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权证具有价值发现功能,利用权证发掘大盘股价值,引导资金流向蓝筹股,推进大型企业股权分置改革。用权证支付股改对价,可降低非流通大股东股改成本,流通股东免费获赠权证,通过权证市场溢价获得补偿。发行权证的公司股价,上涨超过行权价格,全体股东股改中获得双赢,因此权证有激励约束机制功能。同时吸引机构参与,形成权证正股组合投资。
Warrants have the value of discovery, the use of warrants to explore the value of large-cap stocks, and guide the flow of funds to blue-chip, promote large-scale enterprise share reform. The use of warrants to pay the share reform price, can reduce the non-tradable shareholders of the cost of reform, shareholders receive free warrants warrants, warrants market premiums to be compensated. The share price of the company issuing the warrants rose more than the exercise price, and all the shareholders got a win-win situation in stock reform. Therefore, the warrants had the function of encouraging and restraining the mechanism. At the same time to attract institutions to participate in the formation of warrants are stocks portfolio investment.