The pricing and trading of options have their own profound knowledge, which can derive more complex trading varieties and will develop a number of excellent rice bowls for domestic students with good mathematics.
At the macro level, there are two choices, which are differentiated according to who is the underwriter, and each has its own uses.
The first one, which lasts for a long time and mostly appears in the form of warrants, is the product of stock options, which made countless Silicon Valley people's dreams come true in the 1990s and encouraged American high-tech innovation. Underwriters: high-tech companies; Beneficiaries: high-tech companies and their employees; Payer: the whole stock market investor. In the first year, the share price of a company 10 was given to employees 12. In the second year, inexplicably, the stock price rose to 20, and employees cashed in 12 options (buying stocks), sold 20 and made a net profit of 8. The company converted into 65,438+02 shares, which made the whole stock market expand slightly. Of course, throughout the 1990s, once the company went public, the option of one dollar or even a few cents realized dozens and hundreds of examples, which became a new generation of American dream. The essence here is growth and innovation, but entrepreneurship and industrialization cannot be achieved overnight. Employees need food and incentives, and enterprises need cash flow. Here's the trick. Options are not costs, that is, if an enterprise can issue options, it can automatically obtain the right to issue additional shares (to its employees) every year, but the premise of continuing the game is to ensure that the shares of the enterprise rise. Now many Nasdaq companies still rely on this for their livelihood. From chips to biology to nanotechnology, options account for a large part of the company's annual income. In the past, it was common for a company like csco to have options accounting for 40% of its profits. Of course not now. Although the option is issued, investors will carefully control its share price below the price of its option, that is, under the water, to avoid real serious dilution. (Generally speaking, this option is not very optimistic in the United States in recent years. Congress is proceeding to pass the spending bill. Once passed, you will see that the income of many high-tech companies has shrunk dramatically in the second half of this year. )
This option allows high-tech companies to have a free lunch in the whole stock market, issue more shares, the share price keeps rising, and the proportion in the stock market keeps expanding, which will inevitably crowd out the investment quota in other traditional fields. The Nasdaq bubble in 2000 was caused by this, and technology stocks accounted for 40% of the total market value. Of course, historical achievements cannot be denied. Information-oriented high-tech enterprises not only developed a brand-new industry, but also successfully transformed the American economy from industrialization to informationization, greatly improving social productivity.
In view of the fact that China is not rich and needs funds in all aspects, it is impossible for us to be as tolerant as the United States was to science and technology enterprises, and it is also impossible to continuously replicate the rapid and large-scale industrialization process of human scientific research achievements in the 1990s for nearly 30 years. Therefore, I think China should use this mechanism to support those enterprises that can apply relatively new technologies and be industrialized (those that can copy and digest the best), rather than those with relatively high risks.
Therefore, the enterprises that can issue such warrants must be a few sophisticated, the technology is not necessarily the highest, it is not necessarily limited to scientific and technological enterprises (there is really no such thing in China), and it is not necessarily limited to small scale, but it must be able to solve China's problems-growth and employment.
I'm here to throw a brick to attract jade:
1, China Merchants Finance IT, the mainstay of China white-collar workers in the United States. Why can't it become a mainstay in China? Why are so many city commercial banks willing to let foreign investors buy shares at extremely low prices instead of letting the best domestic banks merge and integrate? Just because American banks can raise money at will, but they can't attract investment? !
2. The semi-trailer of CIMC is what we saw on the North American highway all day. Heavy truck drivers in the United States are the highest-paid category in the blue-collar industry, and the number is not less than that of taxi drivers in cities. Without them, why did China build so many intercity expressways? CIMC's achievements in container are completely different from those of enterprises in China. How to use its existing excellent team and channels to quickly standardize and integrate the very important industries in the circulation field, and at the same time avoid letting such excellent enterprises as CIMC go black again because of the cyclical downturn (which reminds me of Wall Street's unrepentant support for Intel, also known as Moore's Law), should reflect the national will to some extent.
3. Panzhihua, a new steel grade of Panzhihua Iron and Steel Company, is one of the rare economic heritages of Lao Mao. Who still thinks he is a treasure today when the comprador is in power? The unique geographical environment of Sichuan and Tibet in the world has created its unique golden wood, water, fire and earth. The industrialization of steel alum has reduced a lot of hype for this treasure, and it is a rare high-grade industrial product in China that does not need raw materials. We have reason to think that this is just a good start. Why not give our Sichuan compatriots some incentives to produce more new industrial or national defense materials?
4, Shenfu coal to oil, coal = = oil, needless to say, the importance of China, the only thing to mention is that Shenfu should not need any additional stimulus, as if there is no shortage of money.
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The second type, which traders are more concerned about, is generally issued by a third party. The duration is generally short, one month, two months, and rarely exceeds 1 year. Subscription and put are basically the same. Underwriter: Monetary Central Bank/Investment Bank. This is a financial service, so it is difficult to define the beneficiary and the buyer. Generally speaking, service providers (that is, banks) have regarded this item as fixed income, and they have not bought it well.
Many people probably think this is no different from the first one. The key point is that this third-party issuer does not have the right to issue shares of the underwriting company, so once it loses money, it can only lose cash, or buy back a corresponding number of shares of the company in the secondary market to compensate customers. No new shares were issued, no expansion was made, and the old shareholders of the company will not be diluted.
Since it is a financial service, there must be a reason for its existence.
1, which meets the hedging requirements of some customers. As we all know, options are highly leveraged, which is the same as buying insurance.
2. Part of investment is separated from speculation. A large part of the will of the stock has been transferred to the option. Speculators who want to buy and sell the difference have a more suitable game channel.
3. The decrease of blue-chip stocks' willpower directly improves their investment value, and PE expansion is one of the foundations of bull market. Most s&p. The shares of P500 companies are much smaller than the blue chips of China A-shares, which is probably one reason. If you watch the stock fluctuation 10% in your hand every day, long-term investors will not be able to sleep.
Of course, banks also have another channel to collect money.
In addition, it is worth mentioning that no one stipulates that non-financial enterprises with deep pockets cannot participate in this game. As we all know, Microsoft used to write many options to earn some extra money, but now it is not what it used to be. Today, as long as you cross Wall Street, even in the light and in the dark, the "wolves" (investment banks and hedge funds) will always try to calculate you. But if you use this to reduce the repurchase cost, it is a good idea.
Don't underestimate options, it has become a big sub-industry in today's financial industry. Hit Warren Buffett fans and buy&; Hold is only Buffett's sideline, and his old man's main business is writing options. He earns 1% every month, and the stock will earn enough if it doesn't rise for one year. No wonder old people love insurance companies so much.
Mention the domestic situation. This second type of warrant is suitable for blue-chip stocks, and the benefits have been mentioned above. But it doesn't make sense to hear that Baosteel and Changdian intend to adopt the first type of warrant full circulation compensation. The first type of warrants is the share expansion plan. Baosteel and Changdian are not growth stocks and are not short of money. Steel is still the object of regulation. Tieben's boss is in jail, but Baosteel keeps issuing more shares, which is an extremely bad behavior in itself. As for put warrants, it doesn't mean much. Baosteel's share price is already so low, with an annual dividend of 7%. What do shareholders hedge with it?