Chap22黄卓公司金融学.pdfVIP

Chapter 22 Options and Corporate Finance 期权和公司金融 Key Concepts and Skills 关键概念和技能  Understand option terminology 理解期权的概念  Be able to determine option payoffs and profits 能够确定期权的损益和利润收益  Understand the major determinants of option prices 理解期权价格的主要决定因素  Understand and apply put-call parity 理解并应用买卖期权平价  Be able to determine option prices using the binomial and Black-Scholes models 能够应用二叉树和B-S模型确定期权价格 22-1 Chapter Outline 本章概要 22.1 Options 期权 22.2 Call Options 看涨期权 22.3 Put Options 看跌期权 22.4 Selling Options 售出期权 22.5 Option Quotes 齐全报价 22.6 Combinations of Options 期权组合 22.7 Valuing Options 期权定价 22.8 An Option Pricing Formula 期权定价公式 22.9 Stocks and Bonds as Options 被视为期权的股票和债券 22.10 Options and Corporate Decisions: Some Applications 期权和公司选择：一些实证 22.11 Investment in Real Projects and Options项目投资和期权 22-2 22.1 Options 期权  An option gives the holder the right, but not the obligation, to buy or sell a given quantity of an asset on (or before) a given date, at prices agreed upon today. 期权赋予持有者以今天协商好的价格在未来特定日期（或此日期之前） 购买或售出一定量资产的权利（而非义务）。  Exercising the Option 行权  The act of buying or selling the underlying asset 购进或售出标的资产的行为  Strike Price or Exercise Price 敲定价格或执行价格  Refers to the fixed price in the option contract at which the holder can buy or sell the underlying asset 指的是持有人据以购进或售出标的资产的期权合约之固定价格  Expiry (Expiration Date) 到期日  The maturity date of the option 期权到期的那一天 22-3 期权的古老历史  期权交易的第一项记录是在 《圣经创世纪》中的一个合同制的协议。大 约在公元前1700年，雅克布为同拉班的小女儿瑞切尔结婚