透视权证:股改中的助力器

An Insight into Warrants: A Catalyzer for Reformation of Stock Market

在目前众多的股权分置改革方案中,权证不失为一种有力的工具。权证作为一种金融衍生产品,不仅有利于调动普通投资者参与证券市场投资的积极性,而且有利于提升国内投资机构和投资者的风险管理水平,为基金等机构投资者提供风险管理工具,为对冲系统风险提供有效渠道。发展权证产品将有利于在我国资本市场上建立更好的“动力机制”、有利于实现参与者的“多次博弈”,避免对市场形成较大冲击并对解决上市公司“内部人控制”问题有重要的作用。

Warrants is by no means a powerful tool in so many resolutions to the reformation of share listing disposed differently. As a financial derivative, warrants is not only hepful for arouse the activity of average investors to participating invetstment of securities market, but also a help for accelerating risk management level of domestic investment institutions and investors by providing a risk management tool for institutional investors such as funds and providing an effective channel for offseting systematic risk. Developing warrants products will be good for building a better ＂motive mechanism＂ in China＇ s capital market, and be good for realizing ＂multiple gaming＂ of participators, avoiding rather huge assault of market and having siginificant function for solving ＂insiders controlling＂ problem of listed companies.