股票選擇權契約調整 制度規劃與實例介紹
DESCRIPTION
股票選擇權契約調整 制度規劃與實例介紹. 中華民國九十一年九月. 選擇權流程圖. 選擇權各收付項目的意義. 每單位選擇權應收付 權利金額 = 權利金 × 權利金乘數 每單位選擇權應收付 交割價款 = 履約價格 × 履約價格乘數 每單位選擇權應收付之 約定標的物 = 標的證券 × 標的證券股數 + 現金+其他權利. 契約調整的原因. 選擇權 約定標的物 ( Underlying )發生改變 例如:. 契約調整原因. 分派現金股息 以資本公積或盈餘轉作資本 現金增資 合併後為消滅公司 消除累積虧損之減資 - PowerPoint PPT PresentationTRANSCRIPT
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= = = +
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Underlying
1,000
1
1,000
1,000
2
200
3
3,000
4
50
-
.
-
.
-
12
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vs.
= *
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CFO00650L1
CFA00650L1
CFO00650X1
CFA00650X1
CFO00700L1
CFA00700L1
CFO00700X1
CFA00700X1
CFO00750L1
CFA00750L1
CFO00750X1
CFA00750X1
CFO00650A2
CFA00650A2
CFO00650M2
CFA00650M2
CFO00700A2
CFA00700A2
CFO00700M2
CFA00700M2
CFO00750A2
CFA00750A2
CFO00750M2
CFA00750M2
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2%2%5%80%120%
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MAX0-*1000*MAX0-*1000*
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2003000AAO$3000724.17%2%120%
(AAOAAAAAO)AAA 1200+$3000AAO 1000
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2005010%ABO(ABOABAABO)ABA(63)1200+$1300(65)1200+$1500ABO 1000
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1:0.4 ACOADO(ACOADAACO)ADA400ACOADO
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22-I-61/2$500AEO (AEOAEAAEO)AEA 500+$500AEO 1000
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= Max0 - = Max0 - = OPM / OPMSX
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72200300057.570Max072*1000-70*1000 = Max072-70*1000 = 2,000Max057.5*1200+3000-70*1000 = Max072000-70000 = 2,000
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72200300057.570 OPM72*100070*1000= OPM7270*1000 OPM57.5*1200+300070*1000=OPM7200070000
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O50
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1$58.0
Sheet1
AAO
12369
70
65
60
55
50
48
46
44
Sheet2
Sheet3
-
2$1$212/3112/2612/23AAOAAA12/23AAO$47.5
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAA
12369
70
65
60
55
50
48
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAAAAO
1236912369
70
6555
6050
5548
5046
4844
46
44
Sheet3
-
3AAA$47.5$39.8AAO
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAA
12369
70
65
60
55
50
48
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAAAAO
1236912369
70
6555
6050
5548
5046
4844
4642
4440
38
36
Sheet3
-
4AAO1AAAAAO
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAA
23469
70
65
60
55
50
48
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAAAAO
1236923469
70
6555
6050
5548
5046
4844
4642
4440
38
36
Sheet3
-
5AAA3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAA
456912
70
65
60
55
50
48
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAAAAO
12369456912
7060
6555
6050
5548
5046
4844
4642
4440
38
36
Sheet3
-
1$58.0
Sheet1
AAO
121236
70
65
60
55
50
48
46
44
Sheet2
Sheet3
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2$1$212/2412/2012/1812/1812
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312/18
AAO121000
AAOAAA1200+$100
AAO1236100047.5
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412/18
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAA
1236
70
65
60
55
50
48
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAAAAO
123691236
70
6555
6050
5548
5046
4844
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAO
12
70
65
60
55
50
48
46
44
Sheet3
-
512/19129
AAO12
AAA
AAO912/1912/1950.5
-
612/1912/1950.5
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAA
1236
70
65
60
55
50
48
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAAAAO
1236912369
7060
6555
6050
5548
5046
4844
46
44
Sheet3
Sheet1
12369
70
65
60
55
50
48
46
44
Sheet2
AAO
12
70
65
60
55
50
48
46
44
Sheet3
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2003000AAOAAA 1200+$3000AAO 1000
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AAO3000900022500 3,600,00010,800,00027,000,000AAA1200AAO1000AAAAAO
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2003000AAO 51.555.047.9
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AAA 1200+$3000CallPut = [(55*1200+3000)-(51.5*1200+3000)] / 1000 = 4.2CallPut = [(51.5*1200+3000)-(47.9*1200+3000)] / 1000 = 4.32