The REFERENCES privilege applies at table and column levels. This privilege is required on all columns referenced, implicitly or explicitly, in a FOREIGN KEY clause of a CREATE TABLE or ALTER TABLE statement. The system grants this privilege automatically, with grant authority, to the creator of a table. Owners acquire the privilege implicitly.
If you specify a column list (for example, (column_name_1, ..., column_name_n)) with the keywords INSERT, REFERENCES, SELECT, or UPDATE, and the specified grantee set already has the privilege specified at the table level with the indicated grant authority, the system accepts the statement but takes no action. This is because having INSERT, REFERENCES, SELECT, or UPDATE privileges at table level also enables that action against all of its columns.