What Is Warrant Coverage?

什么是认股权证比重？

Warrant coverage is an agreement between a company and one or more shareholders where the company issues a warrant equal to some percentage of the dollar amount of an investment. Warrants, similar to options, allow investors to acquire shares at a designated price.

认股权证比重是一家公司与一个或多个股东之间的协议，基于此公司发行相当于投资额一定百分比的认股权证。与期权类似，认股权证允许投资者以指定的价格购买股票。

Warrant coverage agreements are designed to sweeten the deal for an investor because the agreement leverages their investment and increases their return if the value of the company increases as hoped.

认股权证比重协议旨在为投资者增加交易的甜头，因为如果公司价值如预期增加，该协议会影响他们的投资并增加他们的回报。

Understanding Warrant Coverage

关于认股权证比重

Warrant coverage assures investors that they can increase their share of ownership in the company should circumstances rapidly improve. This is done by means of issuing warrants as a condition of the investors' participation.

认股权证比重向投资者保证，如果情况迅速改善，他们可以增加自己在该公司的持股份额。这是通过发行认股权证作为投资者参与的条件来实现的。

A warrant is a type of derivative that gives the holder the right to buy the underlying stock at a specified price before or at maturity. The warrant does not obligate the holder to purchase the underlying stock. A warrant coverage is simply the agreement to issue stocks to cover the possible future execution of the warrant instrument.

认股权证是一种衍生工具，它赋予持有人在到期前或到期时以特定价格购买标的股票的权利。认股权证并不强制持有人购买相关股票。认股权证比重就是发行股票以覆盖未来可能执行的认股权证工具的协议。

Warrants are similar to an option but have three main exceptions. First, they originate from a company, not from traders. Second, warrants are dilutive to the underlying stock. When the holder exercises a warrant, the company issues new stock, rather than delivering existing stock. Finally, they can be attached to other securities, most notably bonds, giving the holder the right to purchase shares of stock, as well.

认股权证类似于期权，但有三个主要例外。首先，它们源自一家公司，而不是交易员。其次，认股权证对标的股票有稀释作用。当持有人行使认股权证时，公司发行新股票，而不是交付现有股票。最后，它们可以附着在其他证券上，尤其是债券，让持有人有权购买股票。

Reasons for Warrant Coverage

认股权证比重的原因

Warrant coverage allows and possibly encourages the holder to participate in the success of the company, manifested in the appreciation of the price of the underlying stock.

认股权证比重允许并可能鼓励持有人参与公司的成功，表现为标的股票价格的升值。

It also gives the holder protection against the dilutive effects of any future new share offerings. This future protection is ironic because the exercise of the warrant is dilutive itself to the existing shares.

它还能保护持有人免受任何未来新股发行的稀释效应。这种未来保护具有讽刺意味，因为认股权证的行使稀释了现有股份。

One reason a company might issue warrants is to attract more capital. For example, if it cannot issue bonds at a satisfactory rate or amount, warrants attached to a bond can make them more attractive to investors. Often warrants are seen as speculative.

公司发行认股权证的一个原因是为了吸引更多资本。例如，如果它不能以令人满意的利率或金额发行债券，附着在债券上的认股权证可以提高债券对投资者的吸引力。认股权证通常被视为投机性的。

One of the best examples of warrant coverage took place during the financial crisis of 2008. Wall Street giant, Goldman Sachs, needed to increase capital and raise the perception of its financial health.

认股权证比重的最好例子之一发生在2008年金融危机期间。华尔街巨头高盛(Goldman Sachs)需要增加资本，提高对其财务健康状况的认识。

Goldman sold $5 billion of preferred stock to Warren Buffett's Berkshire Hathaway, Inc. The warrants to purchase $5 billion of common stock with a strike price of $115 per share had a five-year maturity. Goldman's shares were trading near $129 at that time, giving Berkshire an instant, although not guaranteed, profit.

高盛向沃伦·巴菲特的伯克希尔·哈撒韦公司出售了50亿美元的优先股，以每股115美元的执行价购买50亿美元普通股的认股权证为期五年。当时高盛的股价接近129美元，这让伯克希尔立即获利，尽管不能保证。

Example of Warrant Coverage

认股权证比重示例

For example, an investor purchases 1,000,000 shares of stock at a price of $5 per share, totaling a $5,000,000 investment. The company grants a 20% warrant coverage, and issues to the investor $1,000,000 in warrants. In technical terms, the company guarantees 200,000 additional shares at an exercise price of $5 per share.

例如，一个投资者以每股5美元的价格购买1,000,000股股票，总计投资5,000,000美元。该公司授予20%的认股权证比重，并向投资者发行1,000,000美元的认股权证。从技术角度来说，该公司保证以每股5美元的行权价增发200,000股股票。

Issuing warrants does not give the investor any additional downside protection, as the underlying shares would be issued at the same price they paid for the stock; however, the warrant coverage would give the investor additional upside, if the company goes public or is sold at a price above $5 per share.

发行认股权证不会给投资者带来任何额外的下跌保护，因为相关股票将以其购买股票时的价格发行；但是，如果该公司上市或以每股5美元以上的价格出售，认股权证比重将为投资者带来额外的好处。

What Is a Warrant Coverage on a Convertible Note?

什么是可转换票据的认股权证比重？

On a convertible note, a warrant coverage allows the holder to purchase additional shares of a company. The amount that is allowed to be purchased is a percentage based on the loan principal.

可转换票据上的认股权证比重允许持有人购买额外的公司股票。允许购买的金额是基于贷款本金的百分比。

What Is a 10% Warrant?

什么是10%认股权证？

Warrant coverage is a percentage based on the principal amount of the loan as opposed to the value of the company. For example, a 10% warrant coverage on a $1,000,000 loan equals $100,000 in warrants.

认股权证比重是基于贷款的本金金额相对于公司价值的百分比。例如，1,000,000美元贷款的10%认股权证比重等于100,000美元认股权证。

Why Do Companies Issue Warrants?

公司为什么要发行权证？

Companies issue warrants in order to raise capital. When a company sells a warrant it receives payment. If stocks are purchased using the warrant at a later date then the company also receives money.

公司发行认股权证是为了筹集资金。当一家公司出售认股权证时，它会收到付款。如果在晚些时候用认股权证购买股票，公司也会收到钱。

（英文来源：Investopedia）