论文部分内容阅读
本文通过实证方法研究了权证发行对标的股票流动性的影响。通过比较权证发行前后不同流动性指标变化情况发现:权证发行普遍增强了标的股票的流动性,认沽组标的股票的流动性改善最多,认购组次之,认购认沽组最差。对结果的分析发现,标的股票流动性的改善与权证发行后股价变化趋势密切相关,而认购组没有认沽组标的股票流动性改善多,有可能是由我国自身的市场机制引起的。
This paper studies the impact of warrants issuance on the underlying stock liquidity through empirical methods. By comparing the changes of different liquidity indicators before and after the issuance of warrants, it was found that the issuance of warrants generally enhanced the liquidity of the underlying stocks. The liquidity of the put stocks under the bets raised the most, followed by the subscribers and the worst put bets. The analysis of the results shows that the improvement of the liquidity of the underlying stock is closely related to the trend of the stock price after the issuance of the warrant. However, the liquidity of the stock that the subscription group does not put the underlying stock improves much, which may be caused by China’s own market mechanism.