上证指数的计算方法（The calculation method of Shanghai Stock Index）

1、上证指数的计算方法（The calculation method of Shanghai Stock Index）Calculation method of Shanghai Stock IndexDefault classification 2008-06-24 09:18 read 75 comment 0: big, medium and small Shanghai Composite Index1, the Shanghai stock index called the Shanghai Stock Exchange composite stock index, also known

2、 as stock index, is widely used at home and abroad to reflect the overall trend of the Shanghai stock market statistical indicators.The Shanghai composite index was compiled by the Shanghai stock exchange and released publicly in July 15, 1991. The Shanghai Stock Exchange was named as point as the u

3、nit, and the base date was December 19, 1990. The Kiriti number is set at 100.2. Calculation formulaThe reporting period index = (the total value of the stock market at the reporting period / the market value of the stock market at the base date) x 100Market value = sigma (market price x number of s

4、hares issued)The market value of the underlying stock is also called the divisor.3, correction methodWhen the total value of the market changes in non trading factors, the divisor correction method is used to correct the original fixed divisor to maintain the continuity of the index, and the formula

5、 is revised as follows:Revise the market value of the pre sampled stock / the original divisor = the total value of the revised sample market / the modified divisor, thus the modified continuity is obtained, and the subsequent index is calculated accordingly.When the stock dividend payout, indices a

6、re not corrected, let it fall.According to the actual situation of Shanghai stock market, amendments should be made if one of the following circumstances occurs:(1) ipo;(2) the stock market;(3) the number of changes in equity (stock, capital shares, etc.);(4) the right to withdraw the stock (tempora

7、rily not included in the index), rehabilitation (re included index)(5) exchange rate fluctuationIPO: new shares listed on the second day into the index, that is not included in the index on the day, while the day after the closing correction index, the correction method is:The market value of the da

8、y / the original divisor = the market value of the day + the number of shares issued on the same day the closing price of the day / the revised divisor(the divisor correction method) is used to modify the original fixed divisor to ensure the continuity of exponent. The correction formula is:Revised

9、market value / original divisor = revised market value / new divisorAmong them, the revised market value = before the revised market value + new (minus) market value;This formula is a new divisor (i.e. modified divisor, also known as the new period), and calculate the index after. )Ex Rights: correc

10、tion index before opening date of stock right trading day:The market value of the original / the market value of the divisor of N + ex stock shares * (ex quote - the closing price the day before / after correction).From right: in the containing assembly of ex dividend stock benchmark, in the stock i

11、ndex sample stock excluding;Right: in the withdrawal right allotment section shares circulation after eleventh trading days, and then counted the index.4. Index releaseAt present, the Shanghai index calculation for real-time transaction, each with a new deal, to calculate a price index calculation,

12、the sample stock (X) according to the following principles:(1) if there is no transaction on the day, the closing price of X= the day before yesterday(2) if there is a transaction on the day, the latest transaction price of X=The Shanghai Composite Index daily with various forms of communication to

13、the domestic warrants and warrants reflects is a kind of contractual relationship between the issuer and the holder, then to the holders of the warrant issuer to pay a certain amount of money, it was acquired from the issuer of a right. This right allows the holder to buy or sell a certain amount of

14、 assets to the warrant issuer at an agreed price on a particular date or during a specific period of time.The holder is a right is not responsibility, it has the right to decide whether to perform the contract, and the issuer of the obligation only to be executed, so as to get this right, investors

15、need to pay a certain price (Quan Lijin).Warrants (actually all options) and forward or futures are that the former is not received by the holder of a responsibility, but also a kind of right, the latter holders should have the responsibility to implement agreements signed by both parties, that must

16、 be a specified price at a specified future time, transaction related assets specified. And this transaction is called warrants trading.The place where warrants are traded: investors can buy and sell warrants in the business department of a securities company with membership approved by the exchange

17、. If the business department is unable to buy and sell warrants, it may be that the qualification of the trading warrant of the business department is limited. Please contact the broker for confirmation.How to open warrants Trading: investors should know the relevant business rules and possible risk

18、s before they buy and sell warrants, and sign a risk disclosure book made by the Shanghai stock exchange. Only after signing the risk disclosure, can investors carry out warrants trading. (some business departments can apply for phone calls and then go through the formalities)How to: the sale of war

