什么是结构化股票？
关于结构性，我想可以从三个不同角度来加以阐述和定义 第一个从资产的角度来看，即所谓的“结构性资产”（structured assets），包括结构性证券、结构性投资载体Struc-tured Investment Vehicles (SIV)和合成型结构性投资工具Synthetic Structured Investments. 第二个是从交易结构或产品定价机制角度来看的结构性，例如CDS， CDO等交易中不同的交易结构，以及不同的定价参数会对最终的价格产生何种影响 第三个则是本文主要涉及的视角——通过金融衍生品构建出能够对基础资产价格走势进行套期保值的工具，并以此来规避风险，这种以对冲为目的而设计出的金融产品就被称为“结构性金融工具Structurized Finance Products”(简称SFPs)，它们被广泛的应用于公司投资和资产管理领域. SIP在1987年以前就已经在美国出现，但是它的发展开始于20世纪80年代中期。当时美国出现了许多银行信贷部门为了分散其商业信贷业务的风险而进行的交易创新活动(Froot and Thaler， 1993; Kajiwara et al， 1996)。由于这些新的贷款形式是以非传统的方式发放给消费者和企业，所以被统称为“新贷款”(new lender credit products， NLCP)，其中就包括后来成为SIP基本构成部分的资产支持商业票据。虽然早期的NLCP都是商业银行信贷部门的创新产物，但是由于它们的巨大成功，其他金融机构也纷纷效仿，于是SIP逐渐形成了今天这样涵盖各种金融工具的产品家族
首先我们来看看SIFM的定义： A structured investment product or “SIP” is an investable fund designed as a packaged financial instrument to provide investors with specified returns that are linked to one of the following three main asset classes： equities， interest rates and commodities / currencies. It is also referred to in some contexts as a synthetic fixed income security because they can be structured so that their cash flows mimic those of traditional investments such as bonds， but without using any physical collateral or holding any actual underlying exposure (e.g. shares held by the bond issuer/counterparty for credit protection purposes rather than in an account payable at maturity)， although other forms exist where there may indeed be specific collaterals associated with the transaction. These include： equity derivatives used， including convertible bonds；collateralised debt obligations which use equity as the underlying asset class (CDO-equity); etc. The term "synthetic" does not mean that these instruments have no physical counterpart ie underlying position on its own. Rather it refers to how the counter party risks between different layers are managed through complex derivative transactions. In this way， many of them behave like traditional bond contracts – providing investors with a predictable set of returns over certain time periods， and being bought and sold at prevailing market prices， similar to common stock. However， since all SIPs contain elements of risk， most of them offer insurance cover against