶段，回顾了套期保值理论及模型的发展，并进一步评述了各类模型的理论基础、应用、存在的不足及未来研究方向。

英文摘要：

Based on the mean-variance paradigm and Lower Partial Moments （LPMs） framework, the paper reviews recent developments in futures hedging theory and models. Furthermore, it delineates the theoretical foundation of various models and discusses their econometric application and further research problems.