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

摘要： 随着传统制衡—追随的二分法愈发难以描述国家复杂多样的战略行为选择，源于金融学的对冲概念日益受到国际关系学界的关注。学者们围绕对冲战略的核心内涵、具体形式、形成原因与实施演变等问题进行了深入的研究。针对对冲概念应用的局限性，通过回归其金融学原意，并根据国际关系的经验特征进行修订，由此实现跨学科借鉴的概念转换。在清晰界定对冲战略的基础上，未来研究可以关注以下问题：从时空维度扩展对冲的研究案例、明确对冲实施的前提条件、关注对冲成败与对冲影响等“结果端”问题、重视大国竞争升级背景下对冲实施的动态变化，以及在对冲研究中运用多元方法。对冲概念的引入为理解国家在大国竞争时代的战略选择提供了开拓性的视角，对中国对外政策与中国国际关系研究具有现实和学理启发。

关键词: 国家战略行为, 对冲概念, 对冲形成, 对冲演变