权证：风险与收益的不对等博弈(中英文)

1、陈晓钟 Xiao-Zhong Chen上周三招行认沽权证迎来历史上规模最大的券商创设上市浪潮，有 15 家创新类券商创设的 合计约 12.27 亿份招行认沽权证获准上市， 如以招行权证 2.590 元 /份价计算， 上述权证需要 32 亿元的承接资金。 Three moves last week trip Put Warrants usher the largest ever in the history of the creation of the brokerage firms listed wave have 15 categories of innovation created by

2、the brokerage firms together about 1.227 billion copies of bills OK Put Warrants have been granted approval for listing OK as in the strokes of E 2.590 yuan / in prices, the above E 3.2 billion needed to undertake the capital. 果然，当日招行权证大跌 40以上。 Sure enough, the day trip E bills plummeted more than 4

3、0%.前期权证市场的火爆炒作， 开始遭遇到券商创设的大规模狙击。 E pre-speculation market, the ROC began the creation of the brokerage firms face a large-scale attack. 而从目前看， 招行认 沽权证的行权到期时间尚余 2 个多月。 Looking at the present situation and, bidding firms put E firms have expiration time over two months. 到期行权价格为 5.48 元 /份，距离目前 23 余元的 价

4、格颇为遥远。 OK due to the price of 5.48 yuan / copies from the current 23 million, the price is quite remote. 这意味着，除非招商银行股价在未来 2 个月内下跌 18 元以上，否则上述权证 的内在价值就是零。 This means that unless China Merchants Bank stock prices in the next two months fell by more than 18 yuan, Otherwise, the above E is the intrinsic

5、 value of zero.权证实质反映的是发行人与持有人之间的一种契约关系， 持有人向权证发行人支付一定 数量的价金之后， 就从发行人那里获取了一个权利。 E substance is a reflection of the issuer and the holder of a contract relationship. holders of warrants issued to a certain number of people to pay the price, it's where people from the issuance of a right of access

6、. 这种权利使得持有人可以 在未来某一特定日期或特定期间内， 以约定的价格向权证发行人购买或者出售一定数量的资 产。 Such rights holders can make in the future a certain date or within a specified period, to the price agreed to issue warrants to purchase or sell a certain amount of assets. 需要注意的是： 持有 人获取的是一个权利而不是责任。 We need to be aware : the holder access

7、is a right rather than responsibility. 其有权决定是否履行契约，而发行者仅有被执行的义务，因此为获得这项权 利，投资者需付出一定的代价(权利金) 。 Their right to decide whether or not to perform the contract, which was the only issuer of the implementation of the obligations, in order to obtain this right, investors need to pay a certain price (the ri

8、ght). 也就是说， 根据权利的行使方向， 权证可 以分为认购权证和认沽权证。 In other words, the exercise of rights under the direction of E can be divided into warrants and put warrants. 如果投资者看好上市公司的后市表现，应买入认购 权证。 If investors are optimistic about the outlook of listed companies performance should purchase warrants. 例如， 某认购权证可在到期后以 4

9、 元行权价买入股票， 当个股的市场价格 在行权期为 6 元、高于行权价时， 投资者便可用 4 元买入个股， 然后在市场上以市价 6元卖 出以赚取差价。 For example, one of the warrants may expire after four yuan OK right price to buy the shares when the market price of units the right to enter a period of six yuan, OK higher power prices, investors four yuan will be used to

10、 buy units and then on the market at market price to 6 yuan sold to earn post. 但如果相关个股市场价格在行权期为 3 元、低于行权价，投资者如以 4 元买进、 3 元卖出还要再亏一笔，因此只能放弃行权，认购权证的购买资金也就随之打了 水漂。 But if the relevant units to enter the market price for three yuan, below the right price, investors who bought a four yuan. 3 yuan also sol

11、d a further deficit, it can only abandon its right to purchase the warrants will continue Daleshuibiao funds.相反，如果投资者看淡上市公司的后市表现，应买入认沽权证。 Conversely, if investors remain bearish outlook of the listed companies performance, buying put warrants. 例如，某认沽 权证可在到期后以 6 元行权价卖出股票， 当个股的市场价格在行权期为 5 元、低于行权价时， 投资

12、者便可以行权，以 6 元的行权价避免了市场风险。 For example, one can put in E after the expiration of a 6 per trip to sell the stock price, when the market price of units the right to enter a period of five yuan. below the right price, investors will be able to visit, with six million trip to the market price to avoid ris

13、k. 但如果相关个股市场价格在行权期为 6 元以上， 高于行权价， 投资 者只能放弃行权、 认沽权证的购买资金也就泡了汤。 But if the relevant units to enter the market price for six yuan more than OK right price, investors will abandon, Put Warrants also funds the purchase of the soup bubble.事实上， 由于参与交易的大量个人投资者往往并不熟悉权证产品的属性、 功能、 运行机 制和风险因素，自身权益极易受损。 In fact,

