銆€銆€瑾茬▼鎺ㄨ枽锛�灏堟キ(y猫)濂楅璐�(z猫ng)鏈熻波妯¤€冪彮

銆€銆€鐔遍粸(di菐n)鎺ㄨ枽锛�婧�(zh菙n)鑰冭瓑鎵撳嵃鏅�(sh铆)闁�

銆€銆€涓€銆佸競鍫�(ch菐ng)棰�(f膿ng)闅�(xi菐n)鐨勫悇绋垎椤炰互鍙婂収(n猫i)瀹�

銆€銆€甯傚牬(ch菐ng)棰�(f膿ng)闅�(xi菐n)鍒嗙偤鍒╃巼棰�(f膿ng)闅�(xi菐n)銆佸晢鍝佸児(ji脿)鏍奸ⅷ(f膿ng)闅�(xi菐n)銆佽偂绁ㄥ児(ji脿)鏍奸ⅷ(f膿ng)闅�(xi菐n)銆佸尟鐜囬ⅷ(f膿ng)闅�(xi菐n)鍥涚ó銆�

銆€銆€1.鍒╃巼棰�(f膿ng)闅�(xi菐n)

銆€銆€鍒╃巼棰�(f膿ng)闅�(xi菐n)鎸夌収渚�(l谩i)婧愬垎椤炲彲浠ュ垎鐐洪噸鏂板畾鍍�(ji脿)棰�(f膿ng)闅�(xi菐n)銆佹敹鐩婄巼鏇茬窔棰�(f膿ng)闅�(xi菐n)銆佸熀婧�(zh菙n)棰�(f膿ng)闅�(xi菐n)鍜屾湡娆�(qu谩n)棰�(f膿ng)闅�(xi菐n)銆�

銆€銆€2.鍟嗗搧鍍�(ji脿)鏍奸ⅷ(f膿ng)闅�(xi菐n)

銆€銆€鍟嗗搧鍍�(ji脿)鏍奸ⅷ(f膿ng)闅�(xi菐n)鏄悇椤炲晢鍝佺殑鍍�(ji脿)鏍肩櫦(f膩)鐢熶笉鍒╄畩鍕�(d貌ng)鑰岀郸鍟嗘キ(y猫)閵€琛屽付渚�(l谩i)鐨勬悕澶�銆傞€欓噷鎵€瑾�(shu艒)鐨勫晢鍝佷富瑕佹寚鍙互鍦ㄥ牬(ch菐ng)鍏�(n猫i)鑷敱浜ゆ槗鐨勮静(n贸ng)鐢�(ch菐n)鍝�銆佺う鐢�(ch菐n)鍝佸拰璨撮噾灞瓑锛屽挨鍏朵互鍟嗗搧鏈熻波鐨勫舰寮忕偤涓汇€傜壒鍒ユ噳(y墨ng)娉ㄦ剰榛冮噾鍍�(ji脿)鏍兼尝鍕�(d貌ng)琚椤炵偤鍖巼棰�(f膿ng)闅�(xi菐n)銆�

銆€銆€3.鑲＄エ鍍�(ji脿)鏍奸ⅷ(f膿ng)闅�(xi菐n)

銆€銆€鑲＄エ鍍�(ji脿)鏍奸ⅷ(f膿ng)闅�(xi菐n)鏄寚鐢变簬鍟嗘キ(y猫)閵€琛屾寔鏈夌殑鑲＄エ鍍�(ji脿)鏍肩櫦(f膩)鐢熶笉鍒╄畩鍕�(d貌ng)鑰岀郸鍟嗘キ(y猫)閵€琛屽付渚�(l谩i)?y猫)p澶辩殑棰�(f膿ng)闅�(xi菐n)銆�

銆€銆€4.鍖巼棰�(f膿ng)闅�(xi菐n)

