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lane bryant jewelry wholesale Securities Investment Study Thesis
This has learned securities investment this semester, and has gained a lot. Now he summarizes the content learned this semester.
Through a semester of study, I have a preliminary understanding of the following content, including: 1. The historical revolution of securities investment. Second, the basic theory of securities investment (asset pricing theory). Third, the main body of securities investment. Fourth, the object of securities investment. Fifth, securities investment market. Six, some securities investment management. Seven, International Securities Investment.
I, the historical revolution and main content of securities investment.
1, securities (), also known as securities, is a proof that the person holder has the ownership of the commodity or the property ownership, the right to the income, and the creditor's rights. Based on this, there is a variety of certificates to obtain a certain income. The concept of securities is divided into a broad sense and narrow sense. Valuable securities include commodity securities, monetary securities and capital securities. Commodity securities are proved to have the right to receive commodity rights and vouchers, such as pick -up lists, shipping orders, warehouse stack orders, and real estate certificates. Monetary securities refers to a commercial payment tool that can be used to replace currency. It is a kind of securities that have the right to obtain rights, such as checks, votes, bills, and commercial bills. Capital securities are equity vouchers that can receive income from the issuer on schedule. It indicates that property ownership, income request rights or creditor's rights, such as stocks, treasury vouchers, corporate bond vouchers, etc. Narrow securities refer to capital securities including stocks and bonds.
2, securities investment consists of three basic elements, namely: income, risk and time. Investment, any securities investment is to achieve certain purposes and obtain certain returns. Generally speaking, the income of securities investment includes interest, dividends and other frequent income and the capital gains brought about by the rise and fall of securities prices. Essence Risk, to obtain certain income, you must bear certain risks. Generally speaking, the income is directly proportional to the risk. The greater the risk, the higher the income, but not every investor who pursues high risk will definitely get high returns. In time, any securities investment must be obtained at a certain time. Generally speaking, the longer the investment period, the higher the income, but the greater the risk.
3, securities investment is a complex process, which can be divided into four stages: preparation, understanding, analysis, decision -making and management. Securities investment preparations mainly include funding and psychological preparation. Investors must determine the source and amount of funds that can be used for securities investment based on their own situation. At the same time, due to the unpredictable market and the coexistence of revenue and risks, investors must also make full psychological preparations. To invest in securities investment, you must understand the benefits, risks, and the situation and investment environment of the entire securities market, including the nature of the securities, the term, the income level, the risk size, the organizational mechanism of the securities market, the functional departments and the functional departments of the securities firm Practice, procedures, methods, and expenses of securities investment, laws, regulations and taxes on securities investment. After understanding the basic situation of securities investment, investors must also conduct a serious analysis of the true value of securities, listing prices, and price rise and fall to determine the timing of investment and investment. Through the above stages and steps, investors can make investment decisions, purchase appropriate securities and decide the purchase volume of various securities. After making a decision -making of securities investment, strict securities investment management must be carried out, that is, according to market conditions, the types and quantities of the securities held at any time are adjusted at any time to maintain the most effective combination of securities.
, asset pricing theory
The theory of asset pricing is derived from the research of Harry's asset portfolio theory. In 1952, Macovitz published a doctoral dissertation entitled "The Selection of the Investment Combination" in the "Financial Magazine" as the first breakthrough in modern finance. It created a precedent for overall management of investment and laid the cornerstone of the development of investment theory. This theory proposes the birth of the theory of modern investment analysis. In the following years, economists have been using quantitative methods to continuously enrich and improve the theory and actual investment management methods of combined management, and make it the mainstream theory of investment. By the early 1960s, financial economists began to study how the Macvitz model affects securities valuations, which has led to the emergence of capital asset pricing models. Because the capital asset pricing model has played an important role in the management of asset portfolios, since the mid -1960s, it has been quickly accepted and transformed into practicality in the industry. It has also become the focus and hot issue of academic research. The theory of capital asset pricing model describes the capital asset pricing model on the basis of the theoretical difference between the Macvitz average variance theory. Any part of the investor chooses an investment portfolio according to the average variance, and investors are disgusted risks. There is no risk -free assets that are not satisfied. Investors can borrow freely at risk -free interest rates, and so on. Provide theoretical guidance.
, the subject of investment.
The main body of securities investment is mainly three parts, one is institutional investors and the other is official institutions.
