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<span>发布旉™—´åQ?015òq?0æœ?0æ—?/span> <span>点击敎ͼš <script language="JavaScript" type="text/JavaScript" src="/Common/GetHits.aspx?id=6224"></script> </span> <span>ã€?a href="/User/Content/Favorite.aspx?Action=add&Id=6224">收藏</a>ã€?/span> <span>ã€?a href="/Print.aspx?id=6224">打印文章</a>ã€?/span> </span> <span><span id="content_AdminEdit"></span> <script type="text/javascript"> function CheckAdminStatus(id) { var x=new AjaxRequest('XML',''); x.para = ['itemId='+id]; x.post('admineditcheck','/ajax.aspx',function(s) { var xml = x.createXmlDom(s); var status = xml.getElementsByTagName("status")[0].firstChild.data; if(status=='OK') { var managedir = "/Common/GetContentEdit.aspx?itemId=6224" ; document.getElementById("content_AdminEdit").innerHTML = "ã€?a href='" + managedir + "' target='_blank'>˜q›å…¥åŽå°¾~–辑</a>ã€?; } }); } CheckAdminStatus(6224); </script></span> <span> <span id="content_signin"></span><span id="content_SigninAjaxStatus"></span> <script type="text/javascript"> function 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document.getElementById("content_signin").innerHTML = "【已˜q‡ç­¾æ”¶æˆªæ­¢æ—¶é—´ã€?; break; } } ); } GetContentSigninStatus('6224'); </script></span> </div> <div class="c_content_text"> <div class="c_content_overflow" id="fontzoom"> <p><span style="font-size:16px;">  一、期权的权利é‡?/span></p> <p><span style="font-size:16px;">  期权的权利金是指期权合约的市åœÞZ­hæ ¹{€‚期权权利方ž®†æƒåˆ©é‡‘支付¾l™æœŸæƒä¹‰åŠ¡æ–¹åQŒä»¥æ­¤èŽ·å¾—期权合¾U¦æ‰€èµ‹äºˆçš„权利ã€?权利金由内在价值和旉™—´ä»·å€¼ç»„成。期权内在ä­h值是由期权合¾U¦çš„行权ä»äh ¼ä¸ŽæœŸæƒæ ‡çš„市åœÞZ­h格的关系军_®šçš„,表示期权买方可以按照比现有市åœÞZ­h格更优的条äšg买入或者卖出标的证券的收益部分。内在ä­h值只能äؓ正数或者äؓ零。只有实值期权才å…ähœ‰å†…在价å€û|¼Œòq›_€¼æœŸæƒå’Œè™šå€¼æœŸæƒéƒ½ä¸å…·æœ‰å†…在ä­h倹{€‚实å€ÆD®¤è´­æœŸæƒçš„内在价值等于当前标的股¼œ¨ä­h格减åŽÀLœŸæƒè¡Œæƒä­håQŒå®žå€ÆD®¤æ²½æœŸæƒçš„行权ä»ïL­‰äºŽæœŸæƒè¡Œæƒä­h减去标的股票ä»äh ¼ã€?旉™—´ä»·å€¼æ˜¯æŒ‡éšç€æ—‰™—´çš„åšg长,相关合约标的ä»äh ¼çš„变动有可能使期权增值时期权的买æ–ÒŽ„¿æ„äؓ买进˜q™ä¸€æœŸæƒæ‰€ä»˜å‡ºçš„金额,它是期权权利金中­‘…出内在价值的部分。