銆€銆€鍖巼棰�(f膿ng)闅�(xi菐n)鏄寚鐢变簬鍖巼鐨勪笉鍒╄畩鍕�(d貌ng)鑰屽皫(d菐o)鑷撮妧琛屾キ(y猫)鍕�(w霉)鐧�(f膩)鐢熸悕澶辩殑棰�(f膿ng)闅�(xi菐n)銆�

銆€銆€浜�銆佹湡娆�(qu谩n)鐨勫垎椤炲強鍗€(q奴)鍒�

銆€銆€鏈熸瑠(qu谩n)鎸夋瑠(qu谩n)鍒╃殑鍏�(n猫i)瀹瑰垎鐐鸿常鏂规湡娆�(qu谩n)鍜岃卜鏂规湡娆�(qu谩n);鏈熸瑠(qu谩n)鎸夊饱绱勬柟寮忓垎鐐虹編寮忔湡娆�(qu谩n)鍜屾瓙寮忔湡娆�(qu谩n);鏈熸瑠(qu谩n)鎸夊煼(zh铆)琛屽児(ji脿)鏍煎垎鐐哄児(ji脿)鍏�(n猫i)鏈熸瑠(qu谩n)銆佸児(ji脿)澶栨湡娆�(qu谩n)浠ュ強骞冲児(ji脿)鏈熸瑠(qu谩n)?锛熷繉榉�?f霉)缈�(x铆)鏅�(sh铆)鎳�(y墨ng)娉ㄦ剰璨锋柟銆佽常鏂规湡娆�(qu谩n)鍜岀編寮忔湡娆�(qu谩n)銆佹瓙寮忔湡娆�(qu谩n)浠ュ強鍍�(ji脿)鍏�(n猫i)銆佸児(ji脿)澶�銆佸钩鍍�(ji脿)鏈熸瑠(qu谩n)鍏�(n猫i)瀹逛笂鐨勫崁(q奴)鍒ャ€�

銆€銆€璨锋柟鏈熸瑠(qu谩n)(Call Option)锛氭湡娆�(qu谩n)鐨勮卜鏂硅垏璩ｆ柟绱勫畾鍦ㄦ湡娆�(qu谩n)鐨勫瓨绾�(x霉)鏈熸垨鍒版湡鏃ワ紝璨锋柟鎿佹湁浠ョ磩瀹氱殑鍍�(ji脿)鏍煎悜鏈熸瑠(qu谩n)鐨勮常鏂硅卜浜虹磩瀹氭暩(sh霉)閲忕殑浜ゆ槗妯�(bi膩o)鐨勭殑娆�(qu谩n)鍒�銆�

銆€銆€璩ｆ柟鏈熸瑠(qu谩n)(Put Option)锛氭湡娆�(qu谩n)鐨勮卜鏂硅垏璩ｆ柟绱勫畾鍦ㄦ湡娆�(qu谩n)鐨勫瓨绾�(x霉)鏈熸垨鍒版湡鏃ワ紝璨锋柟鎿佹湁浠ョ磩瀹氱殑鍍�(ji脿)鏍煎悜鏈熸瑠(qu谩n)鐨勮常鏂硅常鍑虹磩瀹氭暩(sh霉)閲忕殑浜ゆ槗妯�(bi膩o)鐨勭殑娆�(qu谩n)鍒�銆�

銆€銆€缇庡紡鏈熸瑠(qu谩n)(American Style)锛氳嚜鏈熸瑠(qu谩n)鎴愪氦涔嬫棩璧凤紝鑷冲埌鏈熸棩涔嬪墠锛屾湡娆�(qu谩n)鐨勮卜鏂瑰彲鍦ㄦ鏈熼枔鍏�(n猫i)闅ㄦ檪(sh铆)瑕佹眰鏈熸瑠(qu谩n)鐨勮常鏂规寜鐓ф湡娆�(qu谩n)鐨勫崝(xi茅)璀板収(n猫i)瀹癸紝璨蜂汉鎴栬常鍑虹壒瀹氭暩(sh霉)閲忕殑鏌愮ó浜ゆ槗妯�(bi膩o)鐨勭墿銆�

