CAJ | 학술논문

针对经济活动（如股改、定向增发、兼并收购、重组、整体上市和非常广泛的股权合作）中有可能存在的控股股东对中小股东利益的侵害，引入认沽权证产品，在协商的基础上设计一种多执行时机、执行价格按一定利率随时间线性增长的奇异认沽权证方案，利用蒙特卡罗模拟最小二乘法编程计算权证的模拟值，在保护中小股东利益的基础上，有助于合作中控股股东战略意图（如股改、定向增发、兼并收购、重组、整体上市等）的实施和顺利促进最广泛的双方股权合作。
침대경제활동（여고개、정향증발、겸병수구、중조、정체상시화비상엄범적고권합작）중유가능존재적공고고동대중소고동이익적침해，인입인고권증산품，재협상적기출상설계일충다집행시궤、집행개격안일정리솔수시간선성증장적기이인고권증방안，이용몽특잡라모의최소이승법편정계산권증적모의치，재보호중소고동이익적기출상，유조우합작중공고고동전략의도（여고개、정향증발、겸병수구、중조、정체상시등）적실시화순리촉진최엄범적쌍방고권합작。
In economic activities （such as splitting share structure reform, directional add -issuance, M＆A, restructuring, and very extensive stock right cooperation） , the control shareholders probably violate the mid -small shareholderg interests. The author introduces the product of put warrant and designs the plan of exotic put warrant which has multiple exercise opportunity and its exercise price grows with the time according to certain interest rate on the basis of negotiation, and then he utilizes a simple least - squares approach of Monte Carlo simulation to program to compute the simulation value of warrant. On the basis of protecting the interests of mid - small shareholders, the plan above facilitates the implementation of strategic intention of control shareholders in the cooperation （ splitting share structure reform, directional add - issuance, consolidation, purchasing, etc. ） and promotes extensive cooperation of stock right of both sides smoothly.