期权
期权OptionQiquanFrom 路透金融词典期权是一种金融衍生工具，给予买方（或持有者）购买或出售标的资产(underlying asset)的权利。期权合约会确定一个即“到期日”，美式期权(American option)可以在到期前的任何时候履行合约，而欧式期权(European option)则只能在到期日履行合约。期权合约亦会定出一个合约持有人行使权利时，买进或卖出标的资产的价格，称为履约价或行使价(exercise price)。期权合约分买权(call option，看涨期权)与卖权(put option，看跌期权)两大类:买权赋予持有人以履约价买进标的资产的权利，卖权则赋予持有人以履约价卖出标的资产的权利。 期权与期货的一个根本差异在于，期货的买方必须履行合约，而期权的买方则可以选择履行或不履行合约。标的资产的市价必须高于行使价，买权持有者方会行使权利;如果市价低于行使价，行使买权是吃亏的事(在市场上能以较低价格买进)，买权持有人是不会行使权利的。 投资者可透过买进期权，为价格波动“买保险”?D将价格不利波动可能造成的损失限制在一定范围内，同时得益于有利的价格波动。为获得这种好处，期权买方必须付出权利金(premium)，这是期权卖方承担风险所得到的补偿。 期权是灵活性很强的金融工具，可透过基本期权的不同组合方式，创造出复杂的权权交易策略。期权可以在交易所或场外市场(OTC)进行交易。 参见Derivatives（金融衍生产品）， Futures（期货）， OTC（场外交易）。 Optional Dividend 可选择支付方式的股息 Ke xuanze zhifu fangshi de guxi 指股东可选择以现金或股票方式收取的股息。期权是一种金融衍生工具，给予买方（或持有者）购买或出售标的资产(underlying asset)的权利。期权合约会确定一个即“到期日”，美式期权(American option)可以在到期前的任何时候履行合约，而欧式期权(European option)则只能在到期日履行合约。期权合约亦会定出一个合约持有人行使权利时，买进或卖出标的资产的价格，称为履约价或行使价(exercise price)。期权合约分买权(call option，看涨期权)与卖权(put option，看跌期权)两大类:买权赋予持有人以履约价买进标的资产的权利，卖权则赋予持有人以履约价卖出标的资产的权利。期权与期货的一个根本差异在于，期货的买方必须履行合约，而期权的买方则可以选择履行或不履行合约。标的资产的市价必须高于行使价，买权持有者方会行使权利;如果市价低于行使价，行使买权是吃亏的事(在市场上能以较低价格买进)，买权持有人是不会行使权利的。投资者可透过买进期权，为价格波动“买保险”?D将价格不利波动可能造成的损失限制在一定范围内，同时得益于有利的价格波动。为获得这种好处，期权买方必须付出权利金(premium)，这是期权卖方承担风险所得到的补偿。期权是灵活性很强的金融工具，可透过基本期权的不同组合方式，创造出复杂的权权交易策略。期权可以在交易所或场外市场(OTC)进行交易。参见Derivatives（金融衍生产品），Futures（期货），OTC（场外交易）。Optional Dividend可选择支付方式的股息Ke xuanze zhifu fangshi de guxi指股东可选择以现金或股票方式收取的股息。An option gives the buyer or holder the right, but not the obligation, to buy or sell an underlying financial asset or commodity. Unlike futures, where the buyer has to fulfil the contract, an option gives the choice of whether to exercise or not. An option contract specifies a future date on or before which it can be exercised. This date is known as the expiry date. The price of an option ?C the 'strike' or 'exercise' price ?C is the price at which it can be exercised. Options are very flexible instruments. They allow investors to benefit from favourable price movements while limiting the consequence of unfavourable price movements. Options holders have to pay a 'premium' for this protection as with any insurance contract. There are two kinds of option. A call, which gives the holder the right to buy the underlying instrument at a set exercise price, and a put, which gives the holder the right to sell the underlying instrument at a set strike price. More than one option transaction can be combined to create a spread. These strategies usually involve the simultaneous purchase and sale of options with different prices, or expiry dates, within the same class. American style options can be exercised at any time before the expiry date, whereas European style options can be exercised only at the specific expiry date and not before. Options can be traded on a recognized exchange such as the Chicago Board of Trade or over the counter (OTC). See also: Derivatives, Futures, OTC, Spread期权OptionQiquan取自"http://glossary.reuters.com.cn/wiki/index.php/%E6%9C%9F%E6%9D%83"Category: 期货期权
