Securities are the general name of various economic equity certificates. Therefore, in a broad sense, the securities market refers to allSecurities issuanceIn a narrow sense, the most active securities market refers to capital securities market, currency securities market and commodity securities market.yesshares、bond、commodity futures 、Stock futures, OptionsInterest rate futuresAnd other places where securities products are issued and traded.
The securities market ismarket economyThe product of development to a certain stage is the market created to solve the contradiction between supply and demand of capital and liquidity.The securities market has realized the connection between financing and investment by issuing and trading securities, effectively resolving the contradiction between supply and demand of capital andCapital structure adjustmentThe problem of.
In developedmarket economyThe securities market is completeMarket systemIt not only reflects and regulatesMonetary capitalAnd has an important impact on the operation of the whole economy.
Chinese name
stock market
Foreign name
securities market
Purpose
solvecapitalContradiction between supply and demand and liquidity
The securities issuance market is also called“Primary market”Or "primary market" refers to the market formed by the issuer to sell new securities to investors in accordance with certain legal provisions and issuance procedures for the purpose of raising funds.
Issuance market andCirculation marketInterdependence and mutual restriction are an inseparable whole.The issuance market is the basis and premise of the circulation market.The circulation market enables the continuous expansion of securities issuancenecessary condition。In addition, the transaction price of the circulation market restricts and affects theIssue price, is an important factor to consider when issuing securities.
Multi-level capital market
It is reflected in the diversity of regional distribution, company types covered, listing and trading systems and regulatory requirements.According to the type of listed companies served and covered, it can be divided into global marketNational market、Regional market；According to the size of listed companies, regulatory requirements and other differencesMainboard marketSecond board market（GEMorHigh tech enterprisesPlate), etc.
Classified by whether the transaction is conducted in a fixed placevisible market andInvisible market。The tangible market is called“OTC market”Securities with fixed locationExchange market。The birth of the tangible market is one of the important signs of the centralization of the securities market.The intangible market is called“OTC market”, refers to those without fixed placeStock Exchange Market。The sharp division between the over-the-counter market and the over-the-counter market no longer exists, and multi-levelStructure of securities market。
Vertical structure relationship
stock market
This is a structural relationship formed according to the order in which securities enter the market.According to this order, the composition of the securities market can be divided into issuing market and trading market.
The securities issuance market is also called“Primary market”Or "primary market" refers to the market formed by the issuer to sell securities to investors in accordance with certain legal provisions and issuance procedures for the purpose of raising funds.As an abstract market, the securities issuance market is not limited to a fixed place.The securities issuance market reflects the flow of securities from issuers to investorsMarket relations。
The competition between issuers and between investors is an opportunity for the formation of the securities issuance market.In the securities issuance market, there is not only the flow of securities from the issuer to the investor, but also the flow of securities from the investor to the issuerMonetary capitalStream.Therefore, the securities issuance market is not only a market for issuers to raise funds, but also a market for investorsinvestment opportunity 's market
securities marketIt is the place where the issued securities can be circulated and transferred through buying and selling transactions.Compared with the issuance market, the securities trading market is also called "secondary market" or "secondary market".After being underwritten in the issuance market, securities enter the circulation market, which reflects the market relationship between new and old investors in terms of investment exit and investment entry.Therefore,Securities circulation marketIt has two functions: one is for securitiesholderWhen cash is requiredmarket priceThe place where the securities are sold for cash;The second is to provide investment opportunities for new investors.The securities trading market can be divided into tangibleExchange marketAnd the invisible OTC market.
Securities issuance marketIt is closely connected with the trading market, interdependent and interactive.The issuance market is the basis for the existence of the transaction marketIssuance conditionsAnd the way of issuance affect the price and liquidity of the trading market.The trading market can promote the development of the issuance market and provide a place for the realization of the securities issued in the issuance market. At the same time, the price and liquidity of the securities in the trading market directly affect the issuance scale and conditions of new securities in the issuance market.
The stock market isIssue of sharesAnd places for trading.The issuer of the stock market islimited company。The capital raised by a joint-stock company in the stock market is long-term stable and belongs to the company's own capital.The trading object of the stock market is stocks. The market price of stocks is not only related to theOperationIt is not only related to the profit level, but also affected by other factors such as politics, society, economy and so on.Therefore,Stock priceIt is always in fluctuation.
The bond market isBond issuanceAnd places for trading.The issuers of bonds arecentral government, local governments, government agencies, financial institutions, companies and enterprises.bond marketThe transaction object is bonds.Bonds have fixedNominal interest rateThe market price is relatively stable compared with the stock price.
The constituent elements of the securities market mainly include securities market participants, securities market trading instruments andstock exchangeThe place and so on.
Securities market participants
1．Securities issuer
Securities issuancePeople refer to those whoIssuance of bonds, stock and other securities of the government and its institutions, financial institutions, companies and enterprises.The securities issuer is the main body of securities issuance.Securities issuance is the act of selling securities to investors.The issuance of securities can be directly handled by the issuer. Such issuance of securities is calledSelf issuedorDirect issue。Self issuance is a special issuance behavior, and it is also rare.Since the end of the 20th centurynetwork techniqueThe number of applications in distribution began to increase.The securities issuance is generally entrusted by the securities issuer to the securities company for underwriting, orIndirect issuance。According to the assumption of issuance risk, the allocation of funds raised andService ChargeThere are two kinds of underwriting methods: exclusive sale and agency sale, and exclusive sale can be divided intotraditional underwriting andBalance underwriting。
Individual investors refer to residents engaged in securities investment, who are the most extensive investors in the securities market.The main investment purpose of individual investors is to seek profits, maintain and increase the value of capital, so they attach great importance to the safety of principal and liquidity of assets.
