刷同学回答（1）
Johnny2023-06-20 08:41:31
Johnny同学你好。Convenience yield是你存储大宗商品时才会有的，它是用来抵御大宗商品的断供。比如你是做面包的，那就需要小麦，那你仓库里存着小麦就能抵抗今年小麦的欠收，否则你要是仓库没小麦的话又碰到小麦欠收，那你就得倒闭，那仓库里存储着小麦所给你带来的好处就是convenience yield
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那顺着这个逻辑，是不是小麦存储的越多，convenience yield越多？
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同学你好，是该产品的供给越短缺，convenience yield越大
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the theory of storage focuses on a direct relationship between the level of inventories and the convenience yield，题目是这样描述的，老师解释说存货与convenience yield是负相关，我觉得存货越多，对于持有存货的企业来说，便利收益越大啊，这个逻辑哪里有问题呢？
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同学你好，教材原文如下：
Having a physical supply of the commodity available is convenient for consumers of the commodity because it acts as a buffer to a potential supply disruption that could otherwise force a shutdown of their operations. Because this type of risk/concern is inversely related to the inventory size and the general availability of the commodity, the convenience yield is low when stock is abundant.
However, the yield rises as inventories diminish and concerns regarding future availability of the commodity increase.
大致来说，便利收益充当着一个缓冲作用，他是用来抵御大宗商品断供的。在期货合约有效期间，大宗商品产生短缺的可能性越大，则便利收益就越高。若商品使用者拥有大量的库存，则在不久将来出现商品短缺的可能性很小，从而便利收益率会比较低。另一方面，较低的库存导致较高的便利收益。
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