期权的有效期越长,对于期权的买æ–ÒŽ¥è¯ß_¼Œå…¶èŽ·åˆ©çš„可能性就­‘Šå¤§;而对于期权的卖方来说åQŒå…¶™åÀL‰¿æ‹…的风险也就­‘Šå¤šåQŒå–出期权所要求的权利金ž®Þp¶Šå¤šï¼Œè€Œä¹°æ–¹ä¹Ÿæ„¿æ„æ”¯ä»˜æ›´å¤šæƒåˆ©é‡‘以拥有更多盈利æœÞZ¼šã€‚所以,一般来è®ÔŒ¼ŒæœŸæƒå‰©ä½™çš„有效时间越长,其时间ä­h值就­‘Šå¤§ã€?/span></p> <p><span style="font-size:16px;">  二、期权ä­h格的影响因素</span></p> <p><span style="font-size:16px;">  (1)合约标的当前ä»äh ¼åQšåœ¨å…¶ä»–变量相同的情况下åQŒåˆ¾U¦æ ‡çš„ä­hæ ég¸Šæ¶¨ï¼Œåˆ™è®¤è´­æœŸæƒä­hæ ég¸Šæ¶¨ï¼Œè€Œè®¤æ²½æœŸæƒä­hæ ég¸‹è·?合约标的ä»äh ¼ä¸‹è·ŒåQŒåˆ™è®¤è´­æœŸæƒä»äh ¼ä¸‹è·ŒåQŒè€Œè®¤æ²½æœŸæƒä­hæ ég¸Šæ¶¨ã€?/span></p> <p><span style="font-size:16px;">  (2)期权的行权ä­håQšå¯¹äºŽè®¤è´­æœŸæƒï¼Œè¡Œæƒä»¯‚¶Šé«˜ï¼ŒæœŸæƒä»äh ¼ž®Þp¶Šä½?对于认沽期权åQŒè¡Œæƒä­h­‘Šé«˜åQŒæœŸæƒä­h格就­‘Šé«˜ã€?/span></p> <p><span style="font-size:16px;">  (3)期权的到期剩余时é—ß_¼šå¯¹äºŽæœŸæƒæ¥è¯´åQŒæ—¶é—´å°±½{‰åŒäºŽèŽ·åˆ©çš„æœÞZ¼šã€‚在其他变量相同的情况下åQŒåˆ°æœŸå‰©ä½™æ—¶é—´è¶Šé•¿çš„期权对于期权买方的ä­h值就­‘Šé«˜åQŒå¯¹æœŸæƒå–方的风险就­‘Šå¤§åQŒæ‰€ä»¥å®ƒä»¬çš„ä»äh ¼ä¹Ÿåº”该更高ã€?/span></p> <p><span style="font-size:16px;">  (4)当前的无风险利率åQšåœ¨å…¶ä»–变量相同的情况下åQŒåˆ©çŽ‡è¶Šé«˜ï¼Œè®¤è´­æœŸæƒçš„ä­h格就­‘Šé«˜åQŒè®¤æ²½æœŸæƒçš„ä»äh ¼ž®Þp¶Šä½?利率­‘Šä½ŽåQŒè®¤è´­æœŸæƒçš„ä»äh ¼ž®Þp¶Šä½Žï¼Œè®¤æ²½æœŸæƒçš„ä­h格就­‘Šé«˜ã€‚利率的变化å¯ÒŽœŸæƒä­h格媄响的大小åQŒä¸ŽæœŸæƒåˆ°æœŸå‰©ä½™æ—‰™—´çš„长短正相关ã€?/span></p> <p><span style="font-size:16px;">  (5)合约标的的预期æ‡L动率åQšæ‡L动率是衡量证åˆæ€­h格变化剧烈程度的指标。在其他变量相同的情况下åQŒåˆ¾U¦æ ‡çš„æ‡L动率较高的期权具有更高的ä»äh ¼ã€?/span></p> <p><span style="font-size:16px;">  (6)分红率:如果标的股票发生分红时不对行权ä­h格做相应调整åQŒé‚£ä¹ˆæ ‡çš„è‚¡¼œ¨åˆ†¾U¢ä¼šå¯ÆD‡´æœŸæƒä»äh ¼çš„变化。具体来è¯ß_¼Œæ ‡çš„股票分红的增加会å¯ÆD‡´è®¤è´­æœŸæƒçš„ä­hæ ég¸‹é™ï¼Œè€Œè®¤æ²½æœŸæƒçš„ä»äh ¼ä¸Šå‡;标的股票分红的减ž®‘会å¯ÆD‡´è®¤è´­æœŸæƒçš„ä­h格提高,而认沽期权的ä»äh ¼ä¸‹é™ã€‚另外,期权的到期剩余时间越长,或预期分¾U¢çš„æ•°ç›®­‘Šå¤§ã€æ¬¡æ•°è¶Šå¤šï¼Œåˆ†çº¢å¯¹å…¶ä»äh ¼çš„媄响就­‘Šå¤§ã€?/span></p> <p><span style="font-size:16px;">  三、期权ä­h值的判断</span></p> <p><span style="font-size:16px;">  期权赋予了持有方在约定时间以¾U¦å®šä»äh ¼ä¹°å…¥æˆ–卖出标的物的权利,使持有方可能通过行权获得一定的期待收益。