Securities market intermediaries refer to various institutions that provide services for the issuance and trading of securities, including securities companies and othersSecurities service institutions, commonly referred to asSecurities intermediary。agencyIt is a bridge connecting securities investors and fund raisers. The functioning of the securities market largely depends on the activities of securities intermediaries.Through their business service activities, they communicate the relationship between securities demanders and securities suppliers, which not only ensures the issuance and trading of various securities, but also plays a role in maintaining the order of the securities market.
securities businessThe Association is a self regulatory organization in the securities industry and a social organization legal person.The authority of the Securities Industry Association is composed of all membersGeneral Meeting。According to the Securities Law of the People's Republic of China, securities companies should join the Securities Association.The Securities Industry Association shall provide assistanceSecurities regulatory authorityOrganize members to implement relevant laws and safeguard theirLegal rights and interests, for membersinformation service, make rules,Organize trainingAnd conducting business exchanges, mediating disputes, conducting research on the development of the securities industry,Supervision and inspectionMember behavior, and other duties assigned by the securities regulatory authority.
in China,Securities regulatorRefers to the China Securities Regulatory Commission and its dispatched offices.It is directly under the State CouncilSecurities managementThe supervisory authority shall conduct centralized and unified supervision over the securities market according to law.Its main responsibilities are to draft industrial regulations and supervise relevantlaws and regulationsIt is responsible for protecting the legitimate rights and interests of investors, comprehensively supervising the issuance and trading of securities throughout the country, and the acts of intermediaries in accordance with the law, and maintaining a fair and orderly securities market.
stock exchangeSites includeOTC marketandOTC marketTwo forms.The floor trading market refers tostock exchangeSecurities buying and selling activities carried out within, which is the standardized organizational form of securities trading places;OTC market refers to the trading of securities outside the stock exchange, which includesOTC market(also known asStore transactionMarket)Third market、Fourth marketEtc.
features
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The securities market has the following three significant characteristics:
First, the securities market is a place for direct exchange of value.Marketable securities are the direct representatives of value, which in essence is just a direct form of expression of value.Although the objects of securities trading are various securities, the securities market is essentially a direct exchange place of value because they are the direct manifestation of value.
Second, the securities market is the place where property rights are directly exchanged.Trading objects in the securities market are stocks, bonds, investment fund bonds and other securities as economic equity certificates. They are only representatives of a certain amount of property rights, so they represent the ownership or creditor's rights of a certain amount of property and relatedUsufruct。In fact, the securities market is a direct exchange place of property rights.
Third, the securities market is a place for direct exchange of risks.Securities are not only representatives of certain income rights, but also representatives of certain risks.When the exchange of securities transfers a certain right of return, it also transfers the risks unique to the securities.Therefore, from the perspective of risk, the securities market is also a direct place for risk exchange.
The main differences between the securities market and the general commodity market are as follows:
1. Trading partners are different.commonlycommodity marketThe trading partners ofuse valueGoods that can meet people's specific needs.The trading objects of the securities market are stocks, bonds, investment fund bonds and other securities as economic equity certificates.
2. Different transaction purposes.The purpose of securities trading is to realizeincome from investment, or raise funds.The purpose of purchasing goods is to meet the needs of certain consumption.
3. The price of the trading partner is determined differently.The essence of the price of commodity market iscommodity valueThe monetary performance ofSocially necessary labor time。The essence of securities prices in the securities market is the division of profitsExpected earningsMarket performance, andMarket interest rateIs close.
4．market risk Different.Due to the implementation of the principle of equivalent exchange in the general commodity market, the price fluctuation is small, and the market prospect isPredictabilityStrong, so the risk is small.And the stock marketinfluence factorComplex and changeable, priceVolatilityLarge withUnpredictabilityWhether the investors can obtain the expected return on their investmentUncertainty, so the risk is high.
function
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brief introduction
The securities market refers to the place where securities are issued and bought, and its essence is the place where the supply side of funds and the demand side of funds decide the price of securities through competition.The stock market ismarket economyThe product of development to a certain stage is the market created to solve the contradiction between supply and demand of capital and the flow of capital.
According to its definition, the securities market has three basic functions:
Financing funds
The financing function of the securities market means that the securities marketFund demanderThe function of raising funds.Financing fundsIt is the primary function of the securities market. Another function of this function is to provideInvestment object。
The second one in the securities marketbasic function It is to determine the price for capital.Securities are capitalExisting formTherefore, the price of securities is actually the price of capital represented by securities.
The price of securities is the result of the interaction between the supply and demand of securities in the securities market.The operation of the securities market has formed the relationship between the competition of securities demanders and the competition of securities suppliers. The result of this competition is:Return on investmentThe demand of the market will be large, and the corresponding securities price will be high;On the contrary, the price of securities is low.Therefore, the securities market is a reasonable pricing mechanism for capital.
Capital allocation
Securities marketCapital allocationFunction refers to the function of realizing the rational allocation of capital by guiding the flow of capital through the price of securities.Securities investors are very sensitive to the returns of securities, andSecurity yieldTo a large extent, it depends on theeconomic performance。In the long run, enterprises with high economic benefits have more investors in their securities, which are also actively traded in the market.On the contrary, there are fewer and fewer securities investors in enterprises with poor economic returns, and transactions in the market are not vigorous.Therefore, part of the funds in the society will automatically flow to enterprises with good economic benefits, away from enterprises with poor economic benefits.
In this way, the securities market will guide the capital flow to the enterprises or industries that can produce high returns, so as to make the capital as efficient as possible, and then realize the rational allocation of resources.