1, personal person in the residents
The purpose of personal investment in securities investment varies from person to person, diverse. There are several types, principal security, capital appreciation, stable income, reasonable tax avoidance, inflation supplement, investment portfolio, etc. The most important purpose is to achieve capital appreciation. There are two main methods for capital appreciation: first, the investment income is reused to increase capital; the other is to invest in growth stocks and achieve capital increases through the growth of stock prices. Of course, comparison, the latter is risky. However, no matter what method, it is not easy to achieve capital value -added in the short term, and investors must make long -term plans.
2, institutional investors
Institutional investors are important participants in the securities market, and at the same time, it is also an important foundation for the effective operation of the securities market at the same time. The healthy and orderly development of institutional investors is conducive to the long -term development of the securities market. Institutional investors are divided into non -financial institutions and financial institutions. Non -financial institutions are mainly enterprises. As participants in the securities market, enterprises are not only the main demanders of the securities market funds, but also an important investment entity in the securities market. The securities market is inseparable from enterprises. Enterprise financing activities created investment instruments and enterprise investment expanded the scale of funds. Investors of financial institutions can be divided into non -bank financial institutions and bank financial institutions. Non -bank financial institutions mainly refer to investment banks, insurance funds and social security funds, while banking financial institutions mainly refer to commercial banks.
3, the official institution represented by the Ministry of Finance and the Central Bank is also one of the main entities of securities investment. The official institution as an important investment entity affecting the securities market, mainly through the re -election of the public market business, affects the amount of currency and interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates and the level of interest rates. The structure directly affects and changes the level of the market, structure, and income level. The fiscal policy has a great impact on the development of the securities market. Its main role is to optimize resource allocation, distribute fair income, and promote economic growth. The central bank is the central link of a national banking system and the highest institution that controls the national currency. It is responsible for formulating and implementing the national monetary financial policy regulation and controlling the national currency circulation and credit activities. From the analysis of the characteristics of central bank business activities, the central bank has four major functions: banks, government banks, bank banks, and banks that regulate macroeconomics.
, the object of securities investment.
The objects of securities investment mainly include four aspects, namely: bonds, stocks, funds.
1, bonds
In the market economy, various economic entities often raise funds through the gap in their capital actions. The bond is issued by the issuer in accordance with the legal procedures, promising to pay interest on the agreed interest rate and date, and repay the principal debt voucher at a specific date. The tickets of bonds mainly include the following contents: bond names and issuing units, total issuance of bond issuance and amount of tickets, bond ticket interest rates, interest payment methods, and payment time, bond repayment periods and methods, whether bonds are registered and circulated. In addition, bonds also have some characteristics, such as duration, liquidity, risk, and benefits.
2, stock
is equivalent to the total amount of the share company's share capital, so it is also called shares. Each shares have stated the amount of tickets and the shares representing the shares. Stocks have the following basic characteristics: power and responsibility, lifelessness, liquidity, benefits, risk. The basic elements of stocks include: face, market price, dividend and dividends, dividends and dividends. In addition, stocks can be divided into ordinary shares and preferred stocks. Relatively speaking, preferred shares can enjoy some priority rights. The stock price index is used to represent the average price level of multiple stocks or indicators that reflect the trend of changes in the stock market. Several major stock price indexes in my country and the world are: Shanghai Comprehensive Index (Shanghai), Shenzhen City Comprehensive Index (Shenzhen), Dao Jones Index (United States), Financial Times Index (UK), Nikkei 225 Index (Japan) , Hong Kong Hang Seng Index, etc.
3, fund
is one of the investment tools. It absorbs social leisure funds by issuing beneficiaries or shares to the public, and the management of funds shall be managed by financial experts, that is, according to the purpose of the fund to make decentralized investment in the securities market, to obtain a higher investment return at the minimum risk, and will be the minimum risk. The income is a kind of investment in the proportion of investors. The fund has the following characteristics: small investment, axillary integration, low cost, high income, information disclosure, expert management, safety, scattered risks, strong liquidity, and small monetization risk. These advantages also provide sufficient comparative advantages for the development of the fund,
five, securities investment market.
If securities market refers to the general term of various stocks, bonds, investment funds beneficiaries and other securities investment objects issued and circulating. It is an important part of the financial market. The securities distribution market and the securities circulation market is the basic structure of the securities market. The two are both connected and different. The securities distribution market is the scale and number of the securities circulation market. Without the securities circulation market, the liquidity of securities will be difficult to reflect, and the role of securities will not be fully played. At the same time, the securities issuance market will increase the absolute number of securities in the securities market through the issuance of new securities, while the circulation of securities will not increase the absolute number of securities, but it will change the owner of the securities. The securities distribution market and the securities circulation market depend on each other, complement each other, constitute a unified whole in the securities market.
