股價指數期貨與選擇權市場是證券市場的延伸，雖然目前國內尚未開放以現有或 新創之股價指數做為期貨與選擇權合約標的物之交易，但是若一開放，其潛力及影響是不可 低估的。因此，本文之主要目的即是針對臺灣加權股價指數，利用模擬出的股價指數期貨及 選擇權之公平價格，運用 EMG 法求算出在不同風險需求下， 期貨與選擇權之避險比例，並 以 EMG 標準評估其績效。研究結果發現：1. 採期貨及保護性賣權策略較買入持有的報酬率 要來的高，且風險較小；而掩護性買權的報酬率雖較買入持有，但其風險要來的低，故仍有 降低風險的效用。2. 以 EMG 法評估準則來看，績效最佳的是採期貨避險策略，而買入持有 的方式最差。

　　　　　The stock index futures and stock index options are the extensions of the stock market. Although, nowadays, the present or the innovative stock index is not allowed to be the objects of the futures and options contracts, if it is once opened, the potential and the influence should not be neglected. Therefore, the main purpose of the context is on the Taiwan's Weighted Stock Index, utilizing the simulative fair price of the stock index futures and options, calculating, through the EMG approach, the hedging ratio of futures to options under the different risking demands and evaluating the effect through EMG standard. The conclusion is as follows: 1. Compared with the buy and hold, the strategies of futures and protectivve put is of higher rate of return and with lower risk. The covered call, compared with the buy and hold, is of lower rate of redturn, but its risk is also comaratively much lower, therefore, there will be the effect of decreasing the risk. 2. From the viewpoint of the evaluating criterion of the EMG approach, the best effect is to take the hedging strateiges of the futures, and the worst is to take the way of buy and hold.