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Warrants underlying stock price and stock non-current discount analysis 权证标的股票价格和股票的非流动折现分析 These factors also can be used to show the internal efficiency of a stock market. The reformation of warrants in China is considered as the most important change in the regulation. 这些因素也可以用来显示的内部效率的证券市场。改革认股权证在中国被视为规则中最重要的变化。 Shanghai Stock Exchange has issued the “Interim Measures on the Shanghai Stock Exchange Certificate Management” in 2005. It reveals two main features: first, characterizes warrant issuer and the holder of the contractual as well as the relationship between the warrant holders and shareholders, whereby the rights enjoyed by shareholders of the right content. There was a clear difference: that is, unless the contract expressly agreed, holders of warrants and the warrants issued on the underlying securities issuer's internal management and business decision-making is not the right to participate; second, entitles the warrant holder the right to a choice, not obligation. Issuer and Warrant holders of the obligation in accordance with the agreed delivery of exercise the underlying securities or cash are different, warrant holders can choose according to the market still will not exercise the right, without having to assume any liability for breach. 上海证券交易所上海证券交易所证书管理暂行办法“已颁布于2005年。它揭示了两个主要特点：第一，权证发行人持有的合约，以及认股权证持有人及股东，据此享有的权利，股东的权利内容之间的关系的特点。有一个明确的差异：也就是说，除非合同明确约定，认股权证及发行的基础证券发行人的内部管理和经营决策的认股权证持有人是不参与的权利;第二，赋予认股权证持有人的权利一个选择，而不是义务。发行人及认股权证持有人的义务，按照约定行使交付标的证券或现金不同，权证持有人可以选择根据市场仍然将不会行使权利，而无需承担任何违约责任。 Hardouvelis and Peristiani (1989) proposed credit trading and market volatility securities between the two hypotheses: (1) market speculators trade is the uncertainty caused by market volatility; (2) the ratio of the Securities credit transactions may limit the margin speculative transactions. Japanese stock market data study showed that, adjustment of initial margin in proportion to the stock market volatility influence; these two are inverse relationship that the ratio of adjusted margin is efficiency tool of the policy. The study of Hsieh and Miller (1990) showed that the margin of adjustment for the proportion of the standard deviation of stock returns both in short and long term does not have significant effect, Granger causality test showed that the standard deviation of stock returns will result in a counter-movement deposit ratio, but the contrary does not hold. Lee and Yoo (1991) did the research for the stock market of the United States, Japan, Korea and Taiwan, they found that only the Japanese margin percentage adjustment can impact on its market volatility, and mainly the effect on liquidity effect rather than the speculative nature of effects and the adjustment of margin ratio does not lead to market volatility changes, but changes in market volatility will affect the adjustment of margin ratio, which also shows that the ratio of adjusted margin fluctuations in the market made after the management. Hardouvelis Peristiani（1989）提出两个假设之间的信用交易和市场波动的证券：（1）市场投机者贸易是造成市场波动的不确定性;（2）“证券信用交易的比例可能会限制利润的投机性交易。日本股市数据的研究表明，调整初始保证金比例对股市波动的影响，这两个是反比关系调整保证金的比例是效率的政策工具。谢·米勒（1990）的研究表明，股票的标准偏差的比例的调整在短期和长期的，不会有显着的效果返回保证金，Granger因果检验表明，股票收益率的标准差，将导致存款比率的反方向变动，但反之不成立。李和Yoo（1991），美国，日本，韩国和台湾的股市做了研究，他们发现，只有日本的保证金比例调整，可能会影响其市场波动，主要是流动性效应的影响，而不是效果和投机性保证金比率的调整并不会导致市场波动的变化，但在市场波动的变化将影响调整保证金比例，这也表明市场波动调整保证金比例后的管理。 