6, securities investment management procedure.
If securities investment management is a systematic continuous process. The basic procedures are as follows: determine investment goals, establish investment policies, build a securities portfolio, revise securities portfolio, and evaluate the performance of securities portfolios.
1, determine the investment goal
The so -called securities investment management goals, from large aspects, can be based on income, growth and equilibrium; The level of return is equal.
If investment management targets are the reflection of the characteristics of securities investment portfolio and the characteristics of investment managers, attracting specific investor groups for investment managers during foreign marketing (such as fund issuance); Choose investment managers in their own needs and situations. For example, the pension fund is required to have a stable asset income because it has a relatively fixed set of currency expenditure, so it requires a stable asset income, and the income goal is the most basic.
2, formulate securities investment policies
The investment policy is to achieve the principles and guidelines for achieving investment goals and guiding investment activities. The management policy of the securities investment portfolio must first stipulate the scope of investment, that is, determine the scope and types of securities markets contained in the securities portfolio, such as global investment, regional investment or local investment; More specifically, more specific, to determine which industries or sections of stocks, which types of bonds and assets are allocated between them.
If determining the investment policy must also consider customer requirements and market supervision institutions restrictions, and consider taxation factors. If tax -free funds should exclude tax avoidance securities, in addition, the formulation of investment policies will also be under pressure from information disclosure. Finance The report requires the disclosure of the investment policy. Sometimes it will cause institutional investors to publish a policy that is not good at its own disadvantages.
3, build a securities investment portfolio
The construction of the securities investment portfolio first depends on the investment strategy of the combination manager. The investment strategy can be roughly divided into three types: positive aggressive, negative conservative and mixed types. The combined managers who adopt a positive enterprising investment strategy will work hard to choose assets and timing, and strive to find assets that deviate from value; combined managers who adopt a polarized conservative investment strategy Generally simulate a major market index for investment; mixed investment managers are between the two.
Is to choose which investment strategy depends mainly on two factors: First, how the combination manager thinks about "market efficiency", I believe that the market is an efficient manager. Active enterprising; the second is the nature and characteristics of combined debt, such as pension funds is more suitable for negative conservative investment strategies.
The combination of combination management of traditional investment management is different. The procedure for the establishment of a securities portfolio in modern combinations is to determine the overall income and risk goals → carry out resource allocation → determine the proportion of individual securities investment. Resource allocation can be used to use the Markiz model, and the determination of individual securities investment ratios can be completed by Sharp's single index model. The traditional securities investment management procedure is: securities analysis → asset selection → spontaneous formation of a combination. The methods of securities investment analysis are mainly basic analysis methods and technical analysis methods.
4, revised the securities investment portfolio
The goal of the securities portfolio is relatively stable. However, the price and income risk characteristics of individual securities are variable. It is in line with the investment goal of combination. However, over time, the market conditions change, and the market conditions and market prospects of some securities portfolio may also change. For example Business strategies change. When the change of a certain securities income and risk characteristics is enough to affect the adverse changes in the combination as a whole, the asset structure of the securities portfolio should be revised, or eliminated, or increased the securities that have offset.
5, evaluate investment management performance
The evaluation of the economic effect of securities portfolio assets is the last ring of securities portfolio management, and it is also a critical part. It is also related to the direction of combined management in the next period. Evaluating the economic effect is not just comparing the yield, it depends on the risk of the asset portfolio. The risk is different, and the yields are different. The yield value of the same risk level is comparable. The level of asset portfolio risk should depend on the risk tolerance of investors, surpassing investors' risk tolerance to invest, and it is not advisable to obtain high returns. The obtaining income should also be distinguished from the result of the subjective efforts of the combination manager, and which are caused by the objective factors of the market.如在强劲的牛市中，市场平均收益率为50%，那么，即使某资产组合盈利率为35%，组合管理者的经营能力仍然要被评为不合格的；而在大熊市中，如果市场The index fell by 50%. Even if the net assets of an asset portfolio fell 35%, it can be said that it was quite good.
