摘要
本文通过分析海外期权市场与国内期权市场的发展状况,总结了推出股票期权对于市场、投资者以及产品创新三个方面的影响。从对市场的影响来看,推出股票期权能够提升标的交易量和流动性,长期来看能够稳定标的波动率,并对市场价格发现和市场有效性有促进作用。从风险管理角度来看,期权是对现有风险管理工具的补充完善,能够满足多样化的风险管理需求。从对投资者的影响来看,期权为投资者实现多样化投资策略提供了工具,从长远来看,期权对于改善市场投资者结构有着积极作用。从产品创新的角度看,基于期权可以设计出不同收益风险结构的理财产品,有助于改善我国投资理财产品单一化、同质化的局面,从而更好地满足广大投资者多样化的需求。
By analyzing the development of the oversea options markets and domestic option market, this paper discussed the influences of stock options brought to stock markets, derivatives markets, investors and product innovation. For the markets, stock options can enhance the asset trading volume and liquidity, stabilize the asset volatility in the long term, and promote the market price discovery mechanism and market efficiency. For the risk management, options are complements to the existing tools and can be used to meet diverse risk management needs. For the investors, options provide tools to diversify their investment strategies, and improve the investor structure. For the product innovation, options can be used to construct various structured products, which help to improve the situation of homogenous investment products and satisfy investors＇ diverse requirements.
出处
《证券市场导报》
CSSCI
北大核心
2016年第6期62-70,共9页
Securities Market Herald
关键词
股票期权
金融衍生品市场
投资者结构
产品创新
stock options, derivatives marke, investor structure, product innovation
作者简介
史庆盛，广发证券发展研究中心资深分析师。
樊瑞铎，广发证券发展研究中心分析师。
