作为一种特殊的期权,中国金融市场为了完成股权分置改革而引入权证。中国权证长期存在价格和价值相背离的现象,市场投机气氛浓厚。本文分析了基于Black-Scholes模型的权证定价方法的缺陷、投资结构不合理、制度缺失等方面的因素,并提出了相应的对策进行了研究。 As a special option, China’s financial market introduced warrants in order to complete the split share structure reform. There is a long-standing phenomenon that China’s warrants deviate from the price and the value of the market. Speculation in the market is very strong. This paper analyzes the defects of the warrant pricing method based on the Black-Scholes model, the irrational investment structure, the lack of the system, and puts forward the corresponding countermeasures.