中国权证市场的发展  

The Development of Chinese Warrant Market

作　　者：苗丝雨 

机构地区：[1]北京航空航天大学经济管理学院,北京100191

出　　处：《技术与创新管理》2013年第6期562-566,共5页Technology and Innovation Management

摘　　要：权证是一种以标的证券为基础的金融衍生品,权证的发行和上市,增加了资本市场股权融资的种类,又拓宽了企业的融资渠道。权证市场的健康发展对中国发展金融衍生品市场与完善证券市场结构有着非常重要的意义。我国上市公司股权分置改革于2005年5月启动,权证被再次引入中国内地证券市场。由于融资便利、对冲风险而备受广大投资者的青睐。但由于市场供需失衡、交易机制缺损、投资者行为非理性和市场监管不力等方面的原因,当前我国权证市场发展中依然存在着一些不容忽视的问题。Warrant is a kind of derivative based on underlying securities. The issuance and listing of warrants has increased the types of equity financing in capital market, and has broadened the financing channels for enterprises. The healthy devel- opment of warrant market has the significance for the development of China＇ s securities market and improvement of the fi- nancial derivatives market structure. The share reform of China＇ s listed companies started in May 2005, warrants were re-in- troduced to Chinese mainland stock market. They are highly favored by the majority of investors due to the financing facili- ties and hedging risk. However, due to imbalance of market supply and demand, defect of trading mechanism, irrational in- vestor behavior and lack of market supervision and other reasons, the current development of our warrants market still has some problems which can not be ignored.

关 键 词：权证 权证市场 发行人 标的证券 监管 

分 类 号：F832.5[经济管理—金融学]