We adopt mainly the Black-Sholes Model, the Binominal Model, and the Boyle & Vorst Model to analyze 12 covered warrants issued in the mainland financial market of China by using the historical volatility and the implied volatility. 其次,概述了备兑权证的主要定价模型,并分别采用历史波动率和隐含波动率,应用Black-Sholes模型、二项式模型和Boyle&Vorst模型,对中国大陆发行的12支备兑权证进行了比较统计分析。