中国权证市场的发展特点、模式与对策

Study on Development Features, Mode and Measures of China’s Warrant Market

目前中国权证市场呈现定价效率低、回转交易量大以及明显的末日现象特性。权证的杠杆性能和做空性能、权证市场投资者追求高的有效杠杆比率、现有权证产品杠杆提高过快等,是权证特性形成的原因。鉴于此,本文提出我国衍生品市场发展的模式,即开放与约束并举来发展权证市场;通过"杠杆工具"和"阻尼工具"来调控风险;分三个阶段逐步推进权证市场变革与发展;针对市场参与者、产品设计、交易制度、监管制度四个方面提供市场化约束。

Currently, there are some features of warrant market in China, such as inefficiency of pricing, big rotation trade volume and the obvious Doomsday phenomenon. And there are some causes leading to these features above, such as warrant＇ s leverage and going-short property, seeking high leverage efficiency by investors of warrant market, quick rise in leverage level of current warrant products. In view of the above reasons, suggestion of employing the development model of domestic derivative market is put forward, that is, opening and constraining were both used to develop China＇ s warrant market. Risks are regulated through employing leverage tools and damping tools. Through three phases, the reform and development of warrant market are gradually promoted. Market constraints are made in terms of market participants, product design, transaction system, regulation system.