1
1.1
璇疯В閲婅繙鏈熷澶翠笌杩滄湡绌哄ご鐨勫尯鍒�?/p>
绛旓細杩滄湡澶氬ご鎸囦氦鏄撹�呭崗瀹氬皢鏉ヤ互鏌愪竴纭畾浠锋牸璐叆鏌愮璧勪骇锛涜繙鏈熺┖澶存寚浜ゆ槗鑰呭崗瀹氬皢鏉ヤ互鏌愪竴纭畾浠锋牸鍞嚭鏌愮璧勪骇銆?/p>
1.2
璇疯缁嗚В閲婂鏈熶繚鍊笺�佹姇鏈轰笌濂楀埄鐨勫尯鍒�?/p>
绛旓細濂楁湡淇濆�兼寚浜ゆ槗鑰呴噰鍙栦竴瀹氱殑鎺柦琛ュ伩璧勪骇鐨勯闄╂毚闇诧紱鎶曟満涓嶅椋庨櫓鏆撮湶杩涜琛ュ伩锛屾槸涓�绉嶁�滆祵鍗氳涓衡�?/p>
锛涘鍒╂槸閲囧彇涓ょ鎴栨洿澶氭柟寮忛攣瀹氬埄娑︺�?/p>
1.3
璇疯В閲婄璁㈣喘涔拌繙鏈熶环鏍间负
$50
鐨勮繙鏈熷悎鍚屼笌鎸佹湁鎵ц浠锋牸涓?/p>
$50
鐨勭湅娑ㄦ湡鏉冪殑鍖哄埆銆?/p>
绛旓細绗竴绉嶆儏鍐典笅浜ゆ槗鑰呮湁涔夊姟浠?/p>
50$
璐拱鏌愰」璧勪骇锛堜氦鏄撹�呮病鏈夐�夋嫨锛?/p>
锛岀浜岀鎯呭喌涓嬫湁鏉冨埄浠?/p>
50$
璐拱鏌愰」璧勪骇锛堜氦鏄撹�呭彲浠ヤ笉鎵ц璇ユ潈鍒╋級
銆?/p>
1.4
涓�浣嶆姇璧勮�呭嚭鍞簡涓�涓鑺辨湡璐у悎绾︼紝
鏈熻揣浠锋牸涓烘瘡纾?/p>
50
缇庡垎锛?/p>
姣忎釜鍚堢害浜ゆ槗閲忎负
50
锛?/p>
000
纾呫�?/p>
璇烽棶鏈熻揣鍚堢害缁撴潫鏃讹紝
褰撳悎绾﹀埌鏈熸椂妫夎姳浠锋牸鍒嗗埆涓?/p>
锛?/p>
a
锛?/p>
姣忕
48.20
缇庡垎锛?/p>
锛?/p>
b
锛夋瘡纾?/p>
51.30
缇庡垎鏃讹紝杩欎綅鎶曡祫鑰呯殑鏀剁泭鎴栨崯澶变负澶氬皯锛?/p>
绛旓細
(a)
鍚堢害鍒版湡鏃舵鑺变环鏍间负姣忕
$0.4820
鏃讹紝浜ゆ槗鑰呮敹鍏ワ細
锛?/p>
$0.5000-$0.4820
锛壝?/p>
50
锛?/p>
000
锛?/p>
$900;
(b)
鍚堢害鍒版湡鏃舵鑺变环鏍间负姣忕
$0.5130
鏃讹紝浜ゆ槗鑰呮崯澶?/p>
:($0.5130-$0.5000)
脳
50
锛?/p>
000=$650
1.5
鍋囪浣犲嚭鍞簡涓�涓湅璺屾湡鏉冿紝浠?/p>
$120
鎵ц浠锋牸鍑哄敭
100
鑲?/p>
IBM
鐨勮偂绁紝鏈夋晥鏈熶负
3
涓湀銆?/p>
IBM
鑲＄エ鐨勫綋鍓嶄环鏍间负
$121
銆備綘鏄�庝箞鑰冭檻鐨勶紵浣犵殑鏀剁泭鎴栨崯
澶卞浣曪紵
绛旓細褰撹偂绁ㄤ环鏍间綆浜?/p>
$120
鏃讹紝璇ユ湡鏉冨皢涓嶈鎵ц銆傚綋鑲＄エ浠锋牸楂樹簬
$120
缇庡厓鏃讹紝璇ユ湡鏉冧拱涓绘墽琛岃鏈熸潈锛屾垜灏嗘崯澶?/p>
100(st-x)
銆?/p>
1.6
浣犺涓烘煇绉嶈偂绁ㄧ殑浠锋牸灏嗚涓婂崌銆?/p>
鐜板湪璇ヨ偂绁ㄤ环鏍间负
$29,3
涓湀鏈熺殑鎵ц浠锋牸涓?/p>
$30
鐨勭湅璺屾湡鏉冪殑浠锋牸涓?/p>
$2.90.
浣犳湁
$5,800
璧勯噾鍙互鎶曡祫銆?/p>
鐜版湁涓ょ绛栫暐锛?/p>
鐩存帴璐拱鑲＄エ鎴栨姇璧勪簬鏈熸潈锛岃闂悇鑷綔鍦ㄧ殑鏀剁泭鎴栨崯澶变负澶氬皯锛?/p>
绛旓細鑲＄エ浠锋牸浣庝簬
$29
鏃讹紝璐拱鑲＄エ鍜屾湡鏉冮兘灏嗘崯澶憋紝鍓嶈�呮崯澶变负
$
5,
8
0
0
$
2
9
脳
(29-p),
鍚庤�呮崯澶变负
$5
锛?/p>
800;
褰撹偂绁ㄤ环鏍间负锛?/p>
29
锛?/p>
30
锛?/p>
锛岃喘涔拌偂绁ㄦ敹鐩婁负
$
5,
8
0
0
$
2
9
脳
(p-29),
璐拱鏈熸潈鎹熷け涓?/p>
$5,800;
褰撹偂绁ㄤ环鏍奸珮浜?/p>
$30
鏃讹紝
璐拱鑲＄エ鏀剁泭涓?
