权证：风险与收益的不对等博弈(中英文)

■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 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 40%.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 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. 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 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 right). 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 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 sold 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 investorsremain 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 risk. 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, 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。

According 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 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。