现行权证创设机制存在的缺陷与对策

发布时间：2018-01-07 22:11

本文关键词：现行权证创设机制存在的缺陷与对策　出处：《山东社会科学》2010年04期 　论文类型：期刊论文

【摘要】：我国的资本市场主要以股票市场为主,金融衍生产品缺乏,资本市场的整体结构还很不完善。权证的推出是我国证券市场产品创新深入和国际化进程加速的重要表现形式。现行权证创设机制对于熨平因供给不足导致的权证品种非理性波动起到了一定的作用,但其缺陷也是显而易见的:券商权证创设制度通过人为增加权证供给,改变了流通股股东的股改对价权益;权证创设人处于优势地位;创设认沽权证要求以全额现金作抵押,在很短的时间内可以创设出大量的认沽权证;创设权证的券商存在无风险套利的机会。完善权证发行的政策建议:尽早推出备兑权证和股指期货;完善平衡供需机制,引入持续发行机制与自由发行机制;引入做市商制度;实行部分抵押或动态对冲制度。
[Abstract]:China's capital market mainly in the stock market, the lack of financial derivative products, the overall structure of the capital market is not perfect. The introduction of warrants is an important form of innovation of China's securities market products and accelerate the process of internationalization. The current creation mechanism for ironing due to lack of supply leads to irrational fluctuations from warrants to a certain extent, but its defect is obviously the warrants creation system by artificially increasing the supply of warrants, changed the tradable shareholders in the share reform on the price of the rights and interests of people in a dominant position; creation; creation of put warrants to full cash as collateral, in a very short period of time can create a large number. Put warrants warrants brokerage; there is no risk of arbitrage opportunities. Perfect warrants issued policy recommendations: the early introduction of warrants and stock index futures; perfect balance of supply and demand The mechanism, the introduction of the continuous distribution mechanism and free distribution mechanism, the introduction of market maker system, the implementation of the partial mortgage or dynamic hedging system.

【作者单位】：西安交通大学;洛阳师范学院;
【基金】：西安交通大学“985”工程二期建设项目(07200701)的阶段性成果
【分类号】：F832.51
【正文快照】： 一、引言我国的资本市场主要以股票市场为主,金融衍生产品缺乏,资本市场的整体结构还很不完善。权证的推出是我国证券市场产品创新深入和国际化进程加速的重要表现形式。未来权证产品在我国发展空间巨大,但目前国内权证市场还仅处于发展的初始阶段,规则的不完善以及对应的市

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