seven, international securities investment
hundreds of millions of international funds have become the main source of development funds in many countries. International Securities Investment is also known as "international indirect investment". Investment activities for purchasing medium and long -term bonds in the international bond market, or buying corporate stocks in the foreign stock market. From the perspective of capital outflow and flow of capital, the purchase of international securities means capital outflow, and the issuance of international securities means capital flow. There are two main motivations for investment in international securities: one is to obtain regular financial income; the other is to use different economic cycle fluctuations in various countries and other investment conditions to achieve dispersing investment risks internationally. Of course, there are also many securities buyers' real purpose to use securities transactions for speculation. These people are essentially speculators rather than investors. The rapid growth of international securities investment has played an important role: In order to invest in international securities, the trade surplus country absorbs a large amount of US dollars and used to purchase US Treasury vouchers, which maintains the relatively stable exchange rate system. Internationally flow, thereby strengthening investment in developing countries.
The practical report on the practice of securities investment
In theoretical knowledge is only the foundation, in the final analysis, it is to be able to apply well in practice.
The teaching method combined with basic theory and on -board simulation practice, so that I deeply appreciated the existence of stock trading, even incredible objective risks, but personal psychological factors are also important. In this process, I also understand some basic investment concepts and skills.
Sessed basic theoretical knowledge, the teacher sent a virtual currency of 1 million yuan to each of our classmates, telling us that we can make free investment choices, and we can invest in stocks, funds or government bonds. I think it ’s not true anyway, buy stocks, or make a big money or make a lot of money. Every Monday afternoon, I will go to the computer room, and I will go there when I have time at other times. At the beginning, I don’t understand. After a period of time, some use of the "same flowers" software, coupled with frequent communication with other students, gradually enriched their knowledge in securities.
I found a few of the stocks that seemed to be pretty good and used 130,000 to buy 5. In the first week, I saw 3 long -term joy, for fear that in case I fell again in a few days, I hurriedly sold it, earned more than 200 yuan, watching my 1000000 becomes a few days and it will become it. I was proud of 1000231. When I went to see it in a few days, the a few of them bought this time were not profitable, and it seemed to have a significant decline. I was so anxious that it was not a lot of clearance. Thinking of the teacher said "Don't put the eggs in a basket" when he said in class, and quickly buy a few government bonds and funds, so that you can effectively reduce the risk of points. So I started buying a fund,
I watched my money shrinkage from more than 100 at the beginning and lost nearly 100,000. I finally got my personal experience in risk. Quickly go back and carefully roll the book before learning theoretical knowledge, and learn the skills and methods of stock transactions. This is slowly saving, but now it is still to lose tens of thousands.
I think of the good people who play the stocks with great patience and can withstand the rapid fluctuations in the stock market. I still don't have enough heat now.
Is when studying securities investment, dismissive of theoretical knowledge, I feel that it is too old, and does not enter the actual operation of the stock market. Even if you know the theory, it is useless. After the transaction, I think nothing is independent. After learning theoretical knowledge, it can be used to guide practice. The stock market will definitely not run blindly by luck. There will be experienced and old shareholders. of. When I started simulating the transaction, I did n’t understand any technical analysis. Although I read some theoretical knowledge about the K -line diagram, I still do n’t understand how to use it, and I don’t understand the investment skills. They are all losing, and there is a strong sense of loss. I think of the theoretical knowledge of evil supplements. In the gradual systematic study, I slowly understand how to choose the stock through the form of the yang line and the yin line. Determine whether it is likely to rise. There is a saying good: in the stock market, everything can be deceived, but the transaction volume will not be deceived. Due to the limitations of time, I do short -term stock trading. Below is a few superficial understanding of studying securities investment during this time:
, when the situation is unfavorable, take a timely and retreat, so that the loss is made to cause the loss To minimize, don't hesitate.
, the stock sold, even if the second day rises, don't regret it. Anyway, there are opportunities, and regret is useless.
three, buy a clear trend of stocks, do not buy stocks with unknown trends. It is best to have a 5 -day moving average support, because this is more secure, even if it is losing, it will not lose a lot. If you want to earn more, try to buy those good stocks with a higher price increase in the future.
, try to buy hot stocks in the market. Do not buy junk stocks. The garbage stocks rose quickly, but it will fall faster. Buying the stock with a high change rate recently, earning more and fast.
Five, carefully observe the K -line diagram, try to try to determine the safety after the price breaks through the early stage, and then buy it before you determine the safety of the trading day.
Is, do not use all funds on one stock. There is an old saying in the stock market. Do not put all the eggs in a basket. The most important thing for decentralized investment is decentralization.
