Warrant is a kind of derivative basing on underlying stocks, that is to say, it derives from underlying stocks. So the correlation between warrant market and underlying market has become scholars 、 investors and supervisors ' concern. 权证是基于标的股票的一种衍生产品,权证市场和基础市场的关系自然成为广大学者、投资者以及监管者关注的焦点。