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摘 要
以股權(quán)分置改革為契機(jī)，作為股權(quán)分置改革的新型對價方式而推出的權(quán)證產(chǎn)品，成為了解決制度缺陷、恢復(fù)市場信心的先行軍。股改中推出的權(quán)證不僅成為發(fā)展股權(quán)類衍生產(chǎn)品市場的有益嘗試，而且具有催化標(biāo)的股票的價值重估與提升的作用。
權(quán)證正是我國金融市場發(fā)展的客觀需要，豐富了交易手段，有效了規(guī)避風(fēng)險。有效推進(jìn)我國金融市場的持續(xù)發(fā)展，讓市場參與者能順利達(dá)到自己的交易目的，且市場所有信息能反映在產(chǎn)品價格上，促進(jìn)市場的完整性很重要。作為當(dāng)前中國證券市場有重要意義的認(rèn)沽權(quán)證，許多人看認(rèn)沽權(quán)證這樣的衍生產(chǎn)品，就像潘多拉的盒子一樣。但是，衍生長品對市場是有正面功能的，一時的市場瘋狂行為不能抹殺其正面特性。由于認(rèn)沽權(quán)證的復(fù)雜性，由此監(jiān)管的時效性，認(rèn)沽權(quán)證作為一種較新的金融衍生產(chǎn)品，它在中國存在意義，特點(diǎn)。對投資者造成了什么影響？當(dāng)前中國對其規(guī)范的弊端及如何更好的發(fā)展我國的認(rèn)沽權(quán)證，發(fā)揮其價格發(fā)現(xiàn)與風(fēng)險轉(zhuǎn)移的功能？本文從認(rèn)沽權(quán)證概念，特點(diǎn)來論述中國認(rèn)沽權(quán)證的特性；從認(rèn)沽權(quán)證的價值分析，交易策略來分析認(rèn)沽權(quán)證當(dāng)前發(fā)展的主要問題；然后從具體實(shí)例表現(xiàn)中國近幾年發(fā)展歷程，論述認(rèn)沽權(quán)證發(fā)展的政策與市場的主要矛盾以及對發(fā)展其他金融衍生產(chǎn)品的指導(dǎo)作用。
關(guān)鍵詞:認(rèn)沽權(quán)證 股權(quán)分置 創(chuàng)設(shè)制度

The existence of received warrants discussion

Abstract： In the share reform promotes the warrant not only becomes the development stockholder's rights class derivative product market the beneficial attempt, and has the catalyzed sign stock value evaluation and the promotion function.
Because recognizes received warrant the complexity, from this supervises the effectiveness, recognizes received warrant to take one kind of new finance derivative product, it in Chinese existence significance, characteristic. Caused what to the investor to affect? How does current China and better develop our country to its standard's malpractice to recognize received warrant ,displays its price discovery and the risk shift function?This article from recognizes received warrant concept, the characteristic elaborates China to recognize received warrant the characteristic; From recognizes received warrant the value analysis, the transaction strategy analyzes recognizes received warrant current development the subject matter; Then displays China development process from the concrete example, the elaboration recognizes in recent years received warrant development the policy and the market principal contradiction as well as to develops other finance derivative product instruction function.

Keywords: received warrant split share structrue the creation of system

目 錄
1前言
2什么叫認(rèn)沽權(quán)證
2.1 認(rèn)沽權(quán)證在中國存在原因
2.1.1 權(quán)證在外國發(fā)達(dá)資本主義國家的不同之處
2.2 認(rèn)沽權(quán)證的特性
2.2.2 認(rèn)沽權(quán)證在的交易策略分析
2.2.3 認(rèn)沽權(quán)證下相關(guān)股東有關(guān)最佳策略組合的博弈
2.2.4 認(rèn)沽權(quán)證的風(fēng)險
3我國管制認(rèn)沽權(quán)證的制度及實(shí)例證明
3.1 我國管制認(rèn)沽權(quán)證制度
3.1.1 創(chuàng)設(shè)制度產(chǎn)生的原因及意義
3.1.2 創(chuàng)設(shè)制度的局限性
3.2 實(shí)例證明（選3只左右代表性認(rèn)沽權(quán)證論述在我國發(fā)展的道路）
4 如何規(guī)范認(rèn)沽權(quán)證
4.1 到目前我國認(rèn)沽權(quán)證發(fā)展的主要問題與矛盾
4.1.1中小投資者素質(zhì)跟不上，易形成投機(jī)
4.1.2 品種矛盾
4.1.3 價格劇烈波動,缺乏引導(dǎo)機(jī)制
4.1.4 創(chuàng)設(shè)與廣大散戶的矛盾
4.1.5 監(jiān)管與品種自身特性、前瞻性、時效性的矛盾
4.2 建立新的制度規(guī)范認(rèn)沽權(quán)證？
5 結(jié)論
致謝
參考文獻(xiàn)
英文摘要
附錄

參 考 文 獻(xiàn)
[1]劉俊棋.2007.辯證的看股改環(huán)境下我國的權(quán)證市場.江西金融職工大學(xué)報.20(1):21-23
[2]解學(xué)成.2007.我國權(quán)證市場創(chuàng)設(shè)與注銷機(jī)制研究.中圖1000-7636：85-88
[3]平安證券衍生產(chǎn)品部.2006.權(quán)證市場對A股市場的作用分析.證券日報.C02版
[4]上海證券交易所.2008.權(quán)證資料.
[5]邵濤 樓靜.2006.認(rèn)沽權(quán)證及其在股權(quán)改革中應(yīng)用.經(jīng)濟(jì)工作.108-109