joe
2023-08-10 07:22除買賣外，大宗商品不產(chǎn)生現(xiàn)金流。但 convenience yield 算是中間的現(xiàn)金流嗎
所屬：CFA Level II > Alternative Investments 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Johnny助教
2023-08-10 09:10
該回答已被題主采納
同學(xué)你好，教材原文如下：
Having a physical supply of the commodity available is convenient for consumers of the commodity because it acts as a buffer to a potential supply disruption that could otherwise force a shutdown of their operations. Because this type of risk/concern is inversely related to the inventory size and the general availability of the commodity, the convenience yield is low when stock is abundant.
However, the yield rises as inventories diminish and concerns regarding future availability of the commodity increase.
大致來說，便利收益充當(dāng)著一個緩沖作用，他是用來抵御大宗商品斷供的。在期貨合約有效期間，大宗商品產(chǎn)生短缺的可能性越大，則便利收益就越高。若商品使用者擁有大量的庫存，則在不久將來出現(xiàn)商品短缺的可能性很小，從而便利收益率會比較低。另一方面，較低的庫存導(dǎo)致較高的便利收益。
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