中國引入備兌權證產品研究-基于股改權證的經驗.pdf

1、中國引入備兌權證產品研究基于股改權證的思考摘要目錄ⅡABsTltJ研。]II第——章弓I言。111研究出發(fā)點112文獻綜述一1一i22各蘢權證對標存9股票報酬率爵守影璃一2122各兌權證對標的段票波動性的影響3上23番兌荔F證列布粥綴鏢頒發(fā)饉黝多影聘一41，Z4國內在各兌權證研究方面的成果綜述一413文章結構和主要內容一514創(chuàng)新點。一6第二章國外備兌權證的發(fā)展及其對我國的啟示21備兌權證概述一82』J招；嘴岔一82L2盔西翰蜉j岔劈Z

2、約棼92工各兌灰趕觥茲FⅡ22國外權證市場發(fā)展的歷史與現(xiàn)狀一1123國外備兌權證市場的發(fā)展歷史與現(xiàn)狀1324從國際經驗看權證市場的發(fā)展模式一14—25成熟備兌權證市場的研究及對我國的啟示172丘J搿喧影矽備j；!灰證力分場j72丘2香確舅移騫說教氆匠i蘿壢2j第三章在我國發(fā)展備兌權證的可行性分析2731我國權證市場的發(fā)展概況27—32我國發(fā)展備兌權證產品的可行性分析一3133我國股票權證市場的發(fā)展模式分析35第四章我國引入各兌權證對證券

3、市場的影響。3841備兌權證的推出對證券市場功能和結構的影響38—42備兌權證的推出對投資者的影響一3943備兌權證的推出對標的證券的影響44—44備兌權證的推出對發(fā)行人的影響一4545d、結一45第五章對我國引進備兌權證的研究結論和政策建議4751研究結論一4752政策建議47參考文獻致謝525S中國引入備兌權證產品研究一基于股改權證的思考AbstractComparedwiththematuremarketsoverseas，the

4、reareastructuralshortageandthelownumberofsupplyinChina’Swarrantsmarket一——’doubledefect’Atpresent，China’Sstocksmarketonlytotheexistenceofequitywarrantsandstockwarrants，notcoveredwarrants：onlytotheexistenceofcallwarrants，n

5、otputwarrants：onlyadozenorsowarrantslistinginthetransaction，comparedwitheveryyearinoverseasmarketstensofthousandsandevenoverhundredsofthousandswarrantstradedgrandoccasion，thegapisconsiderablyChina’Smarketdefectsledtoexce

6、ssivespeculationcharacteristicsofthewarrantsmarketTherefore，howtodevelopChina’Swarrantsmarket，theintroductionofcoveredwarrants，derivativesplayinganinherentfunctionofpricediscovery，stabilizingtheexcessivespeculationinthem

7、arketandhealthydevelopmentofChina’SsecuritiesmarkethavebecomeanimportantissueBasedonthecurrentstocksmarketscale，thereserveofsubjectstocks，theStockExchangeofhardwareandsoftwarefacilities，theexistingwarrantsmarketinvestors

8、，theissuerreserves，marketsupervisionsystemand，aswellasinsideandoutsidethehistoricalaccumulationinareassuchasanalysis，itisconsideredthatthereissolidfoundation，goodcondition，afeasibilityforourcountrytointroducecoveredwarra

9、nts：ontheanalysisofstockwarrantsmarketdevelopmentpattern，developmentgoals，environmentanddevelopmentconstitute，thatthecurrentpriorityshouldbegiventofosteringthedevelopmentofcoveredwarrantsmarket：Inananalysisoftheintroduct

10、ionofcoveredwarrantsafterthestructureandfunctionofthestockmarket，investors，thesubjectsecuritiesandissuersinareassuchasthepossibleimpactoftheintroductionofcoveredwarrantsthattheadvantagesoutweighthedisadvantages，withurgen

11、cy：Concerningtheintroductionofcoveredwarrantsonpolicyproposals，ontheonehand，theproposalistoimprovethecurrentspotmarket，theintroductionofshortsellingandtradingthesamedayrotationmechanism；ontheotherhand，itisnecessarytostre