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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=6226"></script> </span> <span>ã€?a href="/User/Content/Favorite.aspx?Action=add&Id=6226">收藏</a>ã€?/span> <span>ã€?a href="/Print.aspx?id=6226">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=6226" ; document.getElementById("content_AdminEdit").innerHTML = "ã€?a href='" + managedir + "' target='_blank'>˜q›å…¥åŽå°¾~–辑</a>ã€?; } }); } CheckAdminStatus(6226); </script></span> <span> <span id="content_signin"></span><span id="content_SigninAjaxStatus"></span> <script type="text/javascript"> function GetContentSigninStatus(id) { var x = new AjaxRequest('XML','content_SigninAjaxStatus'); x.para = ['itemId='+id]; x.post('GetContentSigninStatus', '/ajax.aspx', function(s) { var xml = x.createXmlDom(s); var status = xml.getElementsByTagName("status")[0].firstChild.data; document.getElementById("content_SigninAjaxStatus").style.display = "none"; switch (status) { case "NoSignin": break; case "NoLogin": break; case "AutoSignin": var time = xml.getElementsByTagName("time")[0].firstChild.data; AutoSigninContent(id,time); break; case "NormalSignin": document.getElementById("content_signin").innerHTML = "ã€?span style='cursor: pointer;' onclick=\"SigninContent('"+id+"')\" >点击½{¾æ”¶</span>ã€?; break; case "SigninOutTime": document.getElementById("content_signin").innerHTML = "【已˜q‡ç­¾æ”¶æˆªæ­¢æ—¶é—´ã€?; break; case "Signined": document.getElementById("content_signin").innerHTML = "【已½{¾æ”¶ã€?; break; } }); } function AutoSigninContent(id,time) { var secs = time; var wait = secs * 1000; document.getElementById("content_signin").innerHTML = "【自动签收[" + secs +"]¿U’ã€?; for(i = 1; i <= secs; i++) { window.setTimeout("UpdateAutoSigninTime(" + i + "," + secs + ")", i * 1000); } window.setTimeout("SigninContent('"+id+"')", wait); } function UpdateAutoSigninTime(number,wait) { printnr = wait - number; document.getElementById("content_signin").innerHTML = "【自动签收[" + printnr +"]¿U’ã€?; } function SigninContent(id) { var x = new AjaxRequest('XML','content_SigninAjaxStatus'); x.para = ['itemId='+id]; x.post('SigninContent', '/ajax.aspx', function(s) { var xml = x.createXmlDom(s); var status = xml.getElementsByTagName("status")[0].firstChild.data; document.getElementById("content_SigninAjaxStatus").style.display = "none"; switch (status) { case "Signined": document.getElementById("content_signin").innerHTML = "【已½{¾æ”¶ã€?; break; case "NotSignined": document.getElementById("content_signin").innerHTML = "【签收失败ã€?; break; case "SigninOutTime": document.getElementById("content_signin").innerHTML = "【已˜q‡ç­¾æ”¶æˆªæ­¢æ—¶é—´ã€?; break; } } ); } GetContentSigninStatus('6226'); </script></span> </div> <div class="c_content_text"> <div class="c_content_overflow" id="fontzoom"> <p><span style="font-size:16px;">  一、期权与期货的区åˆ?