关键词: 国家战略行为, 对冲概念, 对冲形成, 对冲演变

Abstract: As the traditional balancingbandwagoning dichotomy becomes increasingly difficult to describe the complex and diverse strategic behavioral choices of states, the concept of hedging originating from finance has attracted increasing attention in the field of international relations. Scholars have conducted indepth research on the core connotation, specific forms, causes and evolution of hedging strategies. To address limitations of the application of the hedging concept, it is significant to return to its original meaning in finance and revising it based on the experience and characteristics of international relations to achieve a conceptual transformation for interdisciplinary reference. On the basis of a clear definition of hedging strategies, future research should focus on the following issues: expanding the cases of hedging research from spatial and temporal perspectives, clarifying the prerequisites for the implementation of hedging strategies, focusing on “outcomeside” issues such as hedging success or failure and the impact of hedging, and paying attention to the dynamic changes of hedging implementation against the background of the escalation of competition among major powers and the use of multivariate methods in hedging research. The introduction of the hedging concept provides a significant perspective for understanding the strategic choices of states in the era of great power competition and sheds light on Chinas foreign policy and the study of its international relations.

Key words: national strategic behavior, hedging concept, hedging formation, hedging evolution