Shanshan2021-06-22 10:37:03
Shanshantextbook -讲到关于cost of carry对option price的影响的时候，原话说Carrying costs have the opposite effect. They raise the effective cost of holding orshorting the asset. Holding call options enables an investor to participate in movements of the underlying without incurring these costs. Holding put options makes it moreexpensive to participate in movements in the underlying than by short selling becauseshort sellers benefit from carrying costs, which are borne by owners of the asset. 这段话怎么理解呢？如果underlying是equity这些，并没有cost of carry呀？那应该是没有影响？
回答（1）
Evian, CFA2021-06-22 21:02:34
Evian, CFA└(^o^)┘同学你好，
Carrying costs have the opposite effect.
持有成本CC有相反的作用。
They raise the effective cost of holding or shorting the asset.
CC使得持有资产或者卖空资产的有效成本增加。
Holding call options enables an investor to participate in movements of the underlying without incurring these costs.
持有看涨期权可以使得投资者不承担CC持有成本。
Holding put options makes it more expensive to participate in movements in the underlying than by short selling because short sellers benefit from carrying costs, which are borne by owners of the asset.
相比卖空，持有看跌期权可以使得投资者参与交易的成本增加（承担CC持有成本），因为持有资产的一方就是会承担CC持有成本。
如果标的资产是股票一类金融资产，会存在没有持有成本的情况发生。
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