因此,持有斚wœ€è¦æ”¯ä»˜ä¸€å®šçš„金额来获得这¿Uæƒåˆ©ã€?具体而言åQŒæœŸæƒçš„价值可以从两个角度来理解:内在价值和旉™—´ä»·å€¹{€‚其内在价å€ÆD¡¨½CÞZؓ期权持有人可以在¾U¦å®šæ—‰™—´æŒ‰ç…§æ¯”现有市åœÞZ­h格更优的ä»äh ¼ä¹°å…¥æˆ–者卖出标的股¼œ¨ï¼Œåªèƒ½ä¸ºæ­£æ•°æˆ–者äؓ零。相应地åQŒåªæœ‰å®žå€¼æœŸæƒæ‰å…ähœ‰å†…在价å€û|¼Œòq›_€¼æœŸæƒå’Œè™šå€¼æœŸæƒéƒ½ä¸å…·æœ‰å†…在ä­h倹{€?期权的时间ä­h值则表示在期权剩余有效期内,标的股票ä»äh ¼å˜åŠ¨æœ‰åˆ©äºŽæœŸæƒæŒæœ‰äh的可能性。期权离到期日越˜q‘,标的股票ä»äh ¼å˜åŠ¨æœ‰åˆ©äºŽæœŸæƒæŒæœ‰äh的可能性就­‘Šä½ŽåQŒå› æ­¤å¯ä»¥ç†è§£äؓ旉™—´ä»·å€ÆD¶Šä½Žï¼Œç›´è‡³åˆ°æœŸæ—¶å…¶æ—‰™—´ä»·å€¼æ¶ˆå¤×ƒØ“ã€?/span></p> <p><span style="font-size:16px;">  证券市场中上市公司股ä»äh˜¯ç”±å…¬å¸çš„内在价值决定的åQŒåª„响股ä»ïLš„因素非常多。同æ øP¼ŒæœŸæƒçš„ä­h格是由期权的价值决定的。期权的价值由内在价值和旉™—´ä»·å€ég¸¤éƒ¨åˆ†¾l„成。期权的价å€?内在价å€?旉™—´ä»·å€¹{€?/span></p> <p><span style="font-size:16px;">  内在价值是由期权合¾U¦çš„行权ä»äh ¼ä¸Žæ ‡çš„证券市åœÞZ­h格的关系军_®šçš„,表示期权买方可以按照比现有市åœÞZ­h格更优的条äšg买入或者卖出标的证券的收益部分。在判断期权内在价值的时候,您需要判断的是其价值状态是处于实倹{€åã^å€ÆD¿˜æ˜¯è™šå€¹{€‚处于实值状态的期权一般ä­h格高ã€?/span></p> <p><span style="font-size:16px;">  旉™—´ä»·å€¼æ˜¯æŒ‡éšç€æ—‰™—´çš„åšg长,合约标的ä»äh ¼çš„变动有可能使期权增值时åQŒæœŸæƒä¹°æ–ÒŽ„¿æ„äؓ买进˜q™ä¸€æœŸæƒæ‰€ä»˜å‡ºçš„金额,它是期权权利金中­‘…出内在价值的部分ã€?/span></p> <p><span style="font-size:16px;">  通过期权内在价值和旉™—´ä»·å€¼æ¥åˆ¤æ–­æœŸæƒä»äh ¼çš„高低,是一个动态而复杂的˜q‡ç¨‹åQŒæ²¡æœ‰ç»å¯¹ç­”案。期权标的证åˆæ€­hæ ¹{€è¡Œæƒä­hæ ¹{€å¸‚场无风险利率、标的证券的预期波动率、到期剩余时间、分¾U¢çŽ‡½{‰å› ç´ éƒ½ä¼šåª„响期权ä­hå€û|¼Œ˜q›è€Œåª„响期权ä­hæ ¹{€‚此外,市场情çÈA½{‰å› ç´ ä¹Ÿä¼šåª„响到期权ä»äh ¼ã€?/span></p> <p><span style="font-size:16px;">  ¾lég¸ŠåQŒåˆ¤æ–­æœŸæƒçš„ä»äh ¼é«˜ä½Žä¸Žå¦åQŒéœ€è¦ç»¼åˆä¼—多因素进行衡量ã€?/span></p> <p> </p> <p><span style="font-size:16px;">  (内容源自上æ“v证券交易所¾|‘站股票期权投资者教育专区http://edu.sse.com.cn/col/option/)</span></p> </div> </div> <div class="contArticle_bot_Artpage"> <span id="pe100_page_contentpage" class="pagecss"></span> </div> <div class="c_contant_end"> 您可以分享或转发本文臻I¼š <div class="bdsharebuttonbox"><a href="#" class="bds_more" data-cmd="more"></a><a href="#" class="bds_weixin" data-cmd="weixin" 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