Ê×Ò³ 
ÎÊ£ºÇëÄãÏÈÈÝÏÂʲôÊÇÆÚȨµÄ¼ÛÖµ°É
?
´ð£ºÉÏÒ»½²ÖÐ £¬ÎÒÃÇÁĵ½ÁËʲôÆÚȨ £¬ËüÊǹºÖûòÊÛ³öijÏî×ʲúµÄÓÐÏÞÆÚµÄȨÁ¦ £¬Õâ¸öȨÁ¦Ò²¿ÉÒÔ¾ßÓмÛÖµ £¬ÌåÏÖÔÚÎÒÃǹºÖÃÆÚȨµÄȨÁ¦½ð¡£ÄÇôÕâ¸öȨÁ¦µÄ¼ÛÖµÊÇÓÉÄÄЩÒòËؾöÒéµÄÄØ£¿Ñ§Êõ½çÓÃÁ˺ܶà¶àÉÙÄê²ÅÕÒ³öÕâЩÒòËØÊÇʲô £¬×îÖÕÔÚ1973ÄêÓÉBlackºÍScholesͨ¹ýÊýѧ½¨Ä£È·Á¢ÁËÆÚȨ¶¨¼ÛµÄBlack-ScholesÄ£×Ó £¬¸ÃÄ£×ÓÒ²»ñµÃÁËŵ±´¶û¾¼Ãѧ½± £¬ØʺóÔÚ´Ë»ù´¡ÉÏÓÖÑÜÉú³öÁËÐí¶àÕë¶Ô²î±ð×ʲú £¬²î±ðÆÚȨÀàÐ͵ȵȵÄÆÚȨ¶¨¼ÛÄ£×Ó £¬Ä£×Ó²î±ð £¬µ«¶¼µÃ³öÁËͳһ¸öЧ¹û £¬¼´ÆÚȨµÄÀíÂÛ¼ÛÖµ¡£
ÆÚȨµÄ¶¨¼ÛÄ£×Ó·±¶à £¬µ«¾öÒéÆÚȨ¼ÛÖµµÄÒòËØÈ´ÊÇÅäºÏµÄ £¬¹ØÓÚ¼´½«ÉÏÊеÄÆÚ»õÆÚȨÀ´Ëµ £¬Ò»¹²ÓÐ5¸öÓ°ÏìÒòËØ £¬»®·ÖÊÇÆÚ»õ¼ÛÇ®¡¢Ö´ÐмÛÇ®¡¢µ½ÆÚʱ¼ä¡¢ÎÞΣº¦ÀûÂÊ¡¢²¨¶¯ÂÊ¡£Ò²¾ÍÊÇ˵ £¬ÔÚÄ£×ÓÖÐÎÒÃÇÖ»ÒªÊäÈëÕâ5¸ö²ÎÊý £¬Ä£×Ӿͻá¸æËßÄãÕâ¸öÆÚȨֵ¼¸¶àÇ®¡£
¿ÉÊÇ £¬´ÓÏÖʵ²Ù×÷²ãÃæ¿´ £¬Ëƺõ»ù´¡¾Í²»ÊÇÕâô»ØÊ¡£ÆÚȨֵ¼¸¶àÇ®ÊÇÊг¡ÉúÒâµÄЧ¹û £¬ÊÇÖÚ¶àÆÚȨµÄÂò·½ºÍÂô·½ÉúÒâʵÁ¦µÄƽºâ £¬¾¼Ãѧ¼ÒÒ²¾³£³ÆËüΪ¼ÛÇ®·¢Ã÷»úÖÆ¡£Ò²¾ÍÊÇ˵ £¬ÆÚȨµÄ¼ÛÇ®ÊÇ¿ÉÊӲ쵽µÄ £¬²¢ÇÒÊÇÓÉÊг¡¾öÒéµÄ¡£
ÕâÀïÏÖʵÉϾÍÊǼÛÖµÓë¼ÛÇ®µÄÇø±ð¡£
?
ÎÊ£º¹ØÓÚÆÚȨµÄ¼ÛÖµ £¬ÎÒÃÇÒ²¾³£Ìýµ½Á½¸ö¿´·¨ £¬ÄÚÔÚ¼ÛÖµÓëʱ¼ä¼ÛÖµ £¬Õâ¸öÓÖÊÇÔõÑùÃ÷È·ÄØ£¿
?
