论香港认股证市场发展及其对中国大陆借鉴意义.pdfVIP

摘要 全球衍生产品市场的规模已经超过了国际银行间市场及股票市场，其庞大的交易规模 以及快速的增长速度，充分说明了这一市场在当前金融市场中的重要地位。发展我国的衍 生产品市场，乃是大势所趋。权证是一种基础衍生产品，很多其它的衍生产品都是在权证 的基础上设计组合出来的，在具体操作过程，权证的设计比较简单，风险也较小。因此， 许多发展中的市场都选择权证作为发展衍生产品市场的第一步。当前，我国证券市场发展 权证产品具有重大的现实意义。 香港自2003 年以来已成为全球最大、最活跃的认股权证市场。本文除了简单介绍香港 认股权证市场的背景、产品要素设计和操作等细节外，更从香港港交所所作的研究报告所 得:包括各地权证市场概况进行比较分析，希望能从中取得成功权证市场的特质再加以效 法。以香港的认股证市场的经验对我国刚刚新起的认股权证市场具有重要的借鉴意义，以 及内地金融市场发展权证市场会带来怎么样的冲击，当中的利益问题进行分析。 关键词: 认股证 香港 交易机制 I Abstract The global derivative product market scale has already surpassed the international bank market and the stock market, its huge transaction scale as well as the fast rate of rise, fully showed the important status of this product in current money market. Develops our countrys derivative product market, is an irresistible general trend. The warrant is one kind of basic derivative products, many other derivative products are also designed from the foundation combinations of warrant, in the concrete operating process, warrant is quite simple and the risk is also small. Therefore, in many developing markets, warrant is chosen as the first step of development of the derivative product market. Presently, the development of warrant in our country stock market has the significant practical value. Since 2003, Hong Kong has become the biggest and most active warrant market in the world, This article except introduced simply the background, product element and details of operation in Hong Kong warrant market, and also from the research report of the Hong Kong Exchanges and Clearing Limited (HKEx): Compare and