目前,我国权证市场投机气氛浓、价格波动大、市场风险高,呈现出很强的非理性特征。本文以招行认股权证为研究对象,运用B—S模型和数值法时其进行实证定价,并对二者之间的差距进行了探究。研究结论以期为广大投资者提供正确的投资对策和建议,为进一步推出其他金融衍生品创造好的环境,促进我国资本市场朝更加理性方向发展。 At present, China warrants the market speculative atmosphere thick, price fluctuations, high market risk, showing a strong irrational characteristics. In this paper, China Merchants Bank warrants as the research object, the use of B-S model and numerical method when the empirical pricing, and to explore the gap between the two. The conclusion of the study is to provide investors with the correct investment countermeasures and suggestions, create a good environment for further introduction of other financial derivatives and promote the development of China’s capital market in a more rational direction.