摘要
权证是以契约的形式在当事人之间所建立的债权债务关系,权证持有人所享有的是一种附条件或既附条件又附期限的债权,权证的附条件或附期限约定使得权证的行权价值与权利金在其存续期间处于极不稳定状态。美式权证的行权价值具有一般等价物的可代表性与可转让性,且行权的风险由于行权期限的自由而处于可控状态;通过比较权证的权利金与股票的市场价格可知,二者具有较多的相同特性,因此,美式权证的行权价值与一般权证的权利金均可出质担保其他债权,但以两种标的物出质应在质押设定、风险控制机制等方面进行特殊的制度设计,以充分保障质权人的质权。
Warrant is a credit-debt relationship between parties in the form of contract. The holders of a warrant have a credit right with conditions or with conditions and time limits. The conditions or the time limits attached to warrant make the exercising value and the premium of warrant unsteady during the warrant surviving time. The exercising value of American warrant has the features of represent- ability and transferability of general equivalents, and the risk of exercising it is under control because of the free exercising time; a comparison of the premium of warrant and the market price of stock shows that the two have many common features. Therefore, the exercising value of American warrant and the premium of general warrant can be pledged to safeguard other credit rights, but to protect the pledge right fully, such special institutions as pledge setting, risk control mechanism should be paid more attention.
出处
《经济经纬》
CSSCI
北大核心
2009年第4期153-156,共4页
Economic Survey
关键词
权证
质押
附条件债权
行权价值
权利金
风险控制机制
warrant
pledge
credit right with conditions
exercising value
premium
risk control mechanism
