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中文摘要：
以知情交易概率为研究手段，选择在2005年上市的权证及其正股为样本，采用分笔的高频交易数据考察了股票和权证市场信息非对称特征的差异。实证研究表明，目前来看，我国的股票与权证市场的信息非对称程度具有显著的差异，股票市场的信息风险大于权证市场，这与理论分析恰好相反，也说明了我国股票市场的特殊性。
英文摘要：
Based on high frequency transaction data of warrants before 2005 and underlying stocks, the asymmetry information characteristics difference between stocks and warrants is disclosed utilizing probability of informed trader. Empirical result shows that at present there is distinct difference of information asymmetry between stock market and warrant market of China and information risk in stock market is bigger than warrant＇s. The conclude is opposition to theoretical analysis and at the same time denote Chinese market＇s particularity.
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