摘要
权证,是一种有价证券,权证炒作的暴涨暴跌令市场蕴含了巨大的风险。权证价格大幅波动的原因:从理论上看,有市场价格波动的内在因素,还有市场信心方面的原因,而供需失衡导致权证品种大幅偏离内在价值也是其中的重要因素。在创设制度下,创设机制有利于平抑权证市场的价格巨幅波动,但由于制度设计上的缺陷,创设机制并未达到管理层想达到的目标,甚至变成了券商获得无风险收益的工具。
Warrant is a security, and the sharp fluctuation of warrant propagation ertailed huge risk. In theory, the reasons of large fluemarion of warrant price are market price and market confidence, while another reason is that the supply-demand unbalance results in the types of warrants deviating intrinsic value greatly. In creation system, the creation system will restrain great fluctuation of warrant market, however, due the defect in system design, the creation system cannot reach the aim expected by management and even becomes securities dealers＇ tool of achieving non-risk return.
出处
《商业经济》
2009年第3期74-76,共3页
Business & Economy
关键词
权证
创设机制
做市商制度
warrants, creation system, market-maker system
