CAJ | 학술논문

　　目前中国权证市场呈现定价效率低、回转交易量大以及明显的末日现象特性。权证的杠杆性能和做空性能、权证市场投资者追求高的有效杠杆比率、现有权证产品杠杆提高过快等，是权证特性形成的原因。鉴于此，本文提出我国衍生品市场发展的模式，即开放与约束并举来发展权证市场；通过“杠杆工具”和“阻尼工具”来调控风险；分三个阶段逐步推进权证市场变革与发展；针对市场参与者、产品设计、交易制度、监管制度四个方面提供市场化约束。
　　목전중국권증시장정현정개효솔저、회전교역량대이급명현적말일현상특성。권증적강간성능화주공성능、권증시장투자자추구고적유효강간비솔、현유권증산품강간제고과쾌등，시권증특성형성적원인。감우차，본문제출아국연생품시장발전적모식，즉개방여약속병거래발전권증시장；통과“강간공구”화“조니공구”래조공풍험；분삼개계단축보추진권증시장변혁여발전；침대시장삼여자、산품설계、교역제도、감관제도사개방면제공시장화약속。
Currently,there are some features of warrant market in China,such as inefficiency of pricing,big ro-tation trade volume and the obvious Doomsday phenomenon. And there are some causes leading to these features above,such as warrant’s leverage and going-short property,seeking high leverage efficiency by investors of warrant market,quick rise in leverage level of current warrant products. In view of the above reasons,suggestion of employ-ing the development model of domestic derivative market is put forward,that is,opening and constraining were both used to develop China’s warrant market. Risks are regulated through employing leverage tools and damping tools. Through three phases,the reform and development of warrant market are gradually promoted. Market constraints are made in terms of market participants, product design,transaction system, regulation system.