Warrant is a similar option-based derivative product, its development history is not long in China, but significant, on the one hand, warrant has played a large role in tradable share reform in China, on the other hand, as China's only financial derivative product, its development can provide valuable experience for the future development in our derivative market.As the underlying shares and warrants has the relevance , we want to know whether warrants trading would have an impact on the underlying stock? After studying, this paper found that, overall, our warrant's trading increases the volatility of the underlying stock price, especially put warrant's trading significantly increases the volatility of the underlying stock price, but from each sample's view, not all warrant's trading would significantly increase the volatility of the underlying stock price, there is also some warrants'trading decrease the volatility of the underlying stock price.Then according to the difference of the volatility of the underlying stock price which caused by different warrant, this paper analyzes the main factors which lead to the difference that warrants affect the volatility of the underlying stock price, after studying, we found that the creation of warrants and the volatility lever of warrants are the main factors, while the type of warrants and the proportion which warrants listed shares accounts for the liquidity of underlying stock are not the main factors. |