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Chinese warrants market creation cancellation system research

Author: YuWei
Tutor: DengGuangJun
School: University of Electronic Science and Technology
Course: Business Administration
Keywords: Warrants Creation and cancellation of system Black-Scholes model Volatility
CLC: F224
Type: Master's thesis
Year: 2008
Downloads: 107
Quote: 0
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Abstract


China's securities market after more than ten years of development, though already beginning to take shape, but is still in a transition stage. Mainland China's capital market is mainly dominated stock market, the bond market is extremely underdeveloped, lack of financial derivatives, the overall structure of the capital market is far from perfect. Compared with developed financial markets, the financial markets of mainland China is still a big gap. With China's accession to the WTO, in order to respond to the opportunities and challenges of the international financial markets, China's financial markets will inevitably need to be more open to the need for a more diversified financial products, China's financial markets need to increase the intensity of financial innovation. However, in recent years China's financial markets in the innovation process, the stock market appeared Put Warrants are frenzied speculation, brokerage days the amount of the creation of a put warrant, canceled warrants phenomenon, greatly affect the price formation mechanism of the market warrants ultimately hindered the healthy development of China's financial markets and reduce the efficiency of the capital market financing, weakening market risk hedging. Put warrants problems in the process of creation and cancellation of view of the Chinese financial market, the paper first warrants on domestic and international financial markets, the creation and cancellation of system analysis, and with China's financial markets warrants the creation and cancellation of system comparative studies, and policy recommendations. Then, the focus of China's financial market system for the creation and cancellation of Put Warrants tripartite interests of the existing shareholders of the brokerage firms, investors and stock analysis, was found in the existing creation, cancellation mechanism, the share reform circulation shareholders warrants decline in the value of the consideration to the interests of small investors by brokerage creation behavior seriously violated. The existing warrants the creation of, cancellation mechanism can not meet the needs of the development of China's securities market. Again, to Southern Put Warrants for example, using the Black-Scholes option pricing model, in Southern put warrants theoretical basis of the price, compared with the actual market price analysis, the results show that the theoretical value of the actual price difference between a great conclusion description of the existing warrants the creation of, and the cancellation mechanism not only can not stabilize prices, may also result in greater speculation. Finally, the full text of the summary, and raised the lack of paper. Only shallow discussion of the creation of the warrants market, the cancellation of the relationship between the system and the theory, not the depth of excavation role of many influencing factors. I believe that future research will further enrich the creation of the warrants, cancellation of institutional relations, and to reveal the investment and financing behavior of various stakeholders has important theoretical and practical significance.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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