二项式期权定价模型:举例 Binomial Option pricing Text Example 另一个组合 Alternative portfolio 150 买1股100元的股票借$4630 8%的利率)净支出是$537053.70 Buy 1 share of stock at $100 Borrow $46. 30(8% Rate) 0 Net outlay $53.70 收入 Payoff 收入结构正好是看涨期 Value of stock 50 200 权的2倍 Repay loan 50-50 Payoff structure is exactly 2 times the call Net Payoff 0150 21-721-7 二项式期权定价模型：举例 Binomial Option Pricing: Text Example 另一个组合Alternative Portfolio 买1股100元的股票借$46.30 8%的利率）净支出是$53.70 Buy 1 share of stock at $100 Borrow $46.30 (8% Rate) Net outlay $53.70 收入Payoff Value of Stock 50 200 Repay loan - 50 -50 Net Payoff 0 150 53.70 150 0 收入结构正好是看涨期 权的2倍 Payoff Structure is exactly 2 times the Call