| 单词 | Fair |
| 释义 | Fair 合理价值 在期货市场，合理价值指相应的现货价值加上持仓净成本(相对於持有期货，持有现货的额外成本)。 就股价指数期货而言，合理价值等於现货股票的价值加上购买现股相对於买入期货的资金净成本，减去持有现股期间获得的股息。若投资人选择购买现股而非股价指数期货，需付出一定的资金成本(借钱购股的利息成本或因动用存款而牺牲掉的利息收入)，而持股期间所得的股息则有助於减轻持股成本。而若投资人购入股价指数期货而非现股，则不需付出购买现股的资金成本(当然，还是需为期货保证金付出代价，但这远低於购买现股)，但亦无法享有持有现股带来的股息。因资金成本通常高於股息，购买期货较购入现股有优势，但在期货到期时，期货的价值等於现货股票的价值，为避免出现没有风险的套利机会，投资人在买进期货时即需付出较现货有一定溢价的价格，这就是期货的合理价格。因各投资人的持仓成本(或相关预期)不尽相同，期货的合理价值因持有人的差异而不尽相同。参见Futures (期货)，Carrying Charge (持仓费)。 "A term used in the futures market that represents the cash price plus the net cost of carry. The fair- calculation for an equities index future is different for every account. It can be defined as any of the following: 1) the estimated premium over cash to allow for dividend flows and carrying costs, 2) the allowance for expected dividend flows and financing costs involved in holding the contract until expiry 3) how much higher futures should be over a share index after balancing the attractive financing cost of futures against the dividends that shareholders receive 4) accounts for financing costs and share dividends 5) the difference between the interest on cash and the dividends paid on the index over the remaining life of the future.See also: Futures, Carrying Charge" |
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