认购权证

拼音rèn gòu quán zhèng

注音

繁体

基本解释

•  认购权证概述

  认购权证(Call Warrant‎)，又称为看涨权证、买权权证

  权证可分为认购权证(call warrants)和认沽权证(put warrants)又称为看涨权证和看跌权证。

详细解释

• 
  
  

   认购权证

  认购权证是股票衍生性金融商品，发行人发行一定数量、特定条件的有价证券，投资者付出权利金持有该权证后，有权在某一特定期间(美式权证)或特定时点(欧式权证)，按一定的履约价格，向发行人买进一定数量之标的股票。(JNDX)

  根据买或卖的不同权利，可分为认购权证和认沽权证，又称为看涨权证和看跌权证。

  认购权证持有人有权按约定价格在特定期限内或到期日向发行人买入标的证券，认沽权证持有人则有权卖出标的证券。

  认购权证的. 价值随相关资产价格上升而上升，认沽权证则随相关资产价格下降而上升。

  说得这么复杂，那认购权证是什么意思?打个通俗的比方，如果你手中花了50块钱买了100股甲股票的认购权证，行权日是8月1日。行权价格是5元。行权比例为1比1。就是说，到8月1日这天，你有资格用5元/股的价格买该股票100股。

  如果到了这天，该股的市场价是8元，别人买100股要花800元，而你这天则可以用500元就买100股，假如当初你买入权证时每股权证0.50元，那么你一共花了550元，你当然合算了。如果你真买，这个行为就叫行权。

  但是如果到了这天，该股的市场价是4元，你当然不会用5元/股的价格买，那么你手里的100股认购权证就是废纸。你肯定选择放弃行权了。 但是，你会损失50块钱。

  上面说的是认购权证的意思。 还有一种权证是认沽权证，指你在行权日可以以约定价格出售某一股票。

  认购权证与认沽权证的区别

  认购权证的价值随相关资产价格上升而上升，认沽权证则随相关资产价格下降而上升。

  对于流通股股东来说，认购权证与认沽权证会有以下一些不同：

  第一，所持有“正股+权证”的组合的风险不同。由于认购权证和认沽权证对正股的敏感度不同，随着正股股价的上升，认购权证的价格上升，认沽权证的价格下跌。从“正股+权证”组合的敏感度来看，认购权证会加剧组合的系统风险，而认沽权证会对冲正股股价波动的部分风险。

  第二，对流通股股东的补偿不同。在正股股价下跌时，认沽权证的价格上涨，会对流通股股东的损失给予补偿，从而降低流通股股东的盈亏平衡点;而认购权证能让流通股股东在未来可能的业绩增长中分得一杯羹，但是，如果股价贴权，则在短期内不能给流通股股东多少补偿。

  第三，到期价值不同。由于目前股改方案中所包含的权证均以股票结算方式来交割，这将对权证的到期价值产生重大影响。对于认沽权证，如果在快到期时，权证为价内权证，即股价小于行权价，权证的持有者为了行权必然会买进正股，买盘压力有可能会使股价向行权价靠拢，从而使权证丧失价值;而对于认购权证，在快到期内，若为价内权证，持有者只需准备现金以便向大股东按行权价买进股票，而不会对流通A股的股价产生影响。只不过在行权后，市场上可流通的股票突然增加，投资者想尽快获利了结的话，正股遭遇短期抛压，股价必然又会下跌，从而使投资者遭受损失。

  最后，认沽权证可以让投资者构建多种投资组合，而认购权证在市场上缺乏做空机制的条件下，只能成为投机者炒作的工具。

Basic Meaning

• subscription warrant

Detailed Explanation

• A subscription warrant refers to a type of financial instrument that gives the holder the right to purchase a certain number of shares at a predetermined price within a specific period of time. It is commonly used in the stock market to allow investors to subscribe for new shares issued by a company.

Usage Scenarios

• The subscription warrant is often used by investors who want to participate in a company‘s new share issuance to benefit from potential price appreciation. It provides an opportunity to buy shares at a discounted price compared to the market price.

Story Origin

• The concept of subscription warrants can be traced back to the development of financial markets in China. With the expansion of the stock market, companies started to issue subscription warrants to raise capital and attract investors. The use of subscription warrants has become a common practice in the financial industry.

Structure of the Idiom

• The idiom "认购权证" is composed of three characters:"认购" means "to subscribe," "权" means "right," and "证" means "warrant."

Memory Techniques

• To remember the meaning of "认购权证," you can break it down into smaller parts. "认购" means "to subscribe," "权" means "right," and "证" means "warrant." You can associate the word "认购" with the action of subscribing to a magazine or a service. "权" can be associated with the concept of having the right or authority to do something. "证" can be linked to a certificate or document that provides evidence or proof. By combining these associations, you can remember that "认购权证" refers to a subscription warrant.

Extended Learning

• To further understand the concept of subscription warrants, you can explore related topics such as stock market investments, financial instruments, and the process of new share issuance. You can also learn about other types of financial derivatives, such as options and futures, which are commonly used in the financial industry.