| Summary: | 碩士 === 國立雲林科技大學 === 財務金融系 === 103 === With the opening up and the reform of the domestic financial market, there are more and more choice of financial products can be provided to investors. To introduce the derivatives to the investors is the way of hedge to them. It also makes the investorsto have the chance to invest and arbitrage then earn rewards. However, in the financial market, highly paid beings always means highly risk. In recent years, the stock companiesof Taiwan launched the call warrant about financial product. There are a lot of documents mainly investigate the relationship of futures, stocks or options between risk and reward at home and abroad. Comparing to these three financial products, the research papers about call warrants are scarce. Under the circumstances, I will present the analysis of the reward of the call warrant and risk in Taiwan's financial markets in this paper. Therefore, based on this condition, this article would like to explore and analyze the risk warrants remuneration in the financial markets in Taiwan, and finally through the use of GARCH (1,1) -M model for this study were collected in Taiwan warrants test whether the model risk premium of characteristics, empirical results show Taiwan 50 warrants for the subject matter does not have the characteristics of the risk premium.
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