The options

下面为大家整理一篇优秀的assignment代写范文- The options，供大家参考学习，这篇论文讨论了期权。期权是一种选择权，指的是期权卖方在收到一定的期权购买费用之后，承诺给期权买方一份在特定的期限内以特定的价格从期权卖方购买或卖给期权买方一定数量相关标的资产的权利，而非义务的合约或合同。期权的价值包括履约价值和时间价值，不管受到何种因素的影响，期权价值总是在一定的上下限范围内波动。

An option is essentially an option, a contract or contract whereby the option seller undertakes to give the option buyer a right to purchase or sell a certain amount of the underlying asset from the option seller at a specified price for a specified period of time, rather than an obligation, upon receipt of a certain option purchase fee. The value of the option includes two parts: the value of performance and the value of time. The value of performance refers to the difference between the market price of the subject matter and the price of performance when the option is immediately executed, and the minimum value of performance is zero. The time value is the additional value above the exercise value due to the uncertainty of the price fluctuation of the subject matter. The option value is mainly affected by six factors, including the price of the underlying asset, the exercise price of the option, the time of maturity, the volatility of the underlying asset price, the risk-free interest rate and the return rate of the underlying asset. The lower limit of option is the exercise value of option. The upper limit of the option is divided into two types: the price of the option and the price of the option. The upper limit of the price of the option is the price of the underlying asset, while the upper limit of the right is the execution price.

Options are different from other derivative financial assets with the following characteristics:

As a derivative financial product, option reflects a contract relationship. An option is a right to buy or sell a particular subject matter, but not an obligation to buy or sell. This right has a strong timeliness. If the option is not exercised beyond the prescribed time limit, the option will automatically become invalid.

In option trading, the rights and obligations of the buyer and seller are not equal. Upon payment of the royalty, the buyer has the right to buy or sell without the obligation to buy or sell. After receiving the royalty, the seller shall have the obligation to buy or sell a certain subject matter at the request of the buyer, without the right not to buy or sell.

The risk of the option buyer is known and is limited to the payment of the royalty. There is no additional obligation, but the potential benefit is unlimited in theory. The return on the option seller is limited, and the return is the amount of premium received, but the risk loss is theoretically unlimited. Because the risk to the option seller is so great, to balance it out, the option seller is usually much more likely to make a profit than the option buyer.

In option trading, the risks and losses faced by the buyer are limited and predictable, and the maximum loss is the royalty. The risk that the seller is in a short position of a commodity or financial asset between the time the option is sold and the time of performance is unlimited, but only a certain amount of margin is required to the exchange, which is generally a certain percentage of the contract amount. Therefore, the option is highly leveraged and speculative.

The typical feature of a modern company is the separation of the ownership and management rights of the company. As a result, agency is generated. How can the manager realize the maximization of shareholder value? In the stock option system, the manager can purchase the stock of the company within a specified period at the exercise price of the stock option, which is called exercise. Before exercise, the holder of stock option has no cash income after exercise, its income is the price difference between exercise price and exercise day market price. Managers can decide at their discretion when to sell the resulting shares. The return of stock option mainly depends on the price factor. It can be seen that after the introduction of the stock option system, the managers can enjoy the growth of the company's stock appreciation and bear the corresponding risks. In this way, managers' personal income establishes a positive correlation with their operating performance and the future development of the enterprise, thus encouraging managers to pay more attention to the long-term sustainable development of the enterprise rather than just focus on short-term financial indicators. Therefore, the maximization of enterprise value becomes the common goal of shareholders and managers.

The option theory has improved the net present value decision method and embedded return rate decision method in the traditional investment decision. Under the option method, the value of the manager's decision will be considered and evaluated, which reflects the practical significance of combining the option theory with the traditional investment decision method, and can provide investors with the option to continue investing in the future. The traditional net present value method considers each stage's investment in isolation, may cause the company to lose many precious investment and the growth opportunity. In reality, the construction of many projects requires multi-period investment to be completed. Such investment decisions can be seen as the choice of compound option. After each stage is completed, the enterprise has the option to complete the next stage. The investment decision is transformed into the problem of how to execute the option most effectively, and it will make the decision more scientific by combining the whole project stages for evaluation.

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