銆€銆€姝愬紡鏈熸瑠(qu谩n)(European Style)锛氭湡娆�(qu谩n)鐨勮卜鏂瑰湪鏈熸瑠(qu谩n)鍒版湡鏃ュ墠锛屼笉寰楄姹傛湡娆�(qu谩n)鐨勮常鏂瑰饱琛屾湡娆�(qu谩n)鍚堢磩锛屽儏鑳藉湪鍒版湡鏃ョ暥(d膩ng)澶╄姹傛湡娆�(qu谩n)璩ｆ柟灞ヨ鏈熸瑠(qu谩n)鍚堢磩銆�

銆€銆€鍍�(ji脿)鍏�(n猫i)鏈熸瑠(qu谩n)(In鈥晅he鈥昅oney锛孖TM)锛氭湡娆�(qu谩n)鐨勫煼(zh铆)琛屽児(ji脿)鏍煎劒(y艒u)浜庣従(xi脿n)鍦ㄧ殑鍗虫湡甯傚牬(ch菐ng)鍍�(ji脿)鏍�锛岃┎鏈熸瑠(qu谩n)灏辨槸鍍�(ji脿)鍏�(n猫i)鏈熸瑠(qu谩n)銆�

銆€銆€骞冲児(ji脿)鏈熸瑠(qu谩n)(At鈥晅he鈥昅oney锛孉TM)锛氭湡娆�(qu谩n)鐨勫煼(zh铆)琛屽児(ji脿)鏍肩瓑浜庣従(xi脿n)鍦ㄧ殑鍗虫湡甯傚牬(ch菐ng)鍍�(ji脿)鏍�锛岃┎鏈熸瑠(qu谩n)灏辨槸骞冲児(ji脿)鏈熸瑠(qu谩n)銆�

銆€銆€鍍�(ji脿)澶栨湡娆�(qu谩n)(out鈥昽f鈥晅he鈥昅oney锛孫TM)锛氭湡娆�(qu谩n)鐨勫煼(zh铆)琛屽児(ji脿)鏍兼瘮鐝�(xi脿n)鍦ㄧ殑鍗虫湡甯傚牬(ch菐ng)鍍�(ji脿)鏍煎樊锛岃┎鏈熸瑠(qu谩n)灏辨槸鍍�(ji脿)澶栨湡娆�(qu谩n)銆�

銆€銆€涓夈€佸競鍫�(ch菐ng)棰�(f膿ng)闅�(xi菐n)绺芥暈鍙ｉ牠瀵哥殑瑷�(j矛)绠楁柟娉�

銆€銆€鑰冪敓瑕佹帉鎻＄疮瑷�(j矛)绺芥暈鍙ｉ牠瀵�銆佸噲鏁炲彛闋銆佺煭閭婃硶涓夌ó瑷�(j矛)绠楁柟娉�?锛熻崥鍥嶈皭闇團(xi脿n)閫欎笁绋柟娉曠殑瑷�(j矛)绠楅鐨勫彲鑳芥€ц純澶с€�

銆€銆€绱▓(j矛)绺芥暈鍙ｉ牠瀵哥瓑浜庢墍鏈夊骞ｇ殑澶氶牠鑸囩┖闋殑绺藉拰銆傚噲绺芥暈鍙ｉ牠瀵哥瓑浜庢墍鏈夊骞ｇ附椤嶈垏绌洪牠绺介涔嬪樊銆傜煭閭婃硶鏄鍏堝垎鍒ュ姞绺芥瘡绋鍖殑澶氶牠鑸囩┖闋�锛岀劧鍚庢瘮杓冮€欏叐鍊�(g猫)绺芥暩(sh霉)锛屾妸杓冨ぇ鐨勪竴鍊�(g猫)绺芥暩(sh霉)浣滅偤閵€琛岀殑绺芥暈鍙ｉ牠瀵�銆�

