权证、股权分置改革与证券市场发展

从股权分置改革、完善市场功能及结构等角度阐述了权证对我国证券市场发展产生的影响.研究表明:权证可以成为上市公司股权分置改革中的对价工具,有助于市场各方合理确定对价;权证为市场提供了多样化的投资工具,有利于提高资本市场效率,优化资源配置;权证为投资者提供了有效的风险管理工具和资产组合手段;最为关键的是,权证的推出为我国证券市场的金融创新奠定了基础.分析了我国证券市场权证的现状及投资价值,探讨了我国证券市场发展权证存在的问题,如证券市场的标的资产规模不足,机构投资者的专业水平与经验不足等,提出了我国证券市场发展权证的对策.

Stock Warrants, Equity Division Reform and Development of Securities Market

Discusses the influence of stock warrants on the development of China's securities market in view of the equity division reform and how to perfect the functions and structure of the market.It is revealed that the stock warrants may be regarded as a tool helpful to the rational determination of the compensation ratio of non-negotiable to negotiable shares in a listed company for stockholders.Moreover,the warrants will provide diversified investment implements for securities market and be beneficial to improving the efficiency of capital market and optimizing the resource allocation.They will also provide investors with the efficient means for risk and portfolio management and,more important,the launch of stock warrants will lay down a foundation for the financial innovation of China's securities market.Analyzing the states quo of the warrants on stock market and relevant investment values,the problems of how to launch and develop the warrants on China's securities market are discussed,such as the insufficient target assets and unprofessional investors due to inexperience.Some measures are suggested to take for the development of stock warrants.