开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

emma爱地球 · 2025年02月02日

profit计算

  1. CFA I
  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

老师，我想了一下，总觉得这一题在利润计算那里要扣掉买入时候的佣金是有问题的，因为它已经算入初始成本了，所以不应该在计算利润的时候重复扣除。

为了验证我自己做了一个很小的例子，麻烦老师看一眼是不是这样



添加评论
emma爱地球 · 2025年02月02日

或者就在原题里面计算，如果我最终买回的价格不是¥45，而是¥52买回的，按照题目的解题方法，我这一笔交易的利润就是负数，可是实际上从现金流来看，不是负数呀

1 个答案

王园圆_品职助教 · 2025年02月02日

同学你好，第一，你上传的图片的解法里面——既然初始投资的100已经包含了10元的佣金，而你最后计算收益的时候直接减的已经是包含了这个10元佣金的100（而不是90）了，自然不需要再多减一次佣金了，否则就是一笔交易减3次佣金了——所以你图上的计算方式里，确实不需要额外多减一次佣金

第二，你的追问，“我最终买回的价格不是¥45，而是¥52买回的，按照题目的解题方法，我这一笔交易的利润就是负数”——（56-52）*100 = 400是这笔交易股价下跌带来的收益——属于净现金流入；

2.5*100 =250是这笔交易作为卖空方需要支付出去的分红支出——是现金流出

买卖支出的佣金 =155+145 = 300——也是现金流出

最后400 -250-300 = -150 ——确实是现金流出，是负数啊？即便从现金流角度看也是纯负数，助教没有理解你为什么觉得不是负数呢

这道题和任何了一道题库里买卖股票有佣金费用的题目都没有任何差别，计算利润的逻辑也和我们生活中的经验是完全一致的。我们只会在意最后实际投资一次以后口袋里能剩多少净收益，那买入和卖出的2次佣金作为掏出去的钱就一定要扣除掉。


  • 1

    回答

  • 0

    关注

  • 5

    浏览
相关问题

NO.PZ2023040301000027 问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56% B.22.65% C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 如题

2024-10-04 15:04 1 · 回答

NO.PZ2023040301000027 问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56% B.22.65% C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 请问老师我是否可以这样理解，在之前的一道问题中我们是拥有多头头寸，因此收益率的计算思路是用期末资产减去期初投入的自有资金然后再除以自由资金，这个过程中佣金已经被分别扣减了两次，但是是分散在两次计算过程中的，实际上利润也是扣减了两次的佣金；但在这道题中我们持有的是空头头寸，就是直接计算利润去除以期初的自有资金，不用再计算期末的资产，因此体现在计算过程中就是直接一次性扣减了两次的佣金，这样理解正确吗

2024-09-25 23:35 1 · 回答

NO.PZ2023040301000027问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56%B.22.65%C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 vin这个vin是投资者收到的分红吗，为什么收益里面不包括反而要扣除呢

2024-08-22 11:22 1 · 回答

NO.PZ2023040301000027 问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56% B.22.65% C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 老师，我是这么理解的期初买进给了1笔155的佣金，期末应该是买回股票归还，减去1笔145的佣金，为什么期末还需要减去1个买进股票155的佣金？

2024-06-19 09:55 1 · 回答