/span></p> <p><span style="font-size:16px;">  期货合约åQŒæ˜¯æŒ‡ç”±æœŸè´§äº¤æ˜“所¾lŸä¸€åˆ¶å®šçš„、规定在ž®†æ¥æŸä¸€ç‰¹å®šçš„时间和地点交割一定数量和质量的标的物的标准化合约。期权与期货合约的区别有以下几方面:</span></p> <p><span style="font-size:16px;">  (1)当事人的权利义务不同åQšæœŸæƒåˆ¾U¦æ˜¯éžå¯¹¿U°æ€§çš„合约åQŒæœŸæƒçš„买方只äín有权利而不承担义务åQŒå–方只承担义务而不享有权利;期货合约当事人双方的权利与义务是对等的,也就是说在合¾U¦åˆ°æœŸæ—¶åQŒæŒæœ‰äh必须按照¾U¦å®šä»äh ¼ä¹°å…¥æˆ–卖出标的物(或进行现金结½Ž?ã€?/span></p> <p><span style="font-size:16px;">  (2)收益风险不同åQšåœ¨æœŸæƒäº¤æ˜“中,投资者的风险和收益是不对¿U°çš„。具体äؓåQŒæœŸæƒä¹°æ–ÒŽ‰¿æ‹…有限风é™?åÏxŸå¤±æƒåˆ©é‡‘的风é™?而盈利则有可能是无限的,期权卖方享有有限的收ç›?以所获得权利金äؓé™?而其潜在风险可能无限;期货合约当事人双æ–ÒŽ‰¿æ‹…的盈亏风险是对¿U°çš„ã€?/span></p> <p><span style="font-size:16px;">  (3)保证金制度不同:在个股期权交易中åQŒæœŸæƒå–方应当支付保证金åQŒè€ŒæœŸæƒä¹°æ–ÒŽ— éœ€æ”¯ä»˜ä¿è¯é‡?在期货交易中åQŒæ— è®ºæ˜¯å¤šå¤´˜q˜æ˜¯½Iºå¤´åQŒæŒæœ‰äh都需要以一定的保证金作为抵抹{€?/span></p> <p><span style="font-size:16px;">  (4)套期保å€ég¸Žç›ˆåˆ©æ€§çš„权衡åQšæŠ•èµ„者利用个股期权进行套期保值的操作中,在锁定管理风险的同时åQŒè¿˜é¢„ç•™˜q›ä¸€æ­¥ç›ˆåˆ©çš„½Iºé—´åQŒå³æ ‡çš„股票ä»äh ¼å¾€ä¸åˆ©æ–¹å‘˜qåŠ¨æ—¶å¯åŠæ—¶é”å®šé£Žé™©åQŒå¾€æœ‰åˆ©æ–¹å‘˜qåŠ¨æ—¶åˆå¯ä»¥èŽ·å–盈利;投资者利用期货合¾U¦è¿›è¡Œå¥—期保值的操作中,在规避不利风险的同时也放弃了收益变动增长的可能ã€?/span></p> <p><span style="font-size:16px;">  二、期权与权证的区åˆ?/span></p> <p><span style="font-size:16px;">  权证是指标的证券发行人或其以外的½W¬ä¸‰äººå‘行的åQŒçº¦å®šæŒæœ‰äh在规定期间内或特定到期日åQŒæœ‰æƒæŒ‰¾U¦å®šä»äh ¼å‘发行äh购买或出售标的证券,或以现金¾l“算方式收取¾l“ç®—å·®ä­h的有仯‚¯åˆ¸ã€?/span></p> <p><span style="font-size:16px;">  个股期权与权证的区别有:</span></p> <p><span style="font-size:16px;">  (1)性质不同åQšä¸ªè‚¡æœŸæƒæ˜¯ç”׃º¤æ˜“所设计的标准化合约;权证是非标准化合¾U¦ï¼Œç”±å‘è¡Œäh¼‹®å®šåˆçº¦è¦ç´ åQŒé™¤ä¸Šå¸‚公司和证券公司独立创讑֤–åQŒè¿˜å¯ä»¥ä½œäؓ可分¼›Õd€ºçš„一部分一起发行ã€?/span></p> <p><span style="font-size:16px;">  (2)发行ä¸ÖM½“不同åQšä¸ªè‚¡æœŸæƒæ²¡æœ‰å‘è¡ŒähåQŒæ¯ä½å¸‚场参与者在有èƒö够保证金的前提下都可以是期权的卖æ–?权证的发行主体主要是上市公司、证券公司或大股东等½W¬ä¸‰æ–V€?/span></p> <p><span style="font-size:16px;">  (3)持仓¾cÕdž‹ä¸åŒåQšåœ¨ä¸ªè‚¡æœŸæƒäº¤æ˜“中,投资者既可以开仓买入期权,也可以开仓卖出期æ?对于权证åQŒæŠ•èµ„者只能买入ã€?/span></p> <p><span style="font-size:16px;">  (4)履约担保不同åQšæœŸæƒäº¤æ˜“的卖出开仓一方因承担义务需要缴¾U³ä¿è¯é‡‘(保证金数额随着标的证券市值变动而变åŠ?;权证交易中发行äh以其资äñ”或信用担保åï–è¡Œã€?/span></p> <p><span style="font-size:16px;">  (5)行权后效果不同:认购期权或认沽期权的行权åQŒä»…是资产在不同投资者之间的ç›æ€º’转移åQŒä¸å½±å“ä¸Šå¸‚公司的实际流通总股本数;对于上市公司创设的权证,当认购权证行权时åQŒå…¶å‘行公司必须按照认购权证上规定的股䆾数目增发新的股票份数åQŒä¹Ÿž®±æ˜¯è¯´è®¤è´­æƒè¯æ¯è¢«æ‰§è¡Œä¸€‹Æ¡ï¼Œè¯¥å…¬å¸çš„实际‹¹é€šæ€»è‚¡æœ¬æ•°éƒ½ä¼šå¢žåŠ ã€?/span></p> <p><span style="font-size:16px;">  因此åQŒä¸ªè‚¡æœŸæƒä¸Žæƒè¯ç›¸æ¯”åQŒå…·æœ‰æŠ—操纵性更好、标准化½E‹åº¦æ›´é«˜ã€äº¤æ˜“方式更灉|´»½{‰ç‰¹ç‚¹ï¼Œæ˜¯å¥—期保倹{€è§„遉K£Žé™©çš„有效工具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 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