权证类股权分置方案一般用送股、权证回售等方式确定最低对价,权证作为对价中的变动部分,交由市场在未来解决,部分公司还结合大股东减持和再融资。认购股本权证方案相当于配股,对流通股东保护最少,适合资金有明确投向,能明确产生利润的成长性公司。无论是备兑权证还是股本权证,如果以股票结算,一方面增加股票流通量、除权效应导致股价下跌,另一方面欧式权证价值不如美式权证,两方面均对流通股东不利,将对个股和市场造成极大压力,应该予以限制。 Warrants class division of ownership programs are generally used to send shares, warrants back sale and other ways to determine the minimum price, warrants as part of the changes in consideration, to be resolved in the future by the market, some companies also combined with major shareholder reduction and refinancing. The scheme of subscription warrants is equivalent to share allotment, a growth company that has the least protection for circulation shareholders, a definite investment orientation and a clear profit generation. Whether stock warrants or equity warrants, if the stock settlement, on the one hand to increase the liquidity of the stock, the ex-dividend effect led to the stock price decline, on the other hand, the value of European warrants as American warrants, both adverse to the circulation of shareholders, will be stocks and markets Caused great pressure, it should be limited.