These are the three most basic functions of the securities market, and three other functions are derived from this basis. They are: conversion mechanism, macro-controlDiversify risk。
Conversion mechanism
If an enterprise wants to raise funds through the securities market, it must be restructured into a joint stock limited company.The organizational form of joint-stock companies is the product of socialized mass production and the development of modern market economyEnterprise organization formOwnership of the enterprise andmanagement rightIt has been separated and standardized by a series of strict laws and regulations, so that enterprises can consciously improveOperation managementHorizontal andFund use efficiency。
After becoming a listed company, the enterprise will always be under the supervision and influence of all aspects of the market, which is conducive to the formation of“Clear property rights, clear rights, separation of government and enterprise, and scientific managementgovernance structure , in favor of enterprisesOperation managementThe standardization, scientization and institutionalization ofRisk Management Mechanisms andexcitation mechanism。
macro-control
The securities market is a barometer of the national economy, which can sensitively reflect the trend of social, political and economic developmenteconomic analysis And macro-control.The trend of the securities market refers toMarket situationA change, usually in securitiesprice indexTo represent.If, for a period of time, the countryPolitical stabilityWhen the economy is prosperous and the overall development trend is good, the stock price index will rise;On the contrary, if the political turmoil, economic recession, or development prospects are difficult to predict, the stock price index will fall.For example, in 1999, the United StatesDow Jones IndexRepeatedlyset a new record, breaking the ten thousand point mark, it isAmerican economysustained development, kept low for a long timeunemployment rateThe good economic situation.
The government can changeeconomical operation Analyze and predict the situation and development prospects, and use the securities market to implement macro-control on the economy.The government uses the securities market toMeans of macro-controlMainly usingmonetary policyThree tools ofLegal deposit reserve ratio、Rediscount rateandOpen market business。In particular, the open market business is operated entirely by relying on the securities market, adjusting the supply of money through the purchase and sale of securities, affecting and controlling the operation of commercial banks, and thus realizing the purpose of regulating and controlling the operation of the entire national economy.
ascentral bankBuy a lot of securities,Commercial financial institutionsThe scale of credit can be expanded, the amount of cash in circulation will increase, and the price of securities will increase accordingly,Interest rate levelWill decline accordingly, which will stimulate investment and expand the economy;On the contrary, when the central bank sells a large number of securities, it will have a tightening effect on the economy, which can be effectively suppressedInvestment inflationandOverheated economy。
Diversify risk
The securities market is not only for investors andFinancierIt provides a wealth of investment and financing channels, and also has the function of risk diversification.For listed companies, financing through the securities market can partially transfer and disperse the operational risk to investors. The more shareholders of the company, the smaller the risk borne by individual shareholders.In addition, enterprises can also maintain the liquidity of assets and improve profitability by purchasing certain securities, reduce dependence on bank credit funds, and improve the enterprise'sMacroeconomyFluctuatingRisk resistance。
For investors, they can buy and sell securities and establishPortfolioTo transfer and disperseAsset risk。Investors often put assetsDiversified investmentFor different objects, securities as liquidityProfitabilityAll relatively good asset forms can effectively meet the needs of investors, and investors can also choose securities with different natures, different maturities, different risks and returnsPortfolioDiversify the risk of securities investment.
Formation and development
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brief introduction
The Formation and Development of Securities Market
Formed basis
The emergence of securities has a long history, but the emergence of securities does not mark the emergence of the securities market at the same time. Only when the issuance and transfer of securities are open through the market, the securities market will appear.Therefore, the formation of the securities market must have certain social conditions andeconomic base。Securities market is formed from freedomcapitalismThe emergence andcredit system The deepening of is the basis for the formation of the securities market.
First, the stock market iscommodity economyAnd the development of socialized mass production.With the further development of productive forces and the increasing socialization of the commodity economy,capitalismFrom the stage of free competition to the stage of monopoly, the capitalists rely on the original banksBorrowing capitalIt can no longer meet the needs of huge capital growth.To meet the needs of socialized mass productionCapital expansionObjectively, a new means of raising funds is needed to meet the needs of further economic development.In this case, securities and securities market came into being.
Secondly, the establishment of joint-stock companies provides necessary conditions for the formation of the securities market.With the further development of productivity and the increasing expansion of production scale, the traditional sole proprietorshipOperation modeAnd feudalismfamily firmIt can no longer meet the needs of capital expansion.So there isPartnershipAnd then a pure partnership organization evolved intoJoint stock enterprise——Joint stock company.A joint-stock company issues shares and bonds toThe publicRaised fundsAnd realize the concentration of capital to meet the need of rapid capital growth for expanded reproduction.Therefore, the establishment of joint-stock companies and the issuance of corporate stocks and bonds provide a solid foundation for the emergence and development of the securities market.
Thirdly, the development of credit system has promoted the formation and development of the securities market.Due to the development of modern credit systemCredit institutionsFrom a single intermediary credit toDirect creditThat is, direct investment in enterprises.therefore,finacial capitalGradually penetrate into the securities market and become an important pillar of the securities market.Credit instrumentsGenerally, they have the requirement of liquidity, and the securities such as stocks and bonds have strongLiquidityThe securities market just creates conditions for the circulation and transfer of securities.It can be seen that the more developed the credit system is, the more likely it is to mobilize more publicMonetary incomeConvert toMonetary capital, invest in the securities market.The rise of the securities industry also opened up a broad prospect for the development of modern credit system.
Western securities market
the WestThe Formation and Development of Securities Market
In western countries, the securities market has gone through three stages of formation, development and improvement.
（1） Securities marketFormation stage(From the beginning of the 17th century to the end of the 18th century)
Reviewing the capitalist economysocial developmentThe initial sprout of the securities market can be traced back to capitalism in the early 16th centuryPrimitive accumulationTemporalWestern Europe。Frenchleon、BelgiumOfAntwerpThere are already securities trading activities, and the first ones to enter the securities market areState bonds。At the beginning of the 17th century, withcapitalist economyThe development of ownership and managementphase separationThe mode of production and operation, namely the formation and development of joint-stock companies.The formation of a joint-stock company makes stocks and bonds begin to be issued, thus making stocksCorporate bondsAnd entered the ranks of securities trading.In 1602NetherlandsOfAmsterdamEstablished the world's firstStock Exchange。
In 1773, Britain's firststock exchangeFounded in "Jonathan Cafe", it was officially approved by the British government in 1802.This stock exchange isLondon Stock ExchangeThe predecessor of.The trading variety of the exchange was initially government bonds, and then corporate bonds and minescanalStock entryExchange Trading。
In 1790, the first stock exchange in the United States——Philadelphia Stock ExchangeAnnounced its establishment and engaged in trading of government bonds and other securities.
