摘要
伴随着股权分置改革的全面推进,权证在中国资本市场上重新登场,大大丰富了广大投资者的交易策略。然而,认股权证固有的高杠杆性和高风险性,需要对其价格波动规律展开深入研究。通过运用B-S模型对宝钢权证进行定价,发现其价值被市场严重高估。分析理论价值与实际价格重大差异的原因,进一步研究影响认股权证定价的各种因素,可以提出投资认股权证的指导建议。
With the overall promoting of spilt share reform.the reappearance of warrants in Chinese capital market has greatly enriched the transaction strategies of investors,However,the high lever and risk of subscription warrant requires profound study on the law of its price fluctuation.By applying B-S model to Baogang warrant,we can discover that its value is much over estimated in marketplace.Analyzing the reasons of this great difference and further research various factors affecting the pricing of warrant can help us put forward some suggestions of investment,
出处
《价值工程》
2007年第8期134-137,共4页
Value Engineering
