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在权证市场上,由于世界各国(地区)所秉持的监管思想不同和司法环境的差异,遂形成了不同的权证监管模式。这些权证监管模式虽然特色不尽相同,但其构建的路径却呈现出诸多的共性。这些共性构成了权证法律监管制度的精髓。当前,在中国金融产品不断创新的大环境下,权证借道股权分置改革的契机重返历史舞台。金融产品的创新必引致法律制度的革新,借鉴发达国家(地区)的法律规制经验并加以本土化的创新,成为中国权证市场法律监管制度的最优构建路径。
In the warrants market, due to the differences in regulatory perspectives and judicial environment that the countries (regions) in the world hold, regulatory regimes of different warrants have been formed. Although the modes of supervision of these warrants are not the same, their construction paths show many commonalities. These common characters constitute the essence of the legal supervision of warrants. At present, with the continuous innovation of China’s financial products, the warrants return to the historical arena through the opportunity of the non-tradable share reform. The innovation of financial products will lead to the innovation of the legal system, draw lessons from the legal regulation experience of developed countries (regions) and make the localization innovation, and become the optimal construction route of legal supervision system of China’s warrants market.