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什么是做空 (Short Selling)?做空如何运作?

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什么是做空 (Short Selling)?做空如何运作?

什么是做空 (Short Selling)?做空如何运作?

Vantage Updated Updated Thu, 2022 November 24 09:48

你可能听说过“做空”股票这一术语,指的是交易者和投机者在资产价格下跌时制造的可能获利的机会。有时人们希望自己有机会在市场资产缩水时交易该资产依然赚钱。

你可能已经从网络阅读过各种关于做空的文章,但依然对做空的运作,以及如何发掘做空的机会一知半解,这篇文章将为你揭开这种交易策略的神秘面纱,一一解开你所有疑惑。

从基础开始:什么是做空?

让我们从了解做空(a short)的预期结果开始,再往下探讨如何顺利实现这一预期的理想结果。

在传统交易(也称为“多头”)中,投资者买入并持有股票,等待未来价格上涨时再卖出(低买高卖)。反之,“空头头寸”则在资产价格下跌时创造投资机会,让做空者从价格变化中获利(高卖低买)。

当做空者认为某种股票或资产将会下跌时,会开立空头头寸——向证券商借来股票或者其他资产,并承诺在日后归还。在借入股票期间,做空者将向贷方支付一小笔溢价(premium),也被称为借款利率(borrow-rate)。

“借入”资产后,做空者会以当前市场价格卖出,并希望该资产的价格会如预期般下跌,之后再以较低的价格买入,归还证券商,从中赚取差价,交易过程是先卖出后买回。通过开立空头头寸,做空者便有机会从价格下跌中获利。

值得留意的是,在交易期货或差价合约时,做空者无需真的向其他资产拥有者借入资产,也可以建立空头头寸。

利用差价合约做空的示例

假设一只股票目前交易价为10美元,作为差价合约(CFD)交易者,你相信股价将会下跌,并决定以当前价格签订1,000份卖出合约。

一周后,该股票价格跌至9美元。这时,你决定通过执行1,000份买入合约来平仓。这一系列操作的结果是,你获得了1,000美元的利润(1美元 x 1,000份合约)。注意,在示例中,交易成本、借款利率成本和其他费用已被忽略。

交易者为什么要做空?

做空交易有两个主要用途。

第一种是利用熊市或预期该金融资产会有下跌趋势。做空为交易者提供了另一种工具,借由做空操作不同的交易策略,并在任何市场条件下都能够创造获利机会。

做空的第二个主要用途是作为对冲工具。如果交易者发现当前的未平仓头寸偏离了他们期望的风险参数,那么建立新的空头头寸可以让他们仍然安全地持有头寸,不必平仓。

与所有其他交易工具一样,做空只是为交易者提供了额外的选择,让他们在金融市场上找到并磨练自己的投资优势。

做空的风险

在传统的“多头”交易中,交易者的风险是有限的。最坏的情况只是资产价格下跌至零,损失上限是用来购买该资产的本金。相反,理论上资产价格的上涨幅度并没有限制,因此潜在上涨空间是无限的。

相对的,做空交易的上涨空间有限,而潜在的风险则是无限的。在最好的情况下,资产的价格会跌至零,这是交易者可以从该交易中获得的最大收益。然而,由于资产价格的上涨是无限的,因此空头头寸的最大损失理论上也是无限的。换句话说,交易者在空头头寸中的损失,可能远比传统的多头头寸要多得多。

因此,在进行做空交易时,设置止损是交易者做好风险管理非常重要的一步,以避免把所有资金甚至自身的财产都亏损完。

做空:时机就是一切

在做空交易中,把握正确的时机至关重要。因为即使交易者预测资产的价格方向正确,但仍然有可能会因为价格的间歇性波动而蒙受亏损,甚至可能触发止损,或面临一连串 Margin Call(追加保证金通知)。

和其他交易工具一样,在开始交易前都必须首先熟悉它的运作原理,并在自身的交易策略中实施稳健的风险管理。这一点在做空交易尤为重要。

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