On May 17, 1792, 24 brokers met under a sycamore tree on Wall Street, and negotiated an item named“Buttonwood Agreement ”We agreed to meet under the parasol tree every day to engage in securities tradingTransaction commissionAnd other transaction terms.
In 1817, these brokers jointly formed the "New York Stock Exchange", which was renamed in 1863“New York stock exchange ”This is the predecessor of the famous New York Stock Exchange.Capitalism in the 18th centuryindustrial revolutionUnder the influence of WTO, joint-stock companies have become a common form of enterprise organization in industries such as railway, transportation, mining, banking, etc. Their shares and various bonds are circulating in the securities market, which marks that the securities market has basically taken shape.
The characteristics of the securities market during this period are: the credit instruments are very single, mainly in the form of stocks and bonds;The securities market is small in scale and mainly adopts manual operation;The stock market fluctuates greatly, speculation, fraudManipulation behaviorVery common;The legislation of the securities market is not perfect, and the securities market is also relatively scattered.
（2） The development stage of the securities market (from the early 19th century to the 1920s)
Since the 1870sindustrial revolutionBy the middle of the 19th centurycapitalist countrySuccessively completed, the industrial revolution promotedMachine manufacturingThe rapid development of, and make joint-stock companies in the machine manufacturing industry generally established.For example, the industrial revolution in Britain was completed in the late 1930s and early 1940s.Machinery industryReplace the traditionalWorkshop handicraft, machine manufacturingindustrial system China has gradually gained a dominant position.From the 1970s to the 1980s, joint-stock companies have made great progress.
In 1862, there were 165 joint-stock companies in Britain. In the mid-1980s, there were more than 15000 registered joint-stock companies. This process took place in Britain, without exception, in all capitalist countries.America, France, Germany, etcEurope and AmericaAfter the industrial revolution in capitalist countries, joint-stock companies quickly became the main organizational form of enterprises.The establishment and development of joint-stock companies have expanded the issuance of securities.According to statistics, the world's securities issuance was 76.1 billion francs from 1871 to 1880, 64.5 billion francs from 1881 to 1890, 100.4 billion francs from 1891 to 1990, 300 billion francs from 1911 to 1920, and 600 billion francs from 1921 to 1930.At the same time, the structure of securities has also changedGovernment bonds, but company shares andbonds issued by an enterprise。According to statistics, among the securities issued from 1900 to 1913, government bonds accounted for 40% of the total issued securities, while corporate bonds and various stocks accounted for 60%.
The main characteristics of the securities market during this period are:
First, joint-stock companies have gradually become the main form of enterprise organization in the economic society;
Second, the issuance of securities has been expanding and has begun to take shape;
Third, some countries have begun to strengthen securities management and guide the standardized operation of the securities market. For example, Britain promulgated the Stock Company Ordinance in 1862, Germany passed the Limited Liability Company Law in 1892, France's Company Law in 1867, and Japan enacted the Company Law in 1894Securities Exchange LawEtc;
Fourth, the stock exchange market has developed, such as JapanTokyoThe stock exchange market was formed in 1878,Zurich Stock ExchangeFounded in 1877, the Stock Brokers Association was founded in Hong Kong in 1891, and changed its name toHong Kong Stock Exchange, etc.
（3） The stage of perfection of the securities market (since the 1930s)
1929-1933economic crisisIt is the most serious, profound and destructive economic crisis in the capitalist world.The crisis seriously affected the securities market. At that time, the stock prices of the world's major securities markets plummeted, the market collapsed and investors suffered heavy losses.By July 8, 1932, Dow Jones IndustrialStock priceThe average is only 41 points, only 11% of the highest level in 1929.The great crisis made the governments of all countries realize clearly that they must strengthen the management of the securities market, so the governments of all countries in the world have formulated securities market regulations and set up management institutions, making the securities trading market tend to legalize.For example, the United States successively formulated the Securities Exchange Act from 1933 to 1940Securities LawTrust Clause Law, Investment Advisory Lawinvestment bankLaw, etc.Other countries also implement comprehensive control and management of securities issuance and securities trading in the securities market by strengthening legislation.
the Second World WarAfter that, with the economic recovery and development of capitalist countries and the economic growth of countries, the securities market also recovered and developed rapidly.Since the 1970s, the securities market has been highly prosperous, the scale of the securities market has been expanding, and the securities trading has become increasingly active.During this period, the stock marketoperating mechanismThere have been profound changes and some obvious new features.
1．Financial securitization。Securities in the wholefinancial marketThe proportion of the above has risen sharply, and its position has become more and more prominent.Especially in the United States, with the emergence of new financial instruments, securities investment activities are widely and effectively carried out;In Japan, in the 1960s, the capital of enterprises mainly depended on bank loans, and the proportion of securities financing accounted for less than 20% of the total financing. By 1978, the proportion of securities issuance financing had risen to 44%.Meanwhile, residentsSavings structureIt also appearedsecuritisationTendency.Because of the need to maintain and increase income, people will save frombank depositTurn to securities investment.
2. Diversification of the securities market.This is mainly manifested in the following aspects: the types, quantity and scope of various securities are expanding;transaction modeIt has become increasingly diversified. In addition to spot securities trading, futures tradingOptions Trading, stock price index futures tradingCredit transactionAnd other transaction modes.
