影响权利金的因素

影响权利金的因素

（1）标的物市场价格

对于看涨期权来说，标的物市场价格越高，期权的内涵价值越大，权利金也就越高，即看涨期权价格与期货价格呈正相关关系；对于看跌期权来说，期货价格越高，期权的内涵价值越小，权利金也就越小，即看跌期权价格与期货价格呈负相关关系。

（2）执行价格

对于看涨期权来说，执行价格越高，期权内涵价值越低，权利金就越低，即看涨期权价格与执行价格呈负相关关系；对于看跌期权来说，执行价格越高，期权内涵价值越高，权利金也就越高，即看跌期权价格与执行价格呈正相关关系。

（3）期权合约的有效期

不管是看涨还是看跌期权，随着有效期的延长，期权的时间价值趋于增大，权利金也就增大，即期权价格与期货合约的有效期呈正相关关系。

（4）标的物价格波动率

波动率越大，即标的物价格上升到很高或下降到很低的可能性也越大，卖方承担的风险就越大，它要求的权利金就越

高，买方为了获取更多的获利机会，也愿意为期权付出较高的权利金。相反，标的物价格的波动率越小，期权的获利可能性及大小都会降低，权利金自然会越低。

（5）无风险利率

当利率提高时，期权的时间价值会减少；反之，当利率下降时，期权的时间价值则会增高。，无风险利率越高，看跌期权的价值越低。，无风险利率越高，看涨期权的价值越高。

When you are old and grey and full of sleep,

And nodding by the fire, take down this book,

And slowly read, and dream of the soft look

Your eyes had once, and of their shadows deep;

How many loved your moments of glad grace,

And loved your beauty with love false or true,

But one man loved the pilgrim soul in you,

And loved the sorrows of your changing face;

And bending down beside the glowing bars,

Murmur, a little sadly, how love fled

And paced upon the mountains overhead

And hid his face amid a crowd of stars.

The furthest distance in the world

Is not between life and death

But when I stand in front of you

Yet you don't know that

I love you.

The furthest distance in the world

Is not when I stand in front of you

Yet you can't see my love

But when undoubtedly knowing the love from both Yet cannot be together.

The furthest distance in the world

Is not being apart while being in love

But when I plainly cannot resist the yearning

Yet pretending you have never been in my heart. The furthest distance in the world

Is not struggling against the tides

But using one's indifferent heart

To dig an uncrossable river

For the one who loves you.