雪球结构收益凭证的产品结构与法律分析

Product Structure and Legal Analysis of Snowball Structure Income Certificates

摘要: 市面上的雪球结构收益凭证类型多样，通过从类型化的产品结构中提炼出雪球结构收益凭证表现为证券公司的一种以债权债务关系为基础的融资工具，实质上却是内涵投机的金融衍生品，证券公司能够不断通过波段交易获取利润，并通过向投资者承诺年化收益的方式，在股票跌幅较大时将风险完全转移给投资者。但实际上此类产品于宣传中多有夸大和失真，极易造成交易风险，故结合产品结构与其中内涵的法律关系，从监管、投资者和证券公司三个方面提示交易中可能存在的法律风险，以期规范产品销售、降低买卖双方的信息不对称与加强证券公司风险控制。

Abstract: There are many types of snowball structure income certificates on the market, and by extracting the snowball structure income certificate from the typed product structure, the snowball structure income cer-tificate is a financing instrument based on the creditor-debtor relationship of the securities compa-ny, which is essentially a financial derivative of connotation speculation, and the securities company can continuously obtain profits through swing trading, and completely transfer the risk to investors when the stock declines significantly by promising annualized returns to investors. However, in fact, such products are often exaggerated and distorted in publicity, which is very easy to cause transac-tion risks, so combined with the legal relationship between the product structure and its connota-tion, the possible legal risks in the transaction are prompted from three aspects: supervision, in-vestors and securities companies, in order to standardize product sales, reduce information asym-metry between buyers and sellers and strengthen the risk control of securities companies.