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期权平价公式反映了欧式看涨和看跌期权间的一种平价关系,如市场价格与这种平价关系不相符合,投资者就可能获得无风险套利机会。在价格有效的证券市场上,这种无风险套利机会是不存在的。本文将对中国证券市场上股票期权的价格及其相应股票价格之间的关系进行分析,检验现实数据是否符合期权平价关系,给出相应解释,以反映和分析中国股票期权市场的现状。
Option parity formula reflects a European-style bullish and put options a parity relationship, such as the market price does not match with the parity, investors may be risk-free arbitrage opportunities. This risk-free arbitrage opportunity does not exist in price-efficient securities markets. This article will analyze the relationship between the price of stock options and the corresponding stock price in the Chinese stock market, and test whether the actual data are in line with the option parity, and give corresponding explanations to reflect and analyze the current situation of China stock option market.