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20世纪90年代中国权证市场极度混乱,一度被关闭。2005年以来,权证作为一种对价支付安排恢复发行和上市,但对其定价合理性仍存质疑。本文从权证价格与对应基础股票价格的相关性、权证价格与理论价格的偏离度两方面进行分析,认为目前权证价格高估,必将随着到期时间的临近和供应量的增加,走上回归之路。
China’s warrant market was extremely chaotic in the 1990s and was once closed down. Since 2005, warrants as a price payment arrangements for the resumption of distribution and listing, but its pricing rationality is still in question. This article analyzes the correlation between the warrant price and the corresponding basic stock price, the deviation between the warrant price and the theoretical price, and considers that the current warrant price is overvalued and will surely follow the expiration of the maturity time and the increase of the supply amount The road to return.