14、 due to the large number involved in the transaction individual investors are often not familiar with the attributes of E products, functions, operational mechanisms and risk factors, extreme damage to their own interests. 据初步统计，在已摘牌的 10 多只权证中，权证持有人错过价内权证行权遭受的损失超过1100 万元，而错误地对价外权证行权的损失也超过 70 万元。 Acc

15、ording to preliminary statistics, has been declared in more than 10 E, E holders missing price within E power line losses suffered by more than 11 million yuan. right and wrong price outside the E line losses are more than 700,000 yuan.理性分析一下，目前 A 股市场中的认沽权证，其内在价值全部为零，也就是一文不值。 Rational analysis, the

16、A-share market put the warrants, its intrinsic value of zero, which is worthless. 而认购权证则是有价值的， 其内在价值为正股价格减去行权价格的差价。 And the Warrants are valuable, their intrinsic value of stock price is OK right price minus the post. 即使如 此，现在认购权证的价格也普遍超过了内在价值，最少的溢价都有20左右，如果行权，也会亏损， 所以同样不具备投资价值。 Even so, now Warrant

17、s prices are generally more than the intrinsic value, the premium is at least 20%. If OK, losses will be, so do not have the same investment value.那么， 既然权证目前没有投资价值， 为何近期炒作还如此火爆， 究其原因大致有以下几 点： Well, since E is currently no investment value of the recent speculation that has so outraged, Is it because

18、 there are roughly the following :权证和股票的最大区别就是 T 0，当天买入可当天卖出，随时止盈止损，可以说T0赋予了权证强大的吸引力，吸引了一大批投机者乐此不疲。 E and the stock is the greatest difference between T +0, the same day that day can be bought by selling surplus Stop at any time only, It can be said that given the T +0 E powerful attractive to a lar

19、ge number of speculators with ease.而不加征印花税更使权证投机成本降低！Not levy stamp duty but also reduce the cost ofspeculative E! 而且从参与权证投机者的构成来看，由于绝大多数都是各个券商营业部的短 线活跃资金， 券商出于盈利性的综合考虑对这部分活跃资金的收佣率普遍不高， 因此炒作权 证成本之低可以想象。 From E speculators in the composition of view, as are the majority of all sales of securities dea

20、lers active short-term funds, Securities profits for the consideration of funds active in this part of the enrollment commission rate is generally not very high. Therefore speculation E low cost can imagine.从某种意义上说，权证的 T0 交易模式、与正股的相对交易杠杆放大，以及炒作成本 低廉与即将推出的股指期货很类似， 因此， 不排除有许多投资者把权证炒作作为股指期货的 模拟练兵。 In a

21、 sense, E T +0 trading patterns, and the shares are relatively leveraged transactions enlarge and speculation on low cost and will soon launch the stock index futures are very similar, therefore, does not exclude many investors to turn E speculation as stock index futures simulation training.最后一点，权证

22、一天的涨跌幅度比正股大很多！ Finally, E day ups are lower than many large stocks! 权证涨跌幅度比正股大，通常是正股的当天最大涨跌价格的250 。 E ups arelower than large stocks, usually shares the same day the largest ups prices 250%. 而 T 0 交易制 度随时可以买卖使权证的价格变化快、波动大，有时涨跌幅度达300，投资者稍不注意，就可能大赚或大亏， 刺激性很大。 And the T +0 trading system can be traded

23、at any time to make changes in the price of E rapid fluctuations, Sometimes ups as much as 300%, investors little attention, it may be the big bucks or heavy defeat, the great irritation.犹如吸毒一样， 有的权证投机者一旦从权证炒作中尝到甜头就会欲罢不能， 沉迷其中而 不能自拔。 Like a drug, some speculators E from E speculation once tasted the

24、 sweetness will be impossible to stop. unable to indulge them. 其速涨速跌使其觉得炒作股票远没有炒权证来得 刺激心跳，为梦想获得暴利而为之追涨杀跌不亦乐乎。Speed up its speed or feel it is far fromplaying the stock more exciting speculation E heartbeat To dream impossible huge profits Chasing Rising Stocks Shadie afar.在上述四个因素的影响下，权证炒作得到活跃投机资金的青睐

25、不足为奇。 In the above four factors under the influence of E speculation to be active in favor of speculative funds is not surprising. 据悉，为了遏制权证的疯狂投机性炒作，监管部门提出了明确的意见，交易所更 加积极支持券商根据自己的风险承受能力创设更多的权证， 以平抑市场。 Reportedly, in order to curb the crazy E speculative manipulation and regulatory departments pointe

26、d to a clear, Exchange more actively support the brokerage firms according to their ability to bear the risk of creating more warrants, in order to stabilize the market. 应对目前权证市场热炒的局面， 有人提 出应当进一步完善权证创设注销机制， 如可以集合个人投资者的资金委托有创新资格的券商 创设权证， 以抑制恶意投机、 挤压不合理的权证价格泡沫。 E cope with the current focal point of the market situation, it was suggested should further improve the creation of E cancellation mechanism, If individual investors to pool funds commissioned by the innovative creation of qualified brokerages E to contain malicious speculation.