保护中小股东的奇异认沽权证蒙特卡罗模拟方案设计

Planning Design of Monte Carlo Simulation of Exotic Put Warrant of Protecting Mid-small Shareholders

针对经济活动(如股改、定向增发、兼并收购、重组、整体上市和非常广泛的股权合作)中有可能存在的控股股东对中小股东利益的侵害,引入认沽权证产品,在协商的基础上设计一种多执行时机、执行价格按一定利率随时间线性增长的奇异认沽权证方案,利用蒙特卡罗模拟最小二乘法编程计算权证的模拟值,在保护中小股东利益的基础上,有助于合作中控股股东战略意图(如股改、定向增发、兼并收购、重组、整体上市等)的实施和顺利促进最广泛的双方股权合作。

In economic activities （such as splitting share structure reform, directional add -issuance, M＆A, restructuring, and very extensive stock right cooperation） , the control shareholders probably violate the mid -small shareholderg interests. The author introduces the product of put warrant and designs the plan of exotic put warrant which has multiple exercise opportunity and its exercise price grows with the time according to certain interest rate on the basis of negotiation, and then he utilizes a simple least - squares approach of Monte Carlo simulation to program to compute the simulation value of warrant. On the basis of protecting the interests of mid - small shareholders, the plan above facilitates the implementation of strategic intention of control shareholders in the cooperation （ splitting share structure reform, directional add - issuance, consolidation, purchasing, etc. ） and promotes extensive cooperation of stock right of both sides smoothly.