中国权证市场问题探究

发布时间：2018-05-18 03:03

本文选题：权证 + 定价　；参考：《苏州大学》2014年硕士论文

【摘要】：20世纪初期，权证开始在美国出现。随着会融市场的发展，权证交易同趋活跃，在亚太地区，权证已成为较为普遍的金融衍生品。我国最早出现的较为严格意义上的权证是曾经推出的配股权证，但是，由于权证当时的过度投机现象以及起不到权证的实质作用，权证市场被关闭。2005年8月22日，在股权分置改革的背景之下，宝钢权证挂牌上市，成为阔别9年后我国证券市场迎来的第一只权证。本文阐述了权证的性质、类别、操作策略、用途和风险，并对全球权证市场的发展概况作了介绍，分析了宝钢权证作为我国权证市场首只产品所处市场环境的特殊性，以及在随后建立的创设机制下券商与投资者行为，分析中国权证市场发展的现况以及后来关闭的原因，，由此得出我国权证市场的发展特点。最后，对权证市场的建设和权证投资提出了几点建议。
[Abstract]:In the early 20 th century, warrants began to appear in the United States. With the development of the financial market, warrants are becoming more and more active. In the Asia-Pacific region, warrants have become more common financial derivatives. The earliest warrants in the strict sense of our country were the rights and allotment warrants, but the warrants market was closed down on August 22, 2005, because of the excessive speculation of warrants at that time and the failure to play the substantive role of warrants. Under the background of the reform of split share structure, Baosteel's warrants are listed on the stock market and become the first warrants in China's securities market after 9 years' absence. This paper expounds the nature, category, operation strategy, use and risk of warrants, introduces the development of the global warrant market, and analyzes the particularity of the market environment in which Baosteel is the first product of warrant market in China. The paper also analyzes the current situation of the development of China's warrant market and the reasons for its closure under the subsequent establishment mechanism, and concludes the characteristics of the development of China's warrants market. Finally, several suggestions are put forward for the construction of warrant market and warrant investment.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【共引文献】