In the entire simulation stock trading process, my mood is happy with the rise and fall of the stock, but with my unremitting efforts, my profit and loss ratio This has made me feel very pleased. After all, I have been working hard, and I have made a little progress. The deepest experience is: Don't be afraid of falling! There is still a chance to fall. The loss of the book is not terrible. The most terrible mentality lost, without the fighting spirit. We must know how to make strategic adjustments and mentality adjustments in a timely manner. Only in this way can we survive in the competition of the stock market and have the opportunity to fight next time.
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This, you can modify it if you feel good. ● ●
The risk capital and risk capital market
The risk capital and risk capital markets have mutually promoting relationships, a developed and active risk capital market can greatly stimulate risks to stimulate risks Expansion. The more risk capital flows into high -tech enterprises, the more companies that have been successfully listed, the stronger the function of the risk capital market, and the greater the attractiveness of social funds, thereby promoting the development of the risk investment industry. This article demonstrates the establishment of my country's second board market through the analysis of the relationship between the risk capital and the risk capital market.
vennture capital refers to the capital of small and medium -sized high -tech enterprises or innovative enterprises that are in the start -up and growth period. Return. Domestic translations will be translated as "risk capital", and other Chinese areas such as Taiwan, Hong Kong, and Singapore will translate it as "entrepreneurial capital", and the domestic academic community has controversy. However, whether it is "risk capital" or "entrepreneurial capital", the connotation of its expression is the same. The name "risk capital" has been commonly used in the domestic public, and this article may not be used in this article.
. The operating mechanism of risk capital
The risk capital includes non -intermediary, non -organized private direct investment capital, intermediary, and organized indirect investment capital (such as venture capital funds To. The operation process of risk capital is divided into financing process, investment process and exit process. For venture capital funds, the financing process is the process of raising funds for institutional investors and wealthy families or individuals. The difficulty of this process depends on the personal charm of risk capitalists, the socio -economic environment, and the government's policy and regulations. For private direct venture capital, financing depends on investors' own capital strength and interest and judgment of investment projects and judgment. Essence The investment process includes three stages: (1) the acquisition and screening of investment projects, evaluation of investment projects, and cooperation agreements. (2) Injecting innovative enterprises in risk capital, the injection amount and injection method are determined according to the different periods of the growth of innovative enterprises (ie, the creation period, the expansion period, and maturity period). (3) Risk capitalists participate in the management and management of investing innovative enterprises. The recycling process is the last stop of the operation of risk capital. Risk -selling companies' shares withdraw from enterprises withdraw from enterprises, recover the rich profits outside the funds, as well as glorious performance and successful reputation, and then make the next round of financing and investment. From the operating mechanism of risk capital, it can be seen that financing is the starting point of risk capital, investment is the essence of risk capital, and exit is the end of a complete investment cycle.
The risk capital exit is the key to risk capital avoidance, recover investment and obtain income. Risk capital is to obtain investment compensation in the form of capital appreciation, and constant circulation movement is the vitality of risk capital. Therefore, when the risk capital accompanies the company to the most risky stage, there must be exports to exit and enter the next cycle. Otherwise, the risk capital is dull, the value -added and rolling development, and it is unable to invest in new projects, and the venture capital will lose its meaning. Investment innovation enterprises in venture capitalists do not take the long -term control of the company. After several years, no matter whether innovative companies have achieved success or failure, risk capital will withdraw from innovative enterprises. The exit method is different according to the operating conditions of the invested enterprise and the external financial environment. Common stock listing, equity transfer or stock repurchase, bankruptcy liquidation, etc. Among them, the stock listing is the best way to exit. The main reasons are two:
First of all, the stock listing, especially the first public issuance of the stock (IPO) Selection right. It is a buying option contract for corporate control. In the investment contract signed by risk capitalists and innovative business managers, it allows innovative corporate managers to purchase the stocks held by risk capitalists when they achieve a certain performance goal, increasing the increase of the stocks held by the capitalist, and increase Innovative business managers' own equity share. Especially when risk capitalists want to sell their equity to third parties, the buying options allow innovative corporate managers to buy priority to risk capitalists at the same conditions and the same price. Therefore, as long as the cause is progressing, the distribution of the remaining control of the enterprise will be tilted in the direction of innovative corporate managers. Otherwise, when the operating risks of innovative enterprises are from large to small, and the income from small to large, the service of risk capitalists to innovative enterprises will gradually decrease. Innovative corporate managers assume all the costs of hard work. If they can only get part of the return, he will inevitably increase the on -the -job consumption or make the corporate benefit and circulation. Therefore, at this time, control should be tilted to innovative enterprise managers. In the first year after the first public offering of the stock fundraising, the American risk capitalist reduces its shareholding shares of innovative companies by about 28%. After three years, less than 12%of the risk capitalists also hold less than 5%of the shares of the company. (He Haihong, 1998). Therefore, the IPO has increased the market value of innovative enterprises, raised more funds for the development of the enterprise, and enhanced the liquidity of the original shares, so that innovative enterprise managers have higher enthusiasm and motivation to improve the business performance of the enterprise.
