Warrants一词在股票市场中叫做“认股权证”认股权证是由股份有限公司发行的可认购其股票的一种买入期权（call option)。它赋予持有者在一定期限内以事先约定的价格购买发行公司一定股份的权利。对于筹资公司而言，发行认股权证是一种特殊的筹资手段。认股权证本身含有期权条款，其持有者在认购股份之前，对发行公司既不拥有债权也不拥有股权，而只是拥有股票认购权,股票认购权是将来有按约定价格买入指定股票的权利。尽管如此，发行公司可以通过发行认股权证筹得现金，还可用于公司成立时对承销商的一种补偿。

认股权证的分类：

行使状况而言，认股权证亦分为欧式和美式认股证。

美式认股证：持有人在股证上市日至到期日期间任何时间均可行使其权利。

欧式认股证：持有人只可以在到期日当日行使其权利。欧式认股证为香港最常见的股证类别。

无论股证属欧式或美式，投资者均可在到期日前在市场出售持有股证。事实上，只有小部分股证持有人会选择行使股证，大部分投资者均会在到期前沽出股证。

参考双语例句：

If a share certificate is defaced, lost or destroyed, it may be replaced on payment of a fee not exceeding the amount as prescribed by the Stock Exchange from time to time and on such terms (if any) as to evidence and indemnity and the payment of out-of-pocket expenses of the Company of investigating evidence as the Directors think fit provided always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost, unless the Company is satisfied beyond reasonable doubt that the original has been destroyed.

倘若股份证书受到毁损、毁灭或遗失，可在支付一笔为数不超过联交所不时规定 的金额的费用，根据关于证明和赔偿的条款（如有），及支付本公司调查有关证 据而各董事认为合适的实付费用后，获得补发，惟不变的条件是 如 认股权证 已经 发出，则不得发出新的认股权证以取 代旧证，除非本公司毫无疑问信纳，原证书 已经毁灭。

 if upon the exercise of the subscription rights represented by any warrant the amount standing to the credit of the Subscription Rights Reserve is not sufficient to pay up in full such additional nominal amount of shares equal to such difference as aforesaid to which the exercising warrantholder is 44 entitled, the Board shall apply any profits or reserves then or thereafter becoming available (including to the extent permitted by law, share premium account and capital redemption reserve fund) for such purpose until such additional nominal amount of shares is paid up and allotted as aforesaid and until such time no dividend or other distributions shall be paid or made on the shares. 倘于行使任何认股权证的认 购权时，记于认购权利储备的贷方金额 不足以全部缴足行权认股权证持有 人有权得到的，相等于上述差额 的额外股份票面值，则董事会应为该目的而运用当时或其后可有的 任何利润或储备（包括在法律容许的范围内，股份溢价帐和资本赎 回储备基金），直至该额外股份票面值如上述般缴足并分配为止， 在这之前，无须就股份支付或作出任何股息或其他分派。