strike price是指履约价，也称为行使价，同exercise price。

其英文释义：A strike price is the set price at which a derivative contract can be bought or sold when it is exercised. For call options, the strike price is where the security can be bought by the option holder; for put options, the strike price is the price at which the security can be sold. Strike price is also known as the exercise price.

（英文来源：https://www.investopedia.com/terms/s/strikeprice.asp）

即：履约价是衍生合约在行使时可以买卖的设定价格。对于看涨期权，履约价是期权持有人可以购买证券的价格；对于看跌期权，履约价是可以出售证券的价格。履约价也称为行使价。

例：

A buyer of a put option will be in the money when the underlying stock price is below the strike price and be out of the money when the underlying stock price is above the strike price.

当标的股票价格低于履约价时，看跌期权的买方将处于价内，而当标的股票价格高于行使价时，看跌期权的买方将处于价外。

Assuming all other factors affecting two different warrants or CBBCs are the same (underlying asset, strike price, expiry date, volatility etc.), their respective entitlement [...] ratios would directly affect their respective values per unit.

假设影响两只权证或牛熊证的所有其他因素（挂钩资产 、履约价、到期日、波幅等）均相同，其各自的换股比率将直接影响其各自的每股价值。

英文释义

A strike price is the set price at which aderivative contract can be bought or sold when it is exercised. For calloptions, the strike price is where the security can be bought by the optionholder; for put options, the strike price is the price at which the securitycan be sold.

Strike price is also known as the exercise price.

中文释义

期权执行价格又称协议价格，期权协议价格，行使价格，是指期权交易双方商定在规定未来某时期内执行买权和卖权合同的价格。

执行价格确定后，在期权合约规定的期限内，无论价格怎样波动，只要期权的买方要求执行该期权，期权的卖方就必须以此价格履行义务。

如:期权买方买入了看涨期权，在期权合约的有效期内，若价格上涨，并且高于执行价格，则期权买方就有权以较低的执行价格买入期权合约规定数量的特定商品。而期权卖方也必须无条件的以较低的执行价格履行卖出义务。

对于外汇期权来说，执行价格就是外汇期权的买方行使权利时事先规定的汇率。

KEY TAKEAWAYS

Strike price is the price at which aderivative contract can be bought or sold (exercised).

执行价格是指衍生品合约可以买卖(行使)的价格。

Derivatives are financial products whose value is based (derived) on the underlying asset, usually another financialinstrument.

衍生品是指价值基于标的资产(通常是另一种金融工具)的金融产品。

The strike price, also known as the exercise price, is the most important determinant of option value.

执行价格又称行权价格，是决定期权价值最重要的因素。

概念详解

股票期权行权价是否合理，关系到期权激励是否有效。股票期权行权价的确定，一般有三种方法：一是现值有利法，即行使价低于当前股价；二是等现值法，即行使价等于当前市价；三是现值不利法，即行使价高于当前股价。

对于上市公司来说，应当遵循公平市价原则和发行价原则。然而，即便我们能够完全遵循这两条原则，在制定股票期权行权价时仍会遇到很多需要解决的矛盾。具体表现在：如将股票期权行权价定为“公允市价”，则“公允市价”存在被人为扭曲的可能，因为股东们不能防止在可预期的期权赠与日前公司的某些财务记录被蓄意操纵，以获得一个较低的行权价；而在行权日也可能存在人为扭曲的高市价，以获得较高的行权价差。解决这一矛盾的唯一可行的办法是，将“公允市价”定义为某一时间段(如股权售出日前若干个交易日)的平均收市价，并规定行权价为该平均值的80%-110%。