Secondly, IPO also incentives for risk capital. On the one hand, the successful listing of innovative enterprises has made risk capitalists obtain considerable capital income, and on the other hand, it is also the standard for external investors to measure the performance of risk capitalists. The more risk capitalist cultivation companies have reached the market, the wider the future financing channels of risk capitalists, and the lower the financing cost. Therefore, the more motivated the risk capitalists, the more motivation to provide high -quality services for innovative enterprises and assist companies on the road to success as soon as possible.
Is when an innovative company fails to meet the IPO exit conditions or is not very successful, the risk capitalist can choose to sell equity to recover the investment. Here, the risk capitalist has reserved channels for exit capital by ordering the right to sell. The advantage of selling the right to sell is that when the company cannot achieve a business goal, the risk capitalist has the opportunity to release the equity they hold. The use of selling options can enable risk capitalists to end the relationship with companies with poor operating performance as soon as possible, bring back risk capital back, and re -use them in other projects. In addition, the use of selling options may also occur in the operating performance of investing innovative enterprises, but it cannot be listed in the short term for some reason. Due to their own needs, risk capitalists must sell their equity. Of course, when risk fails, risk capitalists can only withdraw from bankruptcy and liquidation. This method generally can only recover 64%of the original investment (Liu Manhong, 1998). It can be seen that the exit of risk capital is crucial to the development of the entire cause.
. The characteristics and functions of the risk capital market
The risk capital market is a concept corresponding to the general capital market. It is a child with greater risks in the capital market Market (Wang Yi, Xu Xiaosong, 1999). It is a market for stock financing for new and high -tech enterprises in a growing growth period. According to the structure and role of the market, it can be divided into risk capital first -level market -private equity capital market and risk capital secondary market -small -cap stock market. The first -level risk capital market includes the financing and investment of risk capital. In most cases, it is a non -public market. The shares are bought by buyers and sellers privately on the market. The market is relatively closed, information circulation is not smooth, and the investment scale is small. In the initial period of financing. Because private equity capital markets do not need these small enterprises to have a credit history, nor do they need to mortgage with their assets, as long as these small companies have development potential. The secondary market for risk capital includes the withdrawal of risk capital withdrawal and innovative enterprises. This market is the same as the stock market in the general capital market. It belongs to the public equity capital market and has the attributes and characteristics of the public equity capital market. However The market is different. The first -level and secondary markets of the risk capital market are an interdependence, mutual constraint, and inseparable whole. The first -level market is the foundation of the existence of the secondary market. The development of innovative enterprises in the primary market determines the future of the secondary market; the secondary market is the prerequisite for the expansion of the first -level market. The secondary market provides the channel for the exit of risk capital and realizes its investment — exit --- re -invested The effective cycle of capital provides further financial integration for innovative enterprises, and cultivates innovative enterprises to quickly mature to enter the general capital market. Therefore, the secondary market of risk capital is a bridge connecting the risk -level market and the general capital market.
The risk capital market has higher risks than the average capital market. This risk comes from market entities, high -tech innovation enterprises. Due to the immatureness and instability of the innovative enterprise itself in the developmental growth period, it will cause investors to have greater blindness in investment decision -making and management and increase market risks. The risk of general capital markets comes from the complexity of market derivative products and the amplification of risks in the market. Therefore, the risk capital market has different characteristics from the general capital market, which is manifested in:
1 investment subject. The investment entity of general capital markets is the public and various institutional investors; the investment entity in the risk capital market is individual investors and institutional investors with considerable financial strength.
2 The market subject is different. The main body of the general capital market is a mature company; the main body of the risk capital market is small and medium -sized high -tech enterprises with a growing growth period.
