我国证券市场发展权证业务的意义及其风险分析

Feasibility,Significance and Risk Analysis:Development of Warrant Service on Chinese Security Market

开发研究金融衍生产品对于进一步发挥证券市场资源配置功能至关重要。分析了我国证券市场发展权证业务的可行性、影响及意义,认为我国证券市场已具备发展权证业务的基本条件,发展权证业务对投资者、发行人、证券市场等参与各方均有益处,有利于完善证券市场宏观结构、有效改善市场微观结构、提高市场的融资效率、拓宽中介机构业务范围。从备兑权证发行与做市商方面、权证投资方面、权证代理业务方面对发展权证业务的风险进行了分析,并提出了认真设计发行方案,借鉴投资基金的做法、严格控制权证投资规模,各券商分支机构不得私自代理无资格券商开展权证业务等相应的对策建议。

The development of financial by-products is very important for the full play of resource-allocating function of security market. This paper analyzes the feasibility, influence and significance of developing warrant service. It holds that the conditions for it on domestic secutrity market have been mature, and it is conducive to investors, warrant issuers, the security market and all those who are involved. Besides, it can help to improve the macro and micro structures of the security market, upgrade the financing efficiency, and expand business scopes of agents. Moreover, it makes risk analysis in developing warrants service from the following aspects： covered warrants issuance, market maker, warrant investment and warrant agent service. And it proposes some suggestions, such as the careful making of warrants-issuing plans, learning from the practice of investing capital, making strict control of the warrant investing control, and prohibiting branch setups from acting for warrant investors without any license.