上市公司发行认股权证的再融资风险研究

The Analysis on the Refinancing Risks of Warrant Issuance

认股权证具有价格发现和风险管理等功能.我国上市公司发行认股权证对解决非流通股上市和企业再融资,完善金融市场功能具有重要意义.但上市公司在发行认股权证再融资时应对权证的不对称性风险,发行认股权证的定价风险和加剧正股价格波动的风险有充分的认识和理性的态度.

Warrants have the functions of pricing and avoiding risk. It is important for listed companies to issue warrants, which can enable the flow of non - tradable stock and perfect the function of the financial market. However, when listed companies put on sale warrants to refinance, they should have adequate and rational knowledge about them. Which maybe take the risk of non - symmetric, pricing, and enhancing the volatility of the underlying stock price.