金融衍生品种权证及其在保险投资中的应用

权证是一种基础性的金融衍生品种，主要具有价格发现和风险管理的功能，它是一种有效的风险管理和资源配置的工具。它在我国证券市场的引入，将对保险资金投资证券市场收益的稳定性产生重要的影响。就权证的概念特点、定价模型以及交易策略作了由浅入深的阐述，最后以案例的形式分析权证在保险资金证券投资中的应用，籍以阐明，只要熟悉了解权证，正确把握权证投资的策略，结合保险资金的特点，建立合理的投资组合，则可以稳定保险资金在证券市场投资的收益。

A Study on Financial Derivatives Warrant and Its Applications in Insurance Investment

Warrants is a kind of fundamental financial derivatives. Its main functions are price discovery and risk management, and it is an effective tool for risk management and resources allocation. Its drawing into the securities market in China will have an important influence on the return stability of insurance capital investing securities market. This article expounds on the concept and features of warrants, pricing models and trading policies from the easy to the difficult and complicated. Finally, it analyzes the application of warrants by insurance capital invested in securities market in some cases, thus it elucidates that the return of insurance capital investing in securities market can be stabilized, only by getting familiar with warrants, correctly grasping the policies of warrants investment and setting up reasonable portfolio with the characteristics of insurance capitals.