3 Investment objects are different. General capital market investment targets are traditional industries with operating stability and profitability and relatively small risks; investment targets for risk capital are emerging, with growth potential, and high -tech industries with high risk.
4 investment methods are different. Generally, the investment in the capital market is mainly disposable, the investment cycle is short, and the stock liquidity is strong, and the risk capital market is based on the different growth periods of the enterprise. In 3 to 7 years, the stock is poor.
5 Investment gains are different. In the general capital market, investors mainly achieve investment harvest through dividend dividends and share proliferation; in the risk capital market, investors do not use the dividend dividend of corporate dividends, but instead of the share proliferation when the risk capital exits.
6 Listing standards and regulatory concepts are different. General capital market listing standards are high, focusing on enterprises' operating scale and operating performance; the listing standards for risk capital markets are low, and the business scale of the enterprise is not high. It pays attention to the company's operating activity and development potential. General capital market emphasizes information transparency and attaches importance to the protection of investors; the risk capital market emphasizes self -protection of investors on the basis of full information disclosure.
The risk capital market has different characteristics compared with the general capital market, but it is similar to the general capital market in terms of market functions. It has: (1) financing function. Risk capital provides an urgent need for innovative enterprises to ensure the continuity of funds for entrepreneurship. (2) Resource allocation function. There are strong evaluation, selection and supervision mechanisms in the risk capital market. The economic value of high -tech high -tech can be fairly evaluated and confirmed through the market to achieve the survival of the fittest and improve the efficiency of resource allocation. (3) Property right function. From the perspective of modern investment theory, if an asset is not liquid, no matter how high its potential return is, it does not have priority investment value. The risk capital market provides high -efficiency and low -cost conversion mechanisms and flexible and diverse mergers and acquisitions for innovative enterprises' property rights flow and reorganization, promote the optimization of assets of innovative enterprises, and enables assets to have sufficient liquidity and investment value. (4) Risk pricing function. Risk pricing refers to the price of risk assets, which reflects a functional relationship between the future income and risk brought by capital assets. Investors can refer to various asset prices provided by the risk capital market, and make investment options based on personal risk preferences and personal future expectations. Through this function, the risk capital market plays a role in the accumulation and allocation of capital resources.
. The idea of establishing the second board market in my country
The development of risk investment is inseparable from the cultivation of the risk capital market. For risk capital, the risk capital first -level market is like "import", and the secondary market of risk capital is "export". Only in the market, the market is liquid and attractive, and it becomes a complete market. The reason why my country's venture capital has not achieved great development in the past ten years is that in addition to the restrictions on the first -level market funds, the more important point is that the risk capital is not "exported". Therefore, in our country, the "export" problem of solving risk capital, that is, the establishment of a secondary market for risk capital or the second board market is particularly important.
The argument about the second board market is concentrated in two aspects: (1) Building a domestic second board market? (2) What should the model of the second board market look like? About the first question. There are currently two views. One point of view is that the investment in high -tech innovation enterprises on the one hand is high, and on the other hand, there is a large stagnation of funds invested. Later worries, so that more investors are involved in the field of high -tech venture capital. Some developing countries have also opened up the second board market, such as South Korea and India. Therefore, my country should also open up the second board market as soon as possible. Another point of view is that at this stage, the supervision mechanism of the securities market in my country is not yet complete. The current motherboard market is too speculative. The impact of a large number of short -term capital travel has increased the risk of the stock market. Whether it can achieve effective external supervision is doubtful that the second board market may not be a pirates for venture capital. This article believes that from the analysis of the operating mechanism of risk capital and the first and secondary markets of risk capital, we can be sure that the second board market is to be opened. This is the general trend and the core of the development of the entire venture capital industry. However, near, long -term goals should be determined in the development steps.