´ð£ºÆÚȨµÄ¼ÛÖµ £¬ÎÒÃǾ³£ÊÇ·Ö³ÉÁ½¸ö²¿·ÖÀ´Ã÷È· £¬¾ÍÊÇÄã¸ÕÌáµ½µÄÄÚÔÚ¼ÛÖµÓëʱ¼ä¼ÛÖµ¡£¹ØÓÚÆÚȨµÄÄÚÔÚ¼ÛÖµ £¬ÎÒÃÇ¿ÉÒÔÕâÑùÃ÷È·£ºÈôÊÇÆÚȨÂò·½Á¬Ã¦ÐÐʹȨÁ¦ £¬ËûËùÄÜ»ñµÃµÄÀûÒæ¡£ÏÖʵÉϾÍÊǽÏÁ¿±êµÄ¼ÛÇ®ÓëÖ´ÐмÛÇ® £¬ÈôÊÇÊÕÒæΪÕý £¬Õâ¸öÆÚȨҲ³ÆΪʵֵÆÚȨ £¬ÈôÊÇÊÕÒæΪ¸º £¬¾ÍÊÇÐéÖµÆÚȨ£»ÊÕÒæΪ0 £¬¾ÍÊÇƽֵÆÚȨ¡£
ÎÒÃǾÙÒ»¸öÀý×Ó £¬ÏÖÔÚ¶¹ÆÉ1705¼ÛÇ®ÊÇ2960 £¬¹ØÓÚ¶ÔÓ¦µÄÖ´ÐмÛǮΪ2950µÄ¿´ÕÇÆÚȨ £¬¾Í¾ßÓÐ10Ôª£¨ÆÚ»õ¼ÛÇ®-Ö´ÐмÛÇ®£©µÄÄÚÔÚ¼ÛÖµ £¬´Ëʱ¸ÃÆÚȨҲÊÇʵֵÆÚȨ¡£
ÄÚÔÚ¼ÛÖµ½ÏÁ¿Ö±¹Û £¬¶ø¶Ôʱ¼ä¼ÛÖµÎÒÃÇÒ»Ñùƽ³£²»Ö±½ÓÅÌËã¡£ËüÊÇÖ¸ÆÚȨ¼ÛÇ®ÖÐÁè¼ÝÄÚÔÚ¼ÛÖµµÄ²¿·Ö¡£ÄÇô¹ØÓÚʵֵÆÚȨÀ´Ëµ £¬Ëü¼ÈÓÐÄÚÔÚ¼ÛÖµ £¬ÓÖÓÐʱ¼ä¼ÛÖµ£»¶ø¶ÔƽֵÆÚȨºÍÐéÖµÆÚȨÀ´Ëµ £¬¾Í½öʣʱ¼ä¼ÛÖµÁË¡£
ÄÇÔõôÃ÷È·Õâ¸öʱ¼ä¼ÛÖµÄØ£¿ÎÒÃÇ¿ÉÒÔ¿´³ÉÆÚȨ´æÐøÆÚÄÚ±êµÄ×ʲú¼ÛÇ®²¨¶¯ÎªÆÚȨ³ÖÓÐÕß´øÀ´ÊÕÒæµÄ¿ÉÄÜÐÔËùÒþº¬µÄ¼ÛÖµ¡£ÄÇôʱ¼ä¼ÛÖµÖÁÉÙÊÇÓëÁ½¸öÒòËØÓÐ¹ØµÄ £¬Ò»¸öÊÇÆÚȨµÄ´æÐøÆÚ £¬Ò»Ñùƽ³£À´Ëµ £¬´æÐøÆÚÔ½³¤ £¬ÆÚȨµÄʱ¼ä¼ÛÖµÒ²Ô½´ó£»¶þÊDZêµÄ¼ÛÇ®µÄ²¨¶¯ £¬Ò²¾ÍÊDz¨¶¯ÂÊ £¬²¨¶¯ÂÊÔ½´ó £¬ÆÚȨµÄʱ¼ä¼ÛÖµÒ²Ô½´ó¡£
¹ØÓÚÆÚȨµÄÂò·½À´Ëµ £¬Ê±¿ÌÃæÁÙ×Åʱ¼äµÄÁ÷ÊÅ´øÀ´µÄʱ¼ä¼ÛÖµµÄÏûºÄ £¬ÒÔÊǶÔÂò·½À´½² £¬Ê±¼äÊÇËûµÄ¡°³ðÈË¡± £¬¶øÓë´ËÏà·´ £¬ÆÚȨµÄÂô·½¾ÍËƺõʱʱÔÚÍøÂçÆÚȨµÄʱ¼ä¼ÛÖµ¡£