19、rants and stock warrants similar, investors can provide brokerage such as computer terminals, online trading platform, telephone reporting channels, enter the account code, price, quantity and warrants trading direction and other information can be the sale of warrants. The required account is the s

20、tock account, and the investor who has the stock account does not have to open a new account.The declaration of the provisions of the sale of Warrants: single declaration number no more than 1 million copies, the warrant purchase declaration integer number is 100, that is to say the least number of

21、investors buying each declaration should be 100 or 100 times, integer. If you can buy 100 copies, 1200 copies, etc., but can not apply for 99 copies, 160 copies and so on. The minimum change of declared price is RMB 0.001 yuan.The difference between warrant trading and stock: unlike stock trading, t

22、he warrants can not be sold on the same day, and the warrants can be traded by T+0, i.e. the warrants purchased on the same day can be sold on the same day.The suspension of Warrants: as a securities derivative product, the value of warrants mainly depends on the value of the corresponding stock, wh

23、ich proves that there is a close linkage between the price and the price of the corresponding stock. According to the provisions of the exchange: corresponding to the suspension of shares, warrants corresponding suspension; corresponding shares resume trading, warrants resume trading. In addition, t

24、he exchange also stipulates that the warrants can be suspended in accordance with market demand.The transaction commission and expenses of warrants are carried out according to the standard of funds traded on exchanges. Specifically, the Commission of the warrant transaction does not exceed 0.3% of

25、the transaction amount. When the exercise is exercised, 0.05% of the stock transfer fee is paid to the registered company according to the par value of the stock transfer, and the exercise Commission is not charged.The price calculation: the transaction warrants warrants the implementation of price

26、limits, but with the rise and fall of stock ten percent limit price is different, warrants price price rather than a percentage limit, calculated according to the following formula:The price of the warrant is equal to the closing price of the previous day of the warrant + (the price of the underlyin

27、g securities on the day before the price - the previous days closing price of the underlying securities) x 125% x exercise ratio (the current varieties are 1)The decrease of the warrant price = the closing price of the previous day of the warrant - (the closing price of the previous day of the under

28、lying securities - the price of the underlying securities on the day) - x 125% x exercise ratio. (when the calculation results are less than zero, the warrants price is zero)Example: one day warrants closing price is 1 yuan, corresponding to the closing price of the stock is 10 yuan. The second day,

29、 the corresponding shares daily limit to 11 yuan, if the warrants also limit, according to the above formula, warrants trading price: 1 + (11 - 10) * 125% = 2.25 yuan, the percentage increase of warrants for (2.25-1) /1 * 100% = 125%The difference between warrant trading and stock tradingWarrants tr

30、ading is very similar to stock trading. In addition to using the same stock exchange account of Shanghai and Shenzhen two cities, warrants trading is similar to stock trading in terms of trading time and trading mechanism (bidding method). But there are also some obvious differences:(1) the warrant

31、transaction needs to sign the warrant risk disclosure in written formThe warrants have the financial leverage and maturity, the risk is relatively large, therefore, from the beginning of August 1, 2007, the Shanghai and Shenzhen stock exchange requires investors before participating in the warrant t

32、radingtransaction, must be written to the business department to sign warrant risk disclosure statement.(2) the smallest unit of declared priceThe minimum unit of variation of the price of warrants is 0.001 yuan, which is different from the minimum unit price of 0.01 yuan. This is because some of th

33、e warrants prices may be low, such as the price of the warrants, the warrants prices may be only a few cents or even close to 0, if the price of 0.01 yuan is the smallest unit of change price beat amplitude becomes too large, so the provisions of the exchange warrant price minimum change unit is 0.0

34、01.(3) the price limit of the warrant priceAt present, the normal rise and fall of the stock is limited by 10%, while the increase or decrease of the warrants is calculated by the absolute amount of the allowed price instead of the percentage, and the calculation is made according to the following f

35、ormula:The price of the warrant is equal to the closing price of the day before the warrant (the price of the underlying securities on the same day or the previous days closing price of the underlying securities) x 125% x exercise ratio;The decrease of the warrant price = the closing price of the previous day of the warrant - (the closing price of the pre