銆€銆€鍥涖€佸競鍫�(ch菐ng)棰�(f膿ng)闅�(xi菐n)鐨勮▓(j矛)閲忔柟娉�

銆€銆€1.缂哄彛鍒嗘瀽

銆€銆€缂哄彛鍒嗘瀽鏄　閲忓埄鐜囪畩鍕�(d貌ng)灏�(du矛)閵€琛岀暥(d膩ng)鏈熸敹鐩婂奖闊跨殑涓€绋柟娉�锛屽叿楂旇€岃█锛屽皣鐢熸伅璩囩敘(ch菐n)鍜屼粯鎭矤(f霉)鍌垫寜閲�

銆€銆€鏂板畾鍍�(ji脿)鐨勬湡闄愬妰鍒嗗埌涓嶅悓鐨勬檪(sh铆)闁撴銆�

銆€銆€2.涔呮湡鍒嗘瀽

銆€銆€涔呮湡鍒嗘瀽鏄　閲忓埄鐜囪畩鍕�(d貌ng)灏�(du矛)閵€琛岀稉(j墨ng)婵�(j矛)鍍�(ji脿)鍊煎奖闊跨殑涓€绋柟娉�锛屽叿楂旇€岃█锛屽氨鏄皪(du矛)鍚勬檪(sh铆)娈电殑缂哄彛璩︿簣鐩告噳(y墨ng)鐨勬晱鎰熸€ф瑠(qu谩n)閲嶏紝寰楀埌鍔犳瑠(qu谩n)缂哄彛锛岀劧鍚庡皪(du矛)鎵€鏈夋檪(sh铆)娈电殑鍔犳瑠(qu谩n)缂哄彛閫�(j矛n)琛屽尟绺�锛屼互姝や及绠楁煇涓€绲﹀畾鐨勫皬骞�(閫氬父灏忎簬1%)鍒╃巼璁婂嫊(d貌ng)鍙兘灏�(du矛)閵€琛岀稉(j墨ng)婵�(j矛)鍍�(ji脿)鍊肩殑褰遍熆銆�

銆€銆€3.澶栧尟鏁炲彛鍒嗘瀽

銆€銆€澶栧尟鏁炲彛鍒嗘瀽鏄　閲忓尟鐜囪畩鍕�(d貌ng)灏�(du矛)閵€琛岀暥(d膩ng)鏈熸敹鐩婄殑褰遍熆銆�

銆€銆€4.棰�(f膿ng)闅�(xi菐n)鍍�(ji脿)鍊糣aR鐨勫熀鏈師鐞�

銆€銆€VaR鏄湪涓€瀹氱殑鎸佹湁鏈熷拰绲﹀畾鐨勭疆淇℃按骞充笅锛屽埄鐜囧拰鍖巼绛夊競鍫�(ch菐ng)棰�(f膿ng)闅�(xi菐n)瑕佺礌鐧�(f膩)鐢熻畩鍖栨檪(sh铆)鍙兘灏�(du矛)鏌愰爡(xi脿ng)璩囬噾闋銆佽硣鐢�(ch菐n)绲勫悎鎴栨(j墨)妲�(g貌u)閫犳垚鐨勬經鍦ㄧ殑鏈€澶ф悕澶�銆傝▓(j矛)绠梀aR鍊肩殑鍙冩暩(sh霉)鐨勯伕鎿囦互鍙婁笁绋▓(j矛)绠楁柟娉�(鏂瑰樊涓€鍗�(xi茅)鏂瑰樊娉曘€佹鍙叉ā鍨嬫硶銆佽挋鐗瑰崱娲涙ā鎿硶)寰堥噸瑕併€�

銆€銆€绶ㄨ集鎺ㄨ枽锛�

銆€銆€2013骞�閵€琛屽緸妤�(y猫)璩囨牸鑰冭│(鍊�(g猫)浜鸿哺娆�)閲嶉粸(di菐n)瑭﹂鍖附

    2013骞撮妧琛屽緸妤�(y猫)璩囨牸鑰冭│(鍏叡鍩虹(ch菙))閲嶉粸(di菐n)瑭﹂鍖附