3. Legal entity of securities investment.the Second World WarSince then, the securities investment has changed.In addition to public individuals subscribing for securities, the proportion of legal persons investing in securities is increasing.Especially after the 1970s, with the large-scale entry of pension funds, insurance funds and investment funds,Corporatization of securities investorsThe speed of organization was further accelerated.Legal person investorIn the past, financial institutions have expanded to various industries.It is estimated that,Corporate investmentIt accounts for about 50% of the world's securities markets.
4. Legalization of the securities market.the Second World WarLater, western countries paid more attention to the legal management of the securities market, constantly formulated and revised securities laws and regulations, and constantly promoted the standardized operation of the securities market.At the same time, through various technical supervision and management activities, the implementation of securities market laws and regulations has been strictly enforced. The securities market has stabilized, and speculation, manipulation and fraud in the securities market have gradually decreased.
Driven by the computer based network technology, the networking of the securities market has developed rapidly, which is mainly reflected in:Online transactionMake rapid progress.
Compared with traditional trading methods, online trading has the following advantages:
First, it breaks the time and space restrictions, and investors can trade anytime and anywhere;
Second, it is intuitive and convenient. You can not only browse onlineReal time transactionQuotes and historical data (announcements, annual reportsBusiness informationAnd online consultation;
Third, the cost is low. Both securities companies and investors can greatly reduce their costs.There is no doubt that the networking of the securities market will be the most basicDevelopment trendone of.
In 1990London Stock ExchangeThere are 500 foreign companies listed, 110 New York Stock Exchange and more than 80 Tokyo Stock Exchange.More and more companies issue stocks and bonds on the securities markets outside their home countries.According to relevant data, 80 of the 220 large companies in the United States with sales of more than $1 billion were listed on foreign stock exchanges in 1975.Internationalization of securities investment andglobalizationIt has become a major trend in the development of the securities market.
7．financial innovation Keep deepening.staythe Second World WarPreviously, there were only stocks, corporate bonds andGovernment bonds, whileWorld War IILater, the Western developed countriesSecurities financingTechnology is changing with each passing day, and securities varieties are constantly innovating.Floating rate bonds、Convertible bonds, warrants, installment bondsComposite securitiesNew types of securities have emerged in succession, especially in the last 20 years of the 20th century, financial innovation has achieved great development, and the rapid development of derivatives such as financial futures and options trading has brought the securities market to a new stage.
The innovation of financing technology and types of securities has enhanced the vitality and attractiveness of the securities market to investors, and accelerated the development of the securities market.Types of securities andSecurities trading modeInnovation is the source of vitality of the securities market.In fact, since the 1970s, financial innovation has formed a trend of accelerated development and become the key factor for financial enterprises to survive and develop in the fierce competition.stayintegration of world economyWith the promotion of the securities marketBasis of Material TechnologyUpdates andInvestment demandThe further development of diversification will form a new wave of securities innovation in the 21st century.
formation and development
China's securities market has a long history of development, but it has a unique feature, that is, there is no direct inheritance and continuity between the old China's securities market and the new China's securities marketmarket development The situation is also very different.Therefore, to study China's securities market, we must discuss the situation of the old China and the new China respectively.
（1） Securities Market in Old China
The securities market of old China has a long history, during which there were ups and downs, which can be roughly divided into the following stages.
1. The embryonic stage (Tang Dynasty Qing Dynasty)
China has no stock market and modernbankingPreviously, there werebankandTicket No, this isfeudalistic ageThe embryonic form of securities and securities market.
According to historical records, as early as more than 1000 years ago in the Tang Dynasty, there were people who concurrently engaged in silver and bankingDidian、pawnshopEtc;By the Song Dynasty, there were money shops and money shops specializing in the trading of silver, money and banknotes.Since the middle of the Ming Dynasty, due to relative political stability,commodity productionThere has been rapid development, especiallyJiangsu and ZhejiangAlong the belt, there appeared the scene of thriving towns, prosperous commerce and prosperous financial industry, which created the early form of the securities market - the money market. Its operation system was strict and its business content was diverse.Since the Qing DynastyImperialismIntrusion ofSilver dollarThey poured in from abroad and began to use silver dollars, silver liangstandard copper coinsandcopperSo it became one of the main businesses of the bank at that time to exchange silver dollars and silver coins for making money and copper dollars.
Later, due to the invasion of various foreign banknotes, the marketCurrency in circulationFurther increase,Currency ExchangeAnd business is busier.This original securities activity started without a fixed place, and later witha turnoverThe expansion of the trading place gradually fixed, gradually forming a tangible trading market.
By the middle of the Qing Dynasty, this kind of money market was widely developed in Jiangsu and Zhejiang provinces.Shanghai, HangzhouNingboandSuzhouSuch places developed rapidly and gradually became the center of the early money market in China.These markets have a very close relationship with the local national industry and commerce and have a strong vitality. They are not only the initial form of China's securities market, but also the old Chinafinancial marketAn important part of.
After the Opium War, China quickly degenerated into a semi colonial and semi feudal society.The great powers signed a series of agreements with ChinaUnequal treaties, and gained many privileges.Under the protection of these privileges, foreign powers not only exported goods to China, but also gradually increased their colonial investment in ChinaCommercial port, has established a large number of enterprises, most of which adopt the form of joint-stock companies, andShare capital raisingThis method was introduced into China and a large number of shares were issued.At the same time, foreigners investing in China, in order to raise the huge amount of capital needed for modern industries, urgently require the "cooperation" of Chinese businessmen. Therefore, the activities of Chinese businessmen attaching shares in foreign enterprises have become a significant phenomenon. From ships, insurance, banks, as well as spinning, gas, and electric light industries, Chinese people are inseparable from attaching shares.According to statistics, in the 19th centuryForeign enterprisesThe accumulated capital is more than 40 million silver taels.After the 1870s,Qing governmentWesternization FactionSome government runofficial-merchant joint managementOfcivil industryE.g. 1872Li Hongzhang、industrial promoterPreparation for the General Administration of Ship Investment Promotion, laterZhongxing Coal Mine Company、Hanyeping Coal and Iron Plant Mining Company、Dasheng Yarn FactoryAnd so on.With the emergence of these joint-stock enterprises, stocks have emerged as a new investment tool in China.
