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金融衍生工具市场的平衡和稳定是审场监管者十分关注的问题。本文从研究市场保值行为出发考察交易成本和借贷利差时期权价格及其形成机制的影响，提出期权市场平衡的条件，对制定审场管理政策有一定的参考价值。
The balance and stability of the financial derivatives market are issues of great concern to the regulatory supervisors. This paper starts from the study of market hedging behavior and investigates the impact of transaction costs and the formation of the option price when borrowing and lending spreads, and puts forward the conditions for the balance of the options market, which has certain reference value for the establishment of the audit management policy.