投资者情绪对上证50ETF期权价格的影响研究

A Study on the Impact of Investor Sentiment on SSE 50 ETF Option Prices

在现代金融理论的发展进程中,投资者情绪对期权价格的影响一直是研究者们关注的重点。文章从行为金融学的角度出发,分析投资者情绪变量对期权价格的影响,结果表明,投资者情绪不仅通过期权市场直接影响期权价格,而且通过影响标的资产市场间接影响期权的价格;投资者情绪与期权价格之间呈现相关关系。文章以上证50ETF期权为例进行相应的分析和解释,论证了投资者情绪对期权价格的重要影响,有助于投资者了解衍生产品价格的行为规避风险,也有助于监管部门管理风险,稳定期权市场。

In the development process of modern financial theory, the problem of rational pricing of options has been the focus of researchers’ attention. The article analyzes the impact of investor sentiment variables on option prices from the perspective of behavioral finance. The results show that investor sentiment affects option prices not only directly through the option market, but also indirectly by affecting the underlying asset market;a correlation is shown between investor sentiment and option prices. The article takes the above-mentioned 50 ETF options as an example for corresponding analysis and explanation, and argues that investor sentiment has an important impact on option prices, which helps investors understand the behavior of derivative prices and avoid risks, and it also helps regulators manage risk and stabilize the options market.