The earliest bonds issued in China began in 1894 to cope withSino Japanese WarThe Qing government issued "interest bonds and commercial funds" bonds. Since then, a large number of government bonds have been issued.During the reign of the Northern Warlords,high Qing officialIn order to consolidate its power, it has waged years of scufflescarving up of a country by warlordsThe cost is huge, and the government has issued bonds for many times.According to statistics,beiyang government During the 16 years of his rule, he issued 520 million yuan of various public bonds.
With the increase of stock and bond issuance, the stock exchange market has also developed.In 1869, there was a foreign firm in Shanghai that bought and sold shares of foreign companies, which was then called the "Donor Association".
In 1891, foreign businessmen established Shanghai in ShanghaisharesIn 1905, the office was named“Shanghai Zhongye Office”, which was operated by foreign businessmen and was the earliest in old Chinastock exchange。The main trading objects of the Exchange are foreign enterprise stocks, corporate bonds, bonds issued by foreign administrative agencies in Shanghai, gold coin bonds of the Chinese government, rubber stocks in the Nanyang area, etc.China's own securities trading began around the 1911 Revolution.
The period from 1895 to 1913 was the initial development period of Chinese capitalism, when national industry and commerce flourished, stock issuance increased, and circulation gradually expanded.In 1913, some money merchants in Shanghaitea merchantThe "Shanghai Stock Trade Association" was established by other large firms that also engaged in securities trading.
In 1914, the Beiyang government promulgated the Stock Exchange Law, and the securities trading began to go on the right track.In 1918, with the approval of the Beiyang Government“Beiping Stock Exchange”This is the first stock exchange established by Chinese people in China.In 1920, with the approval of the Beiyang government“ShanghaiThe Stock Commerce Association was officially reorganized into“Shanghai Huashang Stock Exchange”；In 1921, the Beiyang government approved the establishment of the Tianjin Stock Exchange.these ones herestock exchangeAfter its establishment, the business was booming and the profits were rich, so that investors in stock exchanges swarmed in. In Shanghai alone, in more than half a year in 1921, the number of stock exchanges increased to 140-150.
However, except for a small number of domestic bonds, most of the objects operated by these exchanges operate the stocks of this exchange, and they are also temporary loans borrowed from the banking industry, mainly for futures trading, and a large number of stocks are short sold.By the autumn of 1921Monetary tighteningMany exchanges are difficult to maintain and have closed down, resulting in“The tide of communication”。By 1922, there were only a dozen in Chinastock exchangeSo that the securities trading turned into depression and decline.
3. "Recovery" and short "prosperity" stage (1937-1949)
After the outbreak of the Anti Japanese War, as the Kuomintang army retreated, the bond trading plummeted, and the bond trading market became increasingly depressed.On the contrary,stock marketAfter more than ten years of silence, the phenomenon of "recovery" appeared.At that time, because the Japanese puppet authorities prohibited all government bonds, foreign shares, gold and silver, foreign exchange and cottonCotton yarnSuch as centralized trading and covert trading of materialsHot moneyConcentrated on Chinese stocks, the Chinese stock trading gradually flourished, and the number of companies specializing in stock trading soared. The number of stock companies and securities trading houses in Shanghai alone soared from a dozen to more than 70 in 1940, and the number of securities trading houses in Tianjin reached more than 100 at most. The Japanese puppet regime once banned stock trading, but it failed to work, so it was diverted to use.
In September 1943, the Shanghai Chinese Merchants Stock Exchange was ordered to resume business, specializing in the trading of Chinese shares. The number of listed companies has increased to 199. Since the resumption of the stock exchange,Stock speculationFrequently, the stock market is volatile and the stock price fluctuates violently.
After the victory of the Anti Japanese War, the Kuomintang government first explicitly prohibited securities trading, in August 1945Shanghai Huashang Stock ExchangeWas suspended from business and dissolved, but,black marketNot stopped.Therefore, the Kuomintang government turned to planning to establish an official securities market.
In May 1946, the Kuomintang government decided to establishShanghai Stock ExchangeThe capital is rated at 1 billion yuan, and 6/10 shares are subscribed by the former shareholders of Shanghai Huashang Stock Exchange, and the rest are subscribed by the three banks of China, Communications, and FarmersCentral Trust Agency, CentralPostal Savings and Remittance BureauSubscription.In September of that year, the Exchange officially opened, divided into two markets: stock market and bond market.In February 1948, Panjin Stock Exchange was openedequityIt was 1 billion yuan, and the transaction was very prosperous,OTC tradingIt is also very active.
In 1948, the Kuomintang government announced thatCurrency reformAnd ordered all exchanges across the country to suspend business temporarily, making the short-lived "prosperous" stock market decline.
（2） The Securities Market of New China
In the early days of liberation, inflation,Price rise，black marketIt is rampant and speculative. In order to stabilize the market and crack down on the black market, the people's government has decided to set up under the management of the people's government in Tianjin, Beijing and other citiesstock exchange。But withnational financeto become better,Monetary ValueStart to stabilize,Trading volumeDown, soon, with“Three evils”The launch of the "Five Anti" Movement,Securities speculationActivities were controlled, and the business of the stock exchange was gradually depressed.The securities market in the early days of the founding of the People's Republic of China was not only short, but more importantly, it was a transitional form of the securities trading activities in the old China before they were eliminated in the early days of the founding of the People's Republic of China.
By 1952, the people's government announced that allstock exchangeClosure and suspension of business;
In 1958, the state stopped borrowing from abroad;
In 1959, the issuance of domestic government bonds was terminated.
In the 20 years since then, there has been no securities market in China.
