溢價比例
premium ratio
以認購（售）權證買賣股票比直接投資股票要多付出的費用，亦即認購 （售）權證因時間價值所給予的風險貼水，為衡量認購（售）權證價值常用的方法。認購（售）權證的溢價比例愈高，表示標的證券股價的折價幅度越大，投資認購（售）權證的獲利也愈高，因此認購（售）權證的價格也愈高。不過 在認購（售）權證接近到期日時，認購（售）權證價格加上履約價會越來越接近標的證券股價，因此權證的溢價比例會逐漸下降，直到滿期日時，溢價比例會剛好等於零。所以，就某種程度而言，溢價比例或多或少也反應了權證的時間價值；在其它條件不變下，愈接近到期日的認購（售）權證，其溢價比例愈低
To subscribe (put) warrants trading stocks than direct investment stock to pay more costs, namely the subscription (sold separately) the time value of warrants due to the risk premium given for the measure call (put) the value of warrants commonly used method. Premium Ratio call (put) warrants the higher the stock price of the underlying securities represented the greater the discount rate, the investment earnings call (put) warrants also higher, so call (put) warrants the price is higher. But call (put) warrants close maturity date, call (put) warrant price plus exercise price will be closer to the stock price of the underlying securities, and therefore warrants a premium ratio will gradually decline, until the expiry date, the premium ratio will be exactly equal to zero . So, some extent, more or less the proportion of the premium also reflects the time value of warrants; the other conditions remain unchanged, the closer the call (put) the expiry date of the warrants, the lower the proportion of premiums