认沽权证即认售权证，就是看跌期权，具体地说，就是在行权的日子，持有认沽权证的投资者可以按照约定的价格卖出相应的股票给上市公司。
But the VaR can’t predict the risk of put warrants. So ,we need to strengthen the management of put warrants.
但对于认沽权证,VaR的预测效果并不是很好,应加强对认沽权证的风险管理。
参考来源 - 中国市场条件下权证与标的股票价格行为相关性研究·2,447,543篇论文数据，部分数据来源于NoteExpress
我们发现少数认购权证和大部分认沽权证与标的股票价格、股票市场指数存在异常联动关系。
We find a small number of call warrants and a large proportion of put warrants behave eccentrically in interaction with the underlying stocks as well as the stock market indices.
之后，以穗机场认沽权证为例子进行定价研究，同时考虑了认沽权证前三个月不能行权对定价所造成的影响。
Then Guangzhou Airport Put warrant is taken as the example to study the pricing method, and also consider the condition that the warrant can't be executed in the first three months.
在股票市场这一轮牛市的作用下，认沽权证到期时都属于价外权证，没有行权可能，因此，对标的股票价格及成交量不产生影响。
Under the round of bull market, all of the put warrants are out of money and impossible to exercise. Therefore, they cause no effects on underlying securities.
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