After the Third Plenary Session of the Eleventh Central Committee of the Communist Party of ChinaEconomic system reformWith the deepening of and the development of the commodity economy, the level of people's income is constantly improving, and the amount of social idle funds is increasing. However, due to the continuous expansion of funds required for economic construction, the problem of insufficient funds is very prominent. Under this economic background, all aspects require the establishment ofLong term capital marketThe call for the restoration and development of the securities market is getting higher and higher, and China's securities market will emerge in the reform.
1. Issuance market.The recovery and start of China's securities issuance market is from the national issuance in 1981treasury billStarted.Since then, bonds have been issued year after year, and the number of bonds issued has been increasing. The types of bonds have expanded from state bonds to financial bonds, corporate bondsInternational bondsIssuance of.China's stock issuance began in 1984.
In September 1984, Beijing established the first limited liability company, Skybridge Department Store Co., Ltd., and issued shares.In November of the same year, theShanghai Feile Audio Co., LtdTo societyPublic offering of shares。After that, ShanghaiYanzhong IndustryLimited liability companies also issued shares to the public.Some other cities across the country have also issued shares in succession.Under the guidance of the government, with the increase of joint-stock pilot enterprisesIssue of sharesThe scale continues to expand, and the stock issuance involves domesticRMBordinaryA-shareSpecial RMB stocks for domestic and foreign legal persons and natural personsClass BAnd those issued overseasH-shareandN sharesEtc.
2. Trading market.China's securities trading market began in 1986.In August 1986, Shenyang Trust and Investment Corporation opened the securities trading business for the first timebank for economic constructionTrust and investment companies and Industrial and Commercial Bank of China Shenyang Securities Company also started this business.In September 1986, several companies in ShanghaiSpecialized bankTrust department andTrust and Investment CompanyStarted stock“kerb exchange”In April and June 1988, the Ministry of Finance successively launched 61Large and medium-sized citiesPilot the transfer market.
By 1990, the whole countryOTC securities marketIt has basically formed, and with the formation of OTC market,Floor tradingThe market also developed rapidly. On November 26, 1990, the State Council authorizedPeople's Bank of ChinaThe approved Shanghai Stock Exchange was announced to be established and officially opened on December 19, 1990, becoming the first stock exchange in China;On April 11, 1991, another company approved by the People's Bank of Chinastock exchange——Shenzhen Stock ExchangeIt was also established and officially opened on July 3 of the same year.The establishment of the two stock exchanges marks that China's securities market has moved from decentralized over-the-counter trading to centralized over-the-counter trading.
At the same time, some large and medium-sized cities in China, such as Wuhan, Tianjin, ShenyangDalian27 other places have also establishedSecurities Exchange Center, accept various bonds and investmentsFund transactions。Some trading centers are also in the same position as ShanghaiShenzhen Stock ExchangeNetworking enables the trading activities of the two stock exchanges to radiate and extend.Moreover, in October 1990, the People's Bank of China also established the National Stock Exchange Automated Quotation System (STAQS), whose center is located in Beijingcomputer networkConnect large and medium-sized cities with active securities trading in China to providesecuritiesSale ofprice information As well as quotation, transaction, delivery and settlement services.The system was connected to the grid in April 1991. By 1994, 189 of them had been distributed in 42 cities across the countryMember companies。
February 1993, afterPeople's Bank of ChinaApproved, another securities trading network, "China Securities Trading System Co., Ltd." (NET), was announced to be established.China Stock ExchangeNET systemThe center is located in Beijing for communicationSatellite connectionComputer networks throughout the country provide services, trading, clearing, delivery and custody services for securities trading, as well as investment consulting and information services for the securities market.The system was officially opened on April 28, 1993. By 1994, the systemSatellite communicationThe network covers more than 100 cities nationwide, and has access to the networkSecurities firmsUp to dozens.
Until 1998, China's securities exchange market once formed a centralizeddispersed phaseHierarchical characteristics of integration.In addition to Beijing's STAQ and NET systems, most of the OTC markets at that time were regional ones set up by local governments to invigorate the local economy and promote equity mobilityProperty rights trading market。They are mainly aimed at solving local problemsCorporate Stock、Internal staff sharesAnd fund securities, and the rules are different, and the institutions and management are chaotic. Some listed companies have low quality, which is easy to causefinancial risk andsocial problem。Although these markets do play a good role in the restructuring and financing of local enterprises.However, since the state has not formulated a unifiedPolicies and regulationsThe effective regulation and management of the over-the-counter trading market has led to many problems in the over-the-counter trading.
Southeast Asia Financial CrisisLater, in order to prevent financial risks and rectifyfinancial orderThe local trading center and the corporate stock market have been cleaned up one after another, and various forms of over-the-counter stock trading have been《Securities Law》The ban was explicitly made, thus forming a highly centralized two systems, namely, the Shanghai and Shenzhen exchanges coexisted and developed, and the stock circulation was concentrated in the exchange.But since thenLiquidityRequirements and enterprise'sShareholding reform 、各部门的Bond financing, investors' investment and other practical needs still promote various OTC markets to continue to exist in the form of underground or semi underground markets, depending on the strength of the central government's control.Off market corporate sharesAssignment of AgreementThe market does not stop because of the closure of STAQ and NET. The most active form of the market is circulation by auction,Auction houseIt has become an "exchange" for corporate shares.
After more than 10 years of development, China's securities market has begun to take shape.By the end of August 2002, the total number of listed companies at home and abroad had reached more than 1200Market Capitalization More than 5 trillion yuan, accounting forgross domestic productMore than 50%, nearly 60 securities funds, with total fund assets exceeding 100 billion yuanStock financingThe total amount is more than 830 billion yuan, and the number of investors who have opened accounts is nearly 70 million.China's securities market has become one of the largest and most dynamic securities markets in the Asia Pacific region except Japan.It can be said that it took us more than ten years to go through the Westdeveloped countryThe hundred year history of the securities market has laid a good foundation for the next step of improving the market construction and creating a new situation of the future securities market.
