定金合同中的期权特性及价值分析

在定金合同中,定金作为履行合同的担保,可以起到合同成立的证明作用,同时还具有惩罚性.由于合同是到期才执行,这种实物期权属于一种欧式期权.合理的定金往往成为吸引客户的重要手段.定金太高会造成有价值客户的流失;定金太低又达不到锁定客户的目的一客户也许会放弃买权.科学合理地量化定金标准显得很重要.在商业交易中,定金合同成立的同时,即出现了买权价值和卖权价值.根据合同的期权特征,引入Black-Scholes定价模型对其价值进行估计,买权受双方利益的限制而发生变异,即其价值被限定在某个最高值之内;卖权却在这个利益的竞争过程中被虚化.

An Analysis of Option Characteristics and Value of Deposit Contract

In deposit contract,deposit as guarantee of performing contract can prove contract establishment and play a role of punishment.Because the contract will be performed when being due,this real option belongs to European option.Rational deposit usually becomes an important means to attract customers.Higher deposit will cause loss of valuable clients,but lower deposit cannot reach the aim to lock the clients-they may abandon call option.Hence,it is necessary to set quantitative deposit standard scientifically.I...