基于全市场视角的"权证热"隐患研究

尽管金融衍生品的出现符合金融发展规律,但子产品的推出必须服务于服从于母产品市场健康发展的需要与可能,即我国权证产品的创设和推进,既要反映股票市场的实际需要和未来趋势,更要考虑其所处阶段和现有条件的客观制约.如果"母""子"市场的发展呈不匹配状态,我国股票市场必将凸显诸如市场基础空心化、市场创新庸俗化、市场风险放大化、市场收益博弈化、市场功能紊乱化和市场监管式微化等多重隐患.

Research on the Hidden Troubles of "Warrant- fever" Based on the Whole Market View

Warrant instrument, as a financial derivative, is the fruit of the law ot tinance development, but its over - development will plunge our underlying stock market into chaos. In other words, the warrant market is not only required to meet the demands and trends of the healthy development of the stock market, but also to match its maturity phases and objective conditions. If the bilateral relation between derivative and underlying markets is credited with a mismatch state, the newly - built stock market of China will get in many hidden troubles such as foundation hollowing, innovation vulgarizing, risk magnifying, return gaming, function disordering and supervision weakening, and so on.