本文揭露現金增資對認購權證發行機構的潛在風險，並提供轉嫁損失的處理方法。認購權證的發行機構必須持有標的股票以沖銷權證發行風險，其現貨股票的部位會因為標的股現金增資而蒙受財富移轉損失。每權證損失為現增認購價及原股東認購比例的遞減函數。發行機構可透過調整行使價格，將財富移轉損失轉嫁給權證投資提供兩階段調整方式，首先將行使價格適度調低，以抵消現增帶來的股價稀釋效果；其次再將行使價格調高，使執行時券商的收入增加，以彌補其財富移轉損失。調整公式在決定新的執行價格時，並考慮變動行使價格對行使機率的影響，使券商收入增加的期望值等於欲轉嫁的損失金額。

　　　　　New issues of stock by public-owned company (seasoned new issues) often hurt current stockholders. Whenever the new shares are sold below the current market price and current stockholders not able to absorb all the new issues, the stock prices are diluted and wealth is transferred from current stockholders to new stockholders. Writers of covered warrants, holding large cash position for hedging the warrants, are potentially damaged by the wealth-transferring effect of seasoned new issuing during the life of warrants. This paper develops precise method to estimate the warrant issuers' losses due to the wealth-transfer-ring effect. We show that the amount of losses is inversely related to the percentage of new shares that current stockholders allowed to acquire, and positively related to the price discount of new shares. Covered warrants usually include adjustment provision for seasoned new issuing. The exercise prices are adjusted lower in order to neutralize the dilution effect. Similar provision can be included such that the warrant holders share all or part of the issuers' wealth-transferred losses. We propose a two-step approach to mitigate the wealth-transfer effect. First, the exercise prices are adjusted downward proportionally to neutralize the dilution effect. Second, issuers reset the exercise prices to a slightly higher level to compensate their losses. The level of new exercise price is determined such that the expected compensation, considering the impact of exercise probability, equals the amount of losses transferred to the warrant holders.