期权定价模型分类及其实际应用要点分析.docVIP

摘要 随着社会的进步，金融市场的发展逐步完善，越来越多的金融衍生品走进了人们的视野。期权作为重要的金融衍生品之一，受到许多投资者与研究者的关注。本文就是对期权的产生与发展和期权相关的定价模型进行了讨论。本文先简要介绍了期权的发展史以及现阶段的概况，随后对期权进行分类详解，接着以B-S模型和二叉树模型这两种经典定价模型为例进行了深入讨论并举例说明他们的实际应用，最后又分析了几种新型期权和他们的定价模型，并简要介绍了他们的实际用途。 关键词：期权发展历程；期权的分类；B-S定价模型；二叉树模型 Abstract With?the?development?of?the?society,?finance?market?has?been?improving?gradually,?more?and?more?financial?derivative?instruments?have?come?to?the?eyesight?of?people.?Option,?as?the?important?tool?of?financial?derivative?instrument,?has?been?cast?more?attention?by?the?investor?and?the?researcher.?This?essay?would?focus?on?the?generation?of?option?and?Capital?Asset?Pricing?Model?of?the?option.?First,?this?dissertation?introduces?the?history?and?nowadays?state?of?the option?development.?Then,?it?focuses?its?attention?on?classifying?and?description?of?the?option.?This?paper?raises?the Black-Scholes?Model?and?Binary?Tree?Model?as?typical?example to?talk?deeply?about?their?appliance.?Finally,?this?paper?analysis?some?kinds?of?new?options?and?their?asset?pricing?model,?and?introduce?the?practical?use?of?the?new?option?to?all?readers.Keywords:?history?of?option?development Option?classifying?Black-Scholes?Model Binary?Tree?Model 目录 摘要………………………………………………………………………………………………………………………….1 Abstract…………………………………………………………………………………………………………………….2 目录………………………………………………………………………………………………………………………….3 绪论…………………………………………………………………………………………………………….4 期权的含义……………………………………………………………………………………………………4 期权定价理论的发展历程…………………………………………………………………………….4 期权定价的基本理论…………………………………………………………………………………6 2.1 期权的分类……………………………………………………………………………………………………6 2.1.1 按期权的交割时间划分…………………………………………………………………………6 2.1.2 按期权的权利划分…………………………………………………………………………………6 2.1.3 按期权合约的内在价值划分………………………………………………………………….7 2.2 期权定价的概念……………………………………………………………………………………………7 2.2.1 平价、盈价与亏价…………………………………………………………………………………7 2.2.2 期权价格的组成部分……………………………………………………………………………..7 第三章 各种期权定价模型……………………………………………………………………………………..9 3.1 Black-Scholes模型（简称B-S模型）…………………………………………………………9 3.2 二叉树模型………………………………………