股票权证（优先认股权与认股权证的比较）

1.优先认股权 preemptive right

在《元照英美法词典》中，Preemptive Right的释义为“优先认购权、优先购股权”，股东为保持其股权比例而对公司新发行股份享有的一种优先权。在Black’s Law Dictionary (eighth edition)中Preemptive Right的定义为“A shareholder's privilege to purchase newly issued stock - before the shares are offered to the public — in an amount proportionate to the shareholder's current holdings in order to prevent dilution of the shareholder's ownership interest. * This right must be exercised within a fixed period, usu. 30 to 60 days. -- Also termed subscription privilege”. （股东购买新发行股份的特权-在向公众发行新股之前，股东有权按照其股权比例认购该等新股，以防股东所有权益的稀释。该等权利必须在固定期限内行使，通常30至60日内。--也称为认购特权。）

优先认股权是股份公司发行新股增加资本时，按照原股东的持股比例，给予其在指定期限内以规定价格优先认购一定数量新股的权利。该权利产生的目的在于保证原股东对公司所有权的控制权不因资本的增加而受到削弱。优先认股权可以转让、买卖，也可以放弃。买卖优先认股权的价格，由股票市场上该种股票的价格、新股的发行价格和认购一股新股所需的优先认股权数三个因素决定。

A preemptive right is a right of existing shareholders in a corporation to purchase newly issued stock before it is offered to others. The right is meant to protect current shareholders from dilution in value or control. Preemptive rights, if recognized, are usually set forth in the corporate charter. Shareholders will usually be issued a subscription warrant, which indicates how many shares of the newly issued stock they are entitled to buy, typically pro rata percentage of current ownership. Initially, this right was recognized by the courts as mandatory. However, in recent times most state laws deny a preemptive right unless it is specifically granted by corporate charter.

例句1

Preemptive rights give a shareholder the opportunity to buy additional shares in any future issue of a company's common stock before the shares are made available to the general public. This right is a contractual clause that is generally available in the U.S. only to early investors in a newly public company or to majority owners who want to protect their stake in the company when and if additional shares are issued.

优先购买权使股东有机会在公司未来发行的普通股向公众公开之前购买额外的股份。这种权利是一种合同条款，在美国通常只适用于新上市公司的早期投资者或希望在增发股票时保护其股份的多数股东。

例句2

A U.S. company may give preemptive rights to all of its common shareholders. but this is not required by federal law. If the company recognizes such rights, it will be noted in the company charter. The shareholder also may receive a subscription warrant entitling them to buy a number of shares of a new issue, usually equal to their current percentage of ownership.

一家美国公司可以给予其所有普通股股东优先购买权。但是这不是联邦法律所要求的。如果公司承认这种权利，将在公司章程中注明。股东还可以获得认购权证，使他们有权购买一定数量的新发行股票，通常等于他们目前的所有权比例。

2.认股权证 Warrant

认股权证(Warrant)是国际证券市场上近年来流行的一种最初级的股票衍生产品。它是由发行人发行的、能够按照特定的价格在特定的时间内购买一定数量该公司普通股票的选择权凭证，实质上它类似于普通股票的看涨期权。认股权证的应用范围包括：股票配股、增发、基金扩募、股份减持等。根据不同的发行主体，认股权证可以分为股本认购证和备兑权证两种。股本认购证属于狭义的认股权证，它是由上市公司发行的。而备兑权证属于广义的认股权证，它是由上市公司以外的第三方发行的，不增加股份公司的股本。在证券市场上，Warrant是指一种具有到期日及行使价或其它执行条件的金融衍生工具。 而根据美交所（American Stock Exchange）的定义，Warrant是指一种以约定的价格和时间（或在权证协议里列明的一系列期间内分别以相应价格）购买或者出售标的资产（the underlying）的期权。

Warrant refers to a type of security issued by a corporation (usually together with a bond or preferred stock) that gives the holder the right to purchase a certain amount of common stock at a stated price. 具体例句如下，供参考：

例句1

Each Series E Preferred Holder has agreed to subscribe from the Company, and the Company has agreed to issue and allot to each Series E Preferred Holder, certain Series E Preferred Shares and/or the warrant on the terms and conditions set forth in the Series E Share and Warrant Purchase Agreement.

根据E系列股份和认股权证购买协议中规定的条款和条件，各E系列优先股持有人已同意从公司认购，且公司已同意向各E系列优先股持有人发行和分配某些E系列优先股和/或认股权证。

例句2

“Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, pre-emptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing.

“权益证券”系指，就作为法人实体的任何人士而言，该人士的任何及所有股本股份、成员权益、股份单位、利润权益、所有权权益、股权、注册资本和其他权益证券，以及可获得上述任何一项的任何权利、认股权证、期权、认购权、承诺、转换特权、优先认购权或其他权利，或可转换为、或可为上述任何一项而交换或行使的证券。

相关知识拓展：

优先认股权和认股权证是两个不同的概念，两者存在着明显的差别；但优先认股权和认股权证都是公司在发行股票时出现的，它们本身都不是股票，却与股票相关，因此，两者之间又有一定的联系。

1、优先认股权与认股权证的区别

1）认股权证是由公司发行的，能够按照特定的价格在特定的时间内购买一定数量该公司股票的选择权凭证，其实质是一种有价证券；而优先认股权则是公司在增发新股时为保护老股东的利益而赋予老股东的一种特权。老股东可以凭此权按特定的价格购买新股。

2）认股权证是与股票同时发行的，但发行后则可与股票独立，形成自己的市场和价格；优先认股权则是在配股登记日前要附着在股票上进行交易，登记日之后，优先认股权才脱离股票可以在市场上独立交易。

2、优先认股权与认股权证的联系

1）优先认股权和认股权证都是一种凭据，凭此可以在规定的时间内按照特定的价格购买一定数量的股票，都是由股票发行公司推出的，与股票直接相关。

2）优先认股权和认股权证都可以进行交易，并在交易中形成自己的价格。