金融衍生品权证及其在保险投资中的应用

An Exploration on the Derivative Investment Vehicle of Warrant and on Its Application in Insurance Fund Investment

权证是一种基础性的金融衍生品，主要具有价格发现和风险管理的功能，它是一种有效的风险管理和资源配置的工具。它在我国证券市场的引入，将对保险资金投资证券市场收益的稳定性产生重要的影响。本文就权证的概念特点、定价模型以及交易策略作了由浅入深的阐述，最后以案例的形式分析权证在保险资金证券投资中的应用，借以阐明，只要熟悉了解权证，正确把握权证投资的策略，结合保险资金的特点，建立合理的投资组合，则可以稳定保险资金在证券市场投资的收益。

Warrant is a kind of fundamental financial derivative vehicles whose major functions are price discovery and risk management. It is an effective tool for risk management and resources allocation. Its introduction into the Chinese securities market will help to stabilize the investment yield of insurance funds, This article thoroughly elaborated on the principal features, pricing model and trading strategy of warrants, To conclude, it employed a case to demonstrate that if we understand warrants properly and use investment strategies suitable to the characteristics of insurance funds, warrants can be integrated into the investment portfolio to stabilize its yield.