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番薯shushu · 2025年04月24日

是否可以解释一下这里所说的margin是什么作用

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  2. Equity

NO.PZ2023040301000027

问题如下：

You decide to sell short 100 shares of Charlotte Horse Farms when it is selling at its yearly high of 56. Your broker tells you that your margin requirement is 45% and that the commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share dividend. At the end of one year, you buy 100 shares of Charlotte at 45 to close out your position and are charged a commission of $145. What is your rate of return on the investment?

选项：

A.

20.56%

B.

22.65%

C.

18.56%

解释：

Profit on a short sale = Begin value — Ending value — Dividends( Interest)— Trans. costs

ü Beginning value of investment = $56.00 x 100 =$5,600 (Sold under a short sale arrangement)

ü Ending value of investment = $45.00 x 100=$4,500

ü Transaction costs= $155 + $145 =$300.00

ü Dividends = $2.50 x 100 shares =$250.00

ü Profit= $5,600 — $4,500 — $250 — $300= $550.00

Ø Initial investment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675

The rate of return on your investment is 20.56%=$550.00 / $2,675

如果是卖空，为什么投资者自己需要出一部分自有资金？意思是说0时点借来股票卖出的时候，投资者自己要买一部分吗？


另外dividend为什么是全额扣除的呢。如果是上面这样理解，那45%的股票现在所有权在投资者自己这，他能拿到dividend，还给lender之后投资者自己没有损失。


不知道上面这样理解有没有问题。请老师帮看一下，谢谢！

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番薯shushu · 2025年04月24日

“这个保证金就是如果一旦股票没有下跌而是上涨了，那投资者就开始亏损，券商作为借出股票的人，就有必要要求一定的保证金保证这种情况下保证金可以覆盖这些亏损，避免股票涨价后无法按市场价买回从而券商自己发生损失”，在另一道short sell的问答里面看到这个回答，所以short sell的margin是保证金的意思吗，也就是说deposit给lender的金额一共是56*100+56*100*45%吗？还是56*100，只是其中45%是自有资金？另外，计算return时这个margin为何是作为初始投资放在分母的呢，因为感觉保证金是到期之后能够收回来的。感觉不太好理解整个交易流程，还请老师解释。多谢

1 个答案

王园圆_品职助教 · 2025年04月24日

同学你好，是的，无论是卖空还是买入，其实margin都是保证金或者投资者自有资金的意思呀，背后的逻辑都是一旦股票上涨或下跌就先亏投资者的自有资金，用来保证借出者是不能有任何本金损失的

““这个保证金就是如果一旦股票没有下跌而是上涨了，那投资者就开始亏损，券商作为借出股票的人，就有必要要求一定的保证金保证这种情况下保证金可以覆盖这些亏损，避免股票涨价后无法按市场价买回从而券商自己发生损失"——这是对的

“也就是说deposit给lender的金额一共是56*100+56*100*45%吗？”——一共给到券商这里的冻结的资金是56*100+56*100*45%这么多噢，因为卖空是真的会收到对方买家给的56*100这么多的现金的，只是不能给卖空者，也需要冻在券商这里

“计算return时这个margin为何是作为初始投资放在分母的呢，因为感觉保证金是到期之后能够收回来的。”——不对噢，如果股价上涨了哪怕一块钱，这一块钱都要从56*100*45%这里面补，所以投资者的这部分初始投资是真的会遭受亏损的，并不一定能够全额收回噢

初始买入的时候也是一样的，如果股价下跌，亏损的也是投资者自己的初始margin的部分，所以逻辑上这个margin就是实际的计算return的分母（初始投资），无论买入还是卖出都是一样


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