$
5,
8
0
0
$
2
9
脳
(p-29)
锛?/p>
璐拱鏈熸潈鏀剁泭涓?/p>
$
$
5,
8
0
0
$
2
9
脳
(p-30)-5,800
銆?/p>
1.7
鍋囪浣犳嫢鏈?/p>
5,000
鑲℃瘡鑲′环鍊?/p>
$25
鐨勮偂绁紝濡備綍杩愮敤
鐪嬭穼鏈熸潈鏉ョ‘淇濅綘鐨勮偂绁ㄤ环鍊煎湪鏈潵鐨勫洓涓湀涓笉浼氬彈鍒拌偂浠蜂笅璺岀殑褰卞搷銆?/p>
绛旓細閫氳繃璐拱
5
锛?/p>
000
浠戒环鏍间负
$25
锛屾湡闄愪负
4
涓湀鐨勭湅璺屾湡鏉冩潵淇濆�笺�?/p>
1.8
涓�绉嶈偂绁ㄥ湪棣栨鍙戣鏃朵細涓哄叕鍙告彁渚涜祫閲戙�傝璇存槑
CBOE
鑲＄エ鏈熸潈鏄惁鏈夊悓鏍风殑浣滅敤銆?/p>
绛旓細鑲＄エ鏈熸潈涓嶄负鍏徃鎻愪緵璧勯噾锛屽畠鍙槸浜ゆ槗鑰呬箣闂寸浉浜掍拱鍗栫殑涓�绉嶈瘉鍒革紝鍏徃骞朵笉鍙備笌浜ゆ槗銆?/p>
1.9
璇疯В閲婁负浠�涔堣繙鏈熷悎鍚屾棦鍙敤鏉ユ姇鏈哄張鍙敤鏉ュ鏈熶繚鍊硷紵
绛旓細濡傛灉鎶曡祫鑰呴鏈熶环鏍煎皢浼氫笂娑紝鍙互閫氳繃杩滄湡澶氬ご鏉ラ檷浣庨闄╂毚闇诧紝鍙嶄箣锛岄鏈熶环鏍间笅璺岋紝閫氳繃杩滄湡绌哄ご鍖栬В椋庨櫓銆傚鏋滄姇璧勮�呰祫浜ф棤娼滃湪鐨勯闄╂毚闇诧紝
杩滄湡鍚堢害浜ゆ槗灏辨垚涓烘姇鏈鸿涓恒�?/p>
1.10
鍋囪涓�涓墽琛屼环鏍间负
$50
鐨勬寮忕湅娑ㄦ湡鏉冧环鍊?/p>
$2.50,
骞舵寔鏈夊埌鏈熴�傚湪浣曠鎯呭喌涓嬫湡鏉冪殑鎸佹湁鑰呬細鏈夌泩鍒╋紵鍦ㄤ綍绉嶆儏鍐典笅锛屾湡鏉冧細琚墽琛岋紵璇风敾鍥捐鏄庢湡
鏉冪殑澶氬ご鏂圭殑鏀剁泭鏄浣曢殢鏈熸潈鍒版湡鏃ョ殑鑲′环鐨勫彉鍖栬�屽彉鍖栫殑銆?/p>
绛旓細
鐢辨寮忕湅娑ㄦ湡鏉冨澶寸殑鎹熺泭璁＄畻鍏紡锛?/p>
m
ax(
,
0)
T
S
X
飥?/p>
-2.5=
T
S
-52.5,
璇ユ寮忕湅娑ㄦ湡鏉冪殑鎸佹湁鑰呭湪鏍囩殑璧勪骇鐨勫競鍦轰环鏍煎ぇ浜?/p>
$52.5
鏃讹紝
浼氭湁鐩堝埄锛?
褰撴爣鐨勮祫浜х殑甯傚満浠锋牸楂樹簬
$50
鏃讹紝鏈熸潈灏变細琚墽琛屻�傚浘褰㈠涓嬶細
鎹熺泭
T
S
0
52.5
1.11
鍋囪涓�娆у紡鐪嬭穼鏈熸潈鎵ц浠锋牸涓?/p>
$60
锛屼环鍊间负
$4.00
骞舵寔鏈夊埌鏈熴�傚湪浣曠鎯呭喌涓嬶紝鏈熸潈鎸佹湁鑰咃紙鍗崇┖澶存柟锛変細鏈夌泩鍒╋紵鍦ㄤ綍绉嶆儏鍐典笅锛屾湡鏉冧細琚墽琛岋紵璇?/p>
鐢诲浘璇存槑鏈熸潈鐨勭┖澶存柟鐨勬敹鐩婃槸濡備綍闅忔湡鏉冨埌鏈熸棩鐨勮偂浠风殑鍙樺寲鑰屽彉鍖栫殑銆?/p>
绛旓細鐢辨寮忕湅璺屾湡鏉冨澶寸殑鎹熺泭璁＄畻鍏紡锛?/p>
m
ax(
,
0)
T
X
S
飥?/p>
-4=56-
T
S
,
璇ユ寮忕湅璺屾湡鏉冪殑鎸佹湁鑰呭湪鏍囩殑璧勪骇鐨勫競鍦轰环鏍间綆浜?/p>
$56
鏃讹紝浼氭湁鐩堝埄锛涘綋鏍?