股(gu)本認(ren)(ren)股(gu)證:也稱公(gong)司(si)(si)認(ren)(ren)股(gu)證,是公(gong)司(si)(si)的集資活動,透(tou)過(guo)發行公(gong)司(si)(si)股(gu)份(fen)的認(ren)(ren)購證進(jin)行。在行使時,公(gong)司(si)(si)發行新股(gu),并以(yi)行使價售予股(gu)本認(ren)(ren)股(gu)證的持有(you)人。
衍(yan)(yan)生(sheng)認(ren)(ren)股(gu)證(zheng)(zheng):一般由投資(zi)銀行(xing)發(fa)行(xing)。發(fa)行(xing)人(ren)(ren)(ren)(ren)發(fa)行(xing)衍(yan)(yan)生(sheng)認(ren)(ren)股(gu)證(zheng)(zheng)并(bing)非為了集資(zi),而是(shi)(shi)提供予投資(zi)者一種(zhong)管(guan)理(li)投資(zi)組合(he)的有(you)(you)(you)效(xiao)工(gong)具。衍(yan)(yan)生(sheng)認(ren)(ren)股(gu)證(zheng)(zheng)是(shi)(shi)上市證(zheng)(zheng)券(quan),在交(jiao)易(yi)所進行(xing)買(mai)賣,并(bing)構成發(fa)行(xing)人(ren)(ren)(ren)(ren)與持有(you)(you)(you)人(ren)(ren)(ren)(ren)之間的一項合(he)約。發(fa)行(xing)人(ren)(ren)(ren)(ren)的責任及認(ren)(ren)股(gu)證(zheng)(zheng)的條款、細則(ze)會詳列在上市文件中。備兌認(ren)(ren)股(gu)證(zheng)(zheng)是(shi)(shi)衍(yan)(yan)生(sheng)認(ren)(ren)股(gu)證(zheng)(zheng)的一種(zhong),其發(fa)行(xing)人(ren)(ren)(ren)(ren)將認(ren)(ren)股(gu)證(zheng)(zheng)的指定證(zheng)(zheng)券(quan)或(huo)資(zi)產存(cun)放在獨立的受(shou)(shou)托(tuo)(tuo)人(ren)(ren)(ren)(ren)、托(tuo)(tuo)管(guan)人(ren)(ren)(ren)(ren)或(huo)存(cun)放處,作為其履行(xing)責任的抵押(ya),而受(shou)(shou)托(tuo)(tuo)人(ren)(ren)(ren)(ren)、托(tuo)(tuo)管(guan)人(ren)(ren)(ren)(ren)或(huo)存(cun)放處則(ze)代表認(ren)(ren)股(gu)證(zheng)(zheng)持有(you)(you)(you)人(ren)(ren)(ren)(ren)的利益。但目前(qian)備兌認(ren)(ren)股(gu)證(zheng)(zheng)已(yi)常泛指衍(yan)(yan)生(sheng)認(ren)(ren)股(gu)證(zheng)(zheng)。
以(yi)持(chi)有(you)人的權利而言,認(ren)股證(zheng)分為認(ren)購(gou)證(zheng)和認(ren)沽證(zheng)。認(ren)購(gou)證(zheng):賦(fu)予(yu)持(chi)有(you)人一(yi)個權利但(dan)非責任,以(yi)行使(shi)(shi)價(jia)在特定(ding)期限內購(gou)買相關資產。認(ren)沽證(zheng):賦(fu)予(yu)持(chi)有(you)人以(yi)行使(shi)(shi)價(jia)在特定(ding)期限內出(chu)售相關資產。
就行使狀況而言,認股證亦分為歐式和美式認股證。美式認股證：持有人在股證上市日至到期日期間任何時間均可行使其權利。歐式認股證：持有人只可以在到期日當日行使其權利,歐式認股證為香港最常見的認股證類別,因此專欄將主要介紹歐式認股證。無論認股證屬歐式或美式,投資者均可在到期日前在市場出售所持有之認股證。事實上,只有小部份認股證持有人會選擇行使其認股證,大部份投資者均會在到期前沽出認股證。
