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作者darcy79 (小灰)

站內Tainan

標題[交易] 單人記憶床墊

時間Mon Sep 9 00:29:35 2013

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers. Five Filters recommends:

• Massacres That Matter - Part 1 - 'Responsibility To Protect' In Egypt, Libya And Syria
• Massacres That Matter - Part 2 - The Media Response On Egypt, Libya And Syria
• National demonstration: No attack on Syria - Saturday 31 August, 12 noon, Temple Place, London, UK

作者kirty217 (fly)

看板forsale

標題[服飾] 台北 gracegift全真皮莫卡辛便鞋

時間Sun Sep 8 21:02:59 2013

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• Massacres That Matter - Part 1 - 'Responsibility To Protect' In Egypt, Libya And Syria
• Massacres That Matter - Part 2 - The Media Response On Egypt, Libya And Syria
• National demonstration: No attack on Syria - Saturday 31 August, 12 noon, Temple Place, London, UK

投資人在買賣權證商品時，常常對標的股票價格變動但權證價格卻未隨之變動而感到困惑，例如標的股票上漲，以該標的之認購權證也應等幅上漲，可是投資人卻發現該權證未能等幅上漲，甚至不漲。究其理由，除因其履約價與標的股票市價差距甚遠屬深度價外之原因外，亦和行使比例過小有相關，因行使比例過小會導致該權證與標的股票價格連動性降低。證交所為提醒投資人注意，特將行使比例的大小對權證價格的影響介紹如下：

何謂「行使比例」？行使比例是指每單位權證可表彰多少單位標的股票股數，即當權證履約或到期結算時，每一張認購 (售)權證可購買 (出售)之標的股張數。以台積電的認購權證為例，投資人假如持有每張行使比例1：1的權證，則在履約或到期結算時，可用履約價購買1張的台積電現股或價差現金結算；同理，持有行使比例1：0.1的認購權證，則可用履約價購買僅0.1張台積電現股或價差現金結算。故一般而言，行使比例低的權證，因可認購標的股票少，其價格比較低，行使比例高的權證，因可認購標的股票多，其價格比較高。

另權證係屬衍生性商品，理論上其價格隨標的股票價格變動而變動，惟造市者在計算權證價格時，除以標的股票當時市價作為參數外，亦將行使比例納為參數，若行使比例過小，則即使標的股票價格變動大，亦因行使比例過小而稀釋標的股票價格變動之幅度，導致計算出的權證價格與標的股票價格之連動性不佳。例如行使比例為1：1之A權證，當標的股票漲2元，A權證可能漲1.4元，相對的，行使比例為1：0.01之B權證，當標的股票漲2元，B權證可能只漲0.01元，漲幅遠遠落後於A權證。故行使比例過低之權證，其價格雖便宜，但與標的股票價格的連動性可能不佳，降低投資人的獲利空間。

綜上證交所提醒投資人在投資權證商品時，除慎選標的股票，並預估標的股票走勢外，亦宜注意行使比例的大小，儘量避開行使比例過小的權證，例如0.01，以免因其與標的股票價格連動性低，而喪失獲利機會，甚至隨著時間價值之流逝而損失所投入的權利金。

2013/09/09

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers. Five Filters recommends:

• Massacres That Matter - Part 1 - 'Responsibility To Protect' In Egypt, Libya And Syria
• Massacres That Matter - Part 2 - The Media Response On Egypt, Libya And Syria
• National demonstration: No attack on Syria - Saturday 31 August, 12 noon, Temple Place, London, UK