中国权证法律规制的现实状况与未来路向

权证在中国证券市场中经历了曲折的发展过程，如今的权证市场极其萎缩。鉴于权证在中国资本市场与市场化与国际化深入发展进程中的重要作用，正确审视现行权证法律规制的不足，并构建未来权证法律规制的发展路径是十分必要的。该文主要通过历史分析方法概括了中国权证及其法律规制的演进过程，并指出备兑权证将是中国未来权证市场的主流产品，相应地在立足现行权证法律规制之上，应建立健全权证法律法规体系、完善权证具体法律制度。

The Reality and Future of the Legal Regulations on Warrants Products in China

Warrants products as a whole in China’s securities market has experienced a winding development,which sees a shrinking trend today.Due to the important role of the warrants products in the developmental process of the marketization and internationalization of China′s capital market,it is necessary to review the current legal regulations regarding warrants derivatives in China and formulate its future developmental path.This paper summarizes the evolution process of the warrants products and the concerning legal regulations of our country,points out that the covered warrants derivatives will be the mainstream products in the future warrants market of China,which should be established on a sound and advanced system of legal regulations.