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我国证券市场经过了十几年的发展,取得了令人瞩目的成绩,尤其是股权分置改革取得成功后的现在。但是,仍然存在着许多结构性的问题,其中一个重要方面就是我国证券市场的产品结构单一。目前,我国证券市场仍然以股票市场为主,债券市场很小,基本没有衍生产品。由于缺少衍生金融产品,使得市场的投资者行为趋同,只有股票价格上涨投资者才能赢利,容易形成市场的单边运行。因此,大力发展权证,尤其是备兑权证等金融衍生产品,不仅方便投资者进行风险管理和投资组合,而且对于进一步发展我国资本市场具有极其深远的意义。
After more than a decade of development, China’s securities market has made remarkable achievements, especially after the success of the share-trading reform. However, there are still many structural problems. One of the important aspects is the single product structure of the securities market in our country. At present, China’s stock market is still dominated by the stock market, the bond market is small, and there is basically no derivative products. Due to the lack of derivative financial products, investors’ behavior in the market converges. Only when the stock price rises, investors can make profits and easily form the unilateral operation of the market. Therefore, developing warrants, especially financial derivatives such as warrants, not only facilitates investors’ risk management and investment portfolio, but also has profound and far-reaching significance for further developing China’s capital market.