股票期权是70年代中期首先在美国发展起来的一种金融创新工具,20多年来股票期权作为防范股票价格波动风险或投机的有效手段而得到迅速发展。近年来,国际衍生金融市场除了交易人们较为熟悉的美式期权和欧式期权之外,还出现了一种称为亚期权的新型期权。本文鉴于我国当前金融创新的发展动向,仅就亚式股票期权的特征及其定价方法进行探讨,以加深人们对金融衍生证券的认识;至于亚式货币期权等其他亚式期权在此暂不作讨论。 Stock options were the first financial innovation tools developed in the United States in the mid-1970s. For more than 20 years, stock options have developed rapidly as effective measures to prevent the risk of stock price volatility or speculation. In recent years, international derivative financial markets have not only traded American and European options, which are familiar to people, but also have emerged as a new type of option called Asian options. In view of the current trend of financial innovation in our country, this paper discusses only the characteristics of Asian stock options and their pricing methods so as to deepen their understanding of financial derivative securities. As for other Asian options such as Asian currency options, it is not discussed here .