http://www.ukassignment.org/dxygessay/ When the product of share reformed Steel warrants on 23rd Aug 2005, it was still hyped. Baosteel Warrants from listing the moment no less to worry about management, risk warning from the moment the market has not stopped since this warning in the development of Chinese stock market more than 10 years in their intensity and magnitude is unprecedented, the management has been almost to month, talking about every day, constantly talking point, ugly words have been said to do good things, but speculators still turn a deaf ear, and finally get "a lose-lose." According to statistics of Shanghai Stock Exchange, since the warrants product on the market, Shanghai Stock Exchange implemented a total of 16 warrants the temporary suspension; abnormal trading investigation of 217 cases involving nearly 48 sales offices; issued warning letters, regulatory inquiry letter, letter of 90 regulatory concerns copies; have a 223 account for unusual transactions is limited to transactions. A year later, Baosteel warrant delisting, but the put option has become the new hot potato. Shenzhen City of New Steel and Vanadium first sent to the minority shareholders of China first put warrants. In fact, the put option may not be a scourge, if the exercise price is reasonable, can protect the interests of investors. But do not put warrants listing as retail umbrella, but quickly meet the needs of short and become the eyes of management alternative evildoer. 当产品的份额改革钢认股权证于2005年8月23日，但仍然夸大。宝钢权证上市的那一刻，没少操心管理，风险预警的那一刻起，市场上已经没有停止过，因为这个警告在中国股市的发展超过10年，他们的强度和幅度是前所未有的，管理层几乎一直一个月，天天讲，不断谈论的焦点，丑话已经说做好事，但投机者仍置若罔闻，终于搞定了“两败俱伤”。根据上海证券交易所的统计，因为权证产品在市场上，上海证券交易所共实施临时停牌16份认股权证异常交易调查217例，涉及近48个销售办事处，发出警告信，监管的询价信，信90份监管关注，有223帐户异常交易被限制交易。一年后，宝钢权证的退市，但认沽期权已成为新的烫手山芋。深圳市新钢钒第一次发送给少数股东的中国第一个认沽权证。事实上，认沽期权可能不会是一个祸害，如果行使价是合理的，可以保护投资者的利益。但不要认沽权证的房产作为零售伞，但很快就满足短期需求，并成为管理的替代妖孽的眼睛。 According to Kyle (1985) theory and Lee Mucklow and Ready (1993) analysis, market depth and liquidity targets are closely related to strictly inversely proportional to the mobility index will increase. In accordance with the Amihud and Mendelson (1986) point of view, this increase in transaction costs, non-liquidity discount, we can withdraw this discount will result in warrants market premiums. Meietal (2005) and Chan et. al (2008) consistent with the idea, it is clearly proved that warrants the speculation market phenomenon. According to Chan et. al (2008), the premium ratio should be illiquid, asset turnover is not relevant. China Warrant Price and the basic nature of the relationship between the classical finance theory, performance warrants a premium in inverse proportion with the expiration time. But neither the stock warrants a premium or discount of non-liquidity are inversely proportional with the historical volatility, which again suggests the Chinese market as investors and stock warrants are two independent investment instruments: when the historical amplitude is small and the expected return is low, investors will invest in warrants market. 根据凯尔（1985）理论和李Mucklow和就绪（1993）的分析，市场的深度和流动性的目标是密切相关的严格成反比的流动性指数将会增加。根据Amihud和门德尔松（1986年）的角度来看，增加交易成本，非流动性折扣，我们可以收回这个折扣会导致权证市场的保费。 Meietal（2005）和Chan等。人（2008年）的想法一致，它清楚地证明了权证的投机市场现象。据Chan等。人（2008年），保费比例应该是流动性不足，资产周转率是不相关的。中国股证价格和经典的金融理论，表现认股权证的到期时间成反比溢价之间的关系的基本性质。但是，无论是认股权证的非流动性溢价或折让是成反比的历史波动，这再次表明中国市场的投资者和股票权证是两个独立的投资工具：当历史的幅度小，预期的回报率低，投资者将投资于权证市场。 “Provisional Measures” prescribes that issuer may not be sold their warrants issued warrants; the underlying issuers may not correspond to the warrants underlying securities trading. As the warrants are highly leveraged nature of the product, small changes in the underlying stock price will lead to fluctuations warrant. If allowed to issue warrants and the underlying issuer of traded warrants, then the warrant issuer and the underlying issuer through in some way affect the underlying stock price, it may lead to fluctuations in the price of warrants to gain illicit proceeds, to the general investment those losses.#p#分页标题#e# “暂行办法”规定，发行人不得出售其发行认股权证认股权证可能不符合相关发行人的权证标的证券交易。由于权证是高杠杆性质的产品，标的股票价格的微小变化会导致波动权证。如果获准发行认股权证及相关发行人买卖权证，认股权证发行人及相关发行人通过某种方式影响标的股票价格，它可能会导致认股权证的价格，以获得非法收益的波动，一般以投资该等亏损。 |
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