The establishment and development of the securities market is one of the important achievements of the reform of China's socialist market economy system. The securities market has become an important organic part of China's socialist market economy systemeconomic systemandReform of state-owned enterprisesAnd national economic development has played an important role.
First, in the past ten years, the establishment and development of the securities market has had a great impact on ChinaState owned enterprise reformandnational economyThe development of has played an important supporting role.It has raised a lot of valuable funds for the development of enterprises, especially state-owned enterprisesProduction and operationRequired funds.It has promoted and initially realized the enterpriseCorporate governance structureEstablishment andmanagerial mechanism of enterpriseChange.The original state-owned enterprises and private enterprises are transformed intoCorporate governance structureSound and efficient listed companies.At the same time, a large number of large and medium-sized enterprises are establishingmodern enterprise system It has played a leading and exemplary role in the reform practice, accumulated a lot of valuable experience, and laid a good foundation for the next step of deepening reform of China's state-owned enterprises.
Secondly, the establishment and development of the securities market has become an important bridge for resource allocation.one side,Enterprise listingThe process of resource allocation is the process of resource allocation.Over the past decade, a large number of national key and encouragedIndustrial upgradingThe replacement of state-owned enterprises that play an important role has become the object of priority support for listing, and has successfully issued and listed, giving full play to the role of the securities market in resource allocation.On the other handsecurities marketUp, largemoney flow YieldHigh industry and listed companies,enterprise value Has been fully reflected.At the same timeMerger and reorganizationActivities are also becoming more active and standardized, makingsocial resourcesFurther concentrate on advantageous fields and enterprises.
In the development process of more than ten years, a group of outstanding enterprises and entrepreneurs have gained broader development space through the securities market. More than 1000 listed companies have not only become China's national economyThe backboneAnd is accelerating towards the goal of being a world-class enterprise.At the same time, in China, a country with high savings, the securities market has played an active role in guiding capital from consumption to enterprise investment, and further accelerated China'scapital accumulation Speed.
Third, the establishment and development of the securities market has effectively alleviated China'sstate-owned bank The borrowing pressure andbusiness risk。State owned enterprises in“Appropriation to loan”In the process of reform, many bad debts and bad debts were deposited in state-owned banks, which aggravated the operational risks of banks.Develop securities market and expandDirect financingProportion, which defuses the risk of the banking system.According to statistics, domestic stock financing accounted forInvestment in fixed assetsThe proportion of% has increased from 0.62% in 1992 to 4.25% in 2001.Proportion of domestic stock financingbank loansThe rate of increase increased from 5.70% in 1993 to 18.43%.
At the same time, after more than ten years of development, the securities industry has become an important industry in China's national economy, and has made significant contributions to promoting national economic growth.With the development of the market, a large number of securities companiesfund management company、Investment consulting companyAnd other marketsagencyThey have sprung up like mushrooms and achieved rapid development. The value they create has become an important emerging force driving national economic growth.
Looking back in the past, the development of the securities market has effectively promoted the deepening of the reform of state-owned enterprises, and has become a major part of China'sAdvanced productivityAn important part of the national economy and the form of market organization have always played an important role.Looking forward to the future, we must adhere to the important thought of "Three Represents" as the guide, keep pace with the times, boldly explore and further promoteStable securities marketHealthy development.（Shenyin WanguoSecurities Research Institute Mou YongningYang Dali）
Economic barometer
If the securities market wants to become an economicbarometer, not only to achieve comprehensive coverage on service objects and provide services for a wider range of enterprises, but also to introduce realLong term fundsAnd realize long-term capital support for long-term development of enterprises.
Research from regulators shows that,stock marketInvestors mainlyShort term investmentMainly, lack of realLong term investors。And overseasMature marketIn comparison, the average investor in China's stock marketturnover rateOn the high side.fromInvestment behaviorAnalysis, andinstitutional investorcomparison,Individual investorsMore inclined to hold and trade small cap stocksPenny stock、bad performance stockAnd high P/E ratio stocks, with shorter holding time and more frequent transactions.Compared with the same type of institutional investors in overseas mature markets, the overall scale of various types of institutional investors in China's stock market is small, the holding period is generally short, transactions are frequent, and short-term investment behavior is obvious.
In Chinacapital marketResource allocationFunctions still need to be optimized,market structureWhile still to be improved, we have to faceinternational financeCompetition.From the perspective of consolidating the market foundationDevelopment stageThe two complement each other and are indispensable measures to build a strong capital market. Only this pattern can make the securities market truly become an economic barometer and achieve the goal of building a capital power.
fromfinancial marketIn terms of function, the securities marketSecurities creditHowFinancing funds, guide capital flow through securities trading activities, promote the optimization of resource allocation, promote economic growth and improveeconomic efficiency 。From the perspective of the operation of the financial market, other components of the financial market system are closely related to the securities market.
First, the securities market andmoney marketClose relationship.The stock market is in the money marketFund demander。The issuance of securities usually requiresSecurities business organizationOfto make advancesThe funds needed for advances usually depend on the supply of funds in the money market.When the trading in the securities market is booming and the price of securities rises, more funds are needed to supplement the completion of the transaction, which causesFund demandGrowth,Interest rate rise。
Second,Long term creditThe source of capital of the company depends on the securities market.Within the capital market, long-termcredit market Its development must also rely on the securities market.As a financial institution, long-term credit funds are raised to a large extent through the securities market, for example, financial institutions issue stocks to raise funds through the securities marketCapital fundThrough the securities marketIssuance of financial bondsraiseCredit fundsEtc.
Third, the business of any financial institution is directly or indirectly related to the securities market, and there are many overlapping businesses between securities financial institutions and non securities financial institutions.
