权证产品上次“兴风作浪”3年之后偃旗息鼓,此次借势股权分置改革大浪又大受市场“追捧”,甚至演变成为市场“赌具”。为什么会出现这种“怪异现象”?是权证产品自身“橘生淮南则为橘,生于淮北则为枳”的原因,还是市场参与者“赌徒投机与股东投资之间只有一步之遥”的偏差?我们需要对权证这一金融衍生品种进行理性的认识,从其演变走势上了解权证的价值所在,从其基本要素上把握权证的风险所在,从其交易规 Warrants product last “excited” three years later died down, the occasion of the shareholding reform wave has greatly affected the market, “sought after” and even evolved into a market “gambling.” Why is this “weird phenomenon”? Is the warrant product itself “Orange Health Huainan orange, Born in Huaibei is trifoliate orange” reasons, or market participants “gambler speculation and shareholder investment only one step away” Deviation? We need a rational understanding of the financial derivatives derivative warrants, from the evolution of its understanding of warrants the value of where, from its basic elements of the risk of warrants to seize, from its trading rules