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认股权证是一个历史悠久、交易活跃的金融工具,随着全球资本市场的不断发展,各种衍生性金融产品不断推陈出新。我国的市场参与者寻求更有效的避险方式以及解决国有股流通问题等市场新需求的出现,促使认股权证成为中国证券市场衍生产品创新的品种之一。认股权证是一种能够按特定价格买入某一上市公司发行股票的选择权凭证。认股权证主要有投资、融资、公司股权平衡和激励三大功能。认股权证和备兑认股权证都属于资本市场上的金融衍生产品。如果一个市场逐渐走向成熟,必然需要丰富其金融工具。推出备兑认股权证是金融市场发展的需要。
Warrants is a long history, active trading financial instruments, with the continuous development of global capital markets, a variety of derivative financial products continue to introduce new. China’s market participants seeking more effective ways to hedge and solve the circulation of state-owned shares such as the emergence of new market demand, prompting warrants become one of the varieties of derivative products in the Chinese stock market. A warrant is a type of option to buy shares of a listed company at a specified price. Warrants mainly investment, financing, equity balance and incentive three functions. Warrants and convertible warrants belong to the financial derivatives in the capital markets. If a market is gradually maturing, it will inevitably need to enrich its financial instruments. The introduction of warrants is the development of financial markets needs.