The recent goals: Limited to the conditions of all aspects, it is not advisable to build a new second board market immediately. Under the current market conditions, the state should relax the conditions for the listing of high -tech enterprises. For high -tech enterprises that are more difficult to list directly, the state should encourage listed companies to acquire. Some high -tech enterprises with certain strengths but difficulty in listing can buy it by buying through The shell is listed to achieve capital exit. At present, it is more common to buy the listing of national stocks and legal person stocks by agreement, that is, venture capital companies cultivate high -tech enterprises with high -growth and long -term growth, investment banks digging shell resources, and cooperation between the two to promote high -tech enterprises to buy shells and indirect listings to be indirectly listed on the market. Essence After listing, high -tech enterprises injected their own high -quality assets to increase the prices of stocks in the secondary market. Then the venture capital company achieved the withdrawal strategy and obtained a certain return on investment through paid transfer of national stocks or legal person shares. However, due to the failure of state -owned stocks and legal person stocks, the price value of high -tech enterprises is underestimated, and the return rate of risk investment is not high. Therefore, the equipment and networks of the original securities automatic quotation systems in various places can be transformed and utilized, and the regional off -site trading market can be established to solve the asymmetry of investors and the recipients due to regional problems. At the same time The transaction price and cost of the trading market are relatively low, which facilitates the investment and supervision of local investors to the enterprise, prompting high -tech innovation enterprises to meet the listing conditions of the second board market as soon as possible, and avoid the risks that may cause directly entering the second board market.
Midial long -term target: Hong Kong GEM (stock second board) market has been operating on November 25 this year after ten years of brewing. Compared with the motherboard market, Hong Kong GEM has a relatively loose requirements for listed companies. If there is no requirement for the profitability of listed companies, only two years of "active business activities" records, the minimum public holdings after listing are not less than 30 million Hong Kong dollars or 10%of the total share capital (the two are high), but A more comprehensive and detailed information disclosure system is implemented in terms of market transparency, including detailed company raising funds, business conditions, investment status, internal management, technology and market prospects, and potential risks. The year -end report, timely disclosure of sensitive information that affects stock price fluctuations, enabling investors to get the most authentic information to prevent a few people from having black box operations and manipulating the market. Since the Hong Kong GEM has no regional restrictions on listed companies, this has opened up new channels for overseas financing of small and medium -sized enterprises in mainland my country. The state should actively encourage and cultivate domestic small and medium -sized high -tech enterprises to go public in Hong Kong GEM, learn and learn from the Hong Kong risk board market, accelerate the establishment of domestic market mechanisms, accelerate the cultivation and introduction of venture capital talents, actively cultivate institutional investors, and finally establish establishment The second board market in line with my country's national conditions.
For the operation mode of the second board market, there are usually two internationally: non -independent subsidiary market models and independent market models. The non -independent subsidiary market model is the supplement of the second board market as the main board market. It is combined with the motherboard market to operate together. It has a common organizational management system and trading system. It even adopts the same regulatory standards. Such as Singapore, Malaysia. The independent market model refers to the independent operation of the second board market and the motherboard market. It has an independent management system and trading system, and adopts different listing standards, such as NASDAQ in the United States and the OTC trading market in Japan. There are also controversy in the market operation model in China. A view is that the non -independent market model should be selected, and the organizational system and regulatory system of the existing motherboard market should be used to avoid waste of resources. Another point of view is that the independent market model represented by the NASDAQ market in the United States is a model of successful second board markets in the world. The NASDAQ market provides us with rich learning materials in terms of transaction systems, organizational management methods, and market supervision. "The best one to learn", NASDAQ should become a model for the second board market in my country. This article agrees the latter view that there are two reasons: First, my country's current motherboard market supervision mechanism is incomplete, the operation of listed companies is not standardized, and there are many problems. The instability and uncertainty of high -tech innovation companies will increase The difficulty of supervision increases the risk of the motherboard market, which will affect the confidence of investors, which is not conducive to the standardization and development of the motherboard market. Second, due to the relatively high investment risks of the second board market, the market has set a high threshold for investors (that is, investors who have the ability to make thorough objective evaluation of the company's business and the risks involved). The market limits the minimum standard of each transaction amount of investors, and restricts retail investors entering the second board market. 80%of the investors in the Shanghai and Shenzhen stock markets in my country are small and medium retail investors, which is not consistent with the professional institutions and wealthy individuals and rich individuals and investment skills and the initiative to bear risk. Taking the existing market management level, once someone uses the high risk of innovative enterprises, it is difficult to ensure that the market operation is "fair, open, and fair". Interests, then affect the healthy development of the Shanghai and Shenzhen stock markets. Therefore, the independent market operation model should be the first choice for the second board market in my country.
The design of the two -board market involves a wide range of design, including market surveys of potential listing resources and investors, determination of listing standards and listing costs, design of market regulations and trading systems, regulatory systems and institutions Settings, etc. The most important thing in design goals is to ensure that the market has better liquidity and prevent excessive speculation. The market fluctuates too much. Therefore, the establishment of the second board market must be carefully planned to consider it.