权证作为一种金融衍生工具,其到期必将对标的证券的价格与流动性产生重要影响。文章采用事件研究法分别就价内权证与价外权证到期对标的证券的影响进行研究。实证结果表明,在中国资本市场上权证到期对标的证券的影响具有一定特殊性,其中价内权证与价外权证到期前均对标的证券价格产生正效应,到期日后产生负效应;价内权证到期日后风险增加,流动性增强,价外权证则相反。 Warrants as a financial derivatives, the maturity of the underlying securities will have a significant impact on the price and liquidity. The article uses the event research method to study the impact of the intra-price warrants and the expiry of the warrants on the underlying securities respectively. The empirical results show that the maturity of the warrants on the underlying securities in China’s capital market has a certain degree of certainty. Both the domestic and foreign warrants have a positive effect on the price of the underlying securities before they expire, with a negative effect after the maturity date. After the expiration date of the Internal Warrant, the risk has increased, the liquidity has been strengthened, and the price of the OTC has been reversed.