Funds 1, open-end funds refers to the fund size is not fixed, but can be released on the market supply and demand in the investment fund of the investors at any time. 2. Close-end funds refers to the fund size before the issuance is determined, and the fund scale is fixed in the fund size within the time limit and the predetermined period of time. 3. Constractual Type Funds, based on certain trust contract principles, the fund sponsor and fund managers, the fund managers, and the fund managers to enter into the fund contracts. The fund manager is responsible for the management and management of the fund in accordance with the laws and regulations and the fund contract; the fund custodians are responsible for the information of the fund assets, performing administrators, and handles funds under the fund name; investors have enjoys fund investment by purchasing fund units income. 4, investors in the company's investment funds have a joint investment objective, in accordance with the company law, invested in a joint-stock investment company for specific objects (such as various viable securities, currency). The fund holder is both a fund investor and is a company shareholder. 5, Umbrella Funds Fund Management Company as a "master fund", under the "female fund", and constitutes a number of "sub-funds" under the "female fund", which makes it easy and attracting investors to facilitate and attract investors. A way of free choice and conversion. The biggest feature is to facilitate investors to convert funds, and do not receive or receive transfers to stabilize investment teams.
6. Funds of Funds in Gold (Funds of Funds) is characterized by other fund units. It further dispersion reduces risk by scattering funds in its own or different management groups. 7. Hidge fund (HEDGE FUND) is "Risk Fund", originated in the United States in the early 1950s, initial fierce is to use financial derivatives such as futures, options, and different stocks related stocks Selling, risk hedging operation skills can avoid and resolve securities investment risks to a certain extent. After decades of evolution, hedge fund has lost its initial risk hedge, which has become a leveraged effect of various financial derivatives, undertake high risk, and pursue high-yield investment model. 8 Venture Capital refers to funds raised by professional investors or agencies, investing in companies, technologies, products, or markets in the grassroots stage to expect high returns in the future. 9. The stock fund stock fund is an investment fund for stocks as an investment object, which is the main type of investment fund. The main function of the stock fund is to concentrate small investments of mass investors to large capital. Investing in different stock portfolios is the main institutional investment in the stock market. 10. Bond Fund Bond Fund is a securities investment fund based on bonds, which combines bonds through the funds of many investors, and seeks more stable benefits. 11. Monetary Market Fund Money Market Fund refers to a short-term securities in the money market. The fund assets are mainly investive in short-term currency tools such as Treasury coupons, commercial notes, bank regular deposits, short-term securities such as short-term bonds, corporate bonds. 12. The fund sponsoring fund sponsor refers to the establishment of a fund's institution, which plays an important role in the establishment of the fund. In my country, according to the provisions of the Interim Measures for the Administration of Securities Investment Funds. The fund's main initiator is a securities company, trust investment company and fund management company established in accordance with relevant state regulations, and the number of funds initiated is more than two. According to the Interim Measures for the Administration of Securities Investment Funds and the relevant provisions of the China Securities Regulatory Commission, the fund initiator's main responsibilities include: (1) Develop relevant legal documents and put forward the application for the establishment of funds to the competent authority, and prepare for funds; (2) subscription or hold There is a certain number of fund units; (3) When the fund cannot be established, the fund initiator must assume fundraising fees and will increase the funds raised and added to the bank's survival deposit interest in the specified time. Subscription. 13. The fund manager fund manager refers to the investment decision according to the principles of investment portfolio according to the legal, regulations and fund conventions, according to the legal, regulations and fund conventions, and the principles of the funds, and the principles of investment portfolio. The management of fund assets is increasing and allowing the fund holder to obtain as much benefits as possible. China's "Interim Measures for the Administration of Securities Investment Fund" stipulates that the fund managers have mainly: use fund asset investment and manage fund assets according to the fund contract; timely, full-time payment of fund returns to the fund's accumulation; Book, record more than 15 years; prepare fund financial reports, timely announcement, and report to the China Securities Regulatory Commission: Calculate and announce the net asset value of fund assets and net value of each fund unit; other responsibilities specified in the Fund: Open Fund Manager The fund's purchase and redemption should be performed in a timely, accurate provision of the relevant provisions of the State and the fund contract.
14. The Golden Trusteaker Fund custodian should open an independent bank deposit account for the fund and are responsible for the management of the account. That is, the fund bank account payment and capital allocation, etc., the fund custodian is responsible, the fund is based on the funds of the securities trading by the fund custodian after investing in the securities. The fund custodian mainly has the following responsibilities: 1 Safety of all fund assets: 2 Executive fund manager's investment directive; 3 supervision fund managers' investment operation, if the fund manager has violated the regulations, there is authority to report to the securities . And urge the fund manager to be corrected; 4 review the fund's net asset value of the fund manager and the financial statements prepared. Mergers and acquisition classes
15. Friendly Acquisition When the Hunter has a reason to believe that the management of the prey will propose friendly acquisition recommendations to the management of the prey. The thorough good acquisition is proposed by the hunter company to confidential to the prey company, and is not asked to disclose. 16. Hostile Takeover Hunter, the interests and diversion of the Board of Director of the prey, neither a prior communication, and some warnings, it is directly launched to launch the market, and to attract the prey company share. . 17. Terre Offer refers to the acquisition of the acquisition conditions, acquisition price, acquisition price, purchase price, acquisition price, acquisition price, acquisition price, acquisition price, acquisition price, acquisition price, acquisition price, acquisition price, acquisition, the acquisition of the acquisition of the company's share of the acquisition of the company's shareholders. The acquisition period and other prescribed matters, the acquisition of the acquisition of the target company shares.
18. Leveled Buyout is the essence of the bond, that is, the debt capital is a major financing tool, which is raised by the prey capital as a guarantee. 19. The Golden Parachute is the gold landing agreement. Once the company has caused senior management of directors and presidents, the company will provide a fairly rich dispensing fee, stock option income and additional allowance as compensation fees. This makes it possible to make the acquisition of the barrier to make the acquisition, or bring a heavy burden on the purchase of cash payments to the acquirer. 20. Tin Parachutes Tin Falls are generally when the company is acquired, according to long-term growth, and let ordinary employees receive several weeks to months. The unit of tin land is not much, but Jisha is tower, sometimes it can effectively prevent hostility from acquisition. 21. White Squire prey sells large voting securities to friendly companies, and signing the non-changing agreement with the friendly company that is bolder guards. The agreement allows the price of the white guards in the prey company. Subscribe stocks or get higher return on investment. This prevents hostility from acquisition. 22. White Knight prey does not use a friendly company when there is no such thing as a host of hostile homing, it can be found on the latter and hostile purchases. This policy allows the prey to avoid a wide range of acquisitions and anti-acquisitions in face-to-face, but the self-searching will eventually lead to the loss of the quarry.
Financial derivative
23, Financial Derivative Tools
It is usually referred to as a financial instrument derived from the underlying asset. Due to many financial derivatives
There is no corresponding subject on the balance sheet, and thus is also known as "balance sheet transaction (referred to as a transaction)." According to the product form, it can be divided into four categories: futures, futures, options and drop-down.
24. The swap contract swap contract is a contract that is signed by the two parties in the future to exchange certain assets in the future. More accurately, he said that the swap contract is a contract that exchanges in the future to exchange in a certain period of time, in a certain period of the party, to believe in cash flow (Cash Flow). 25. After the option contract option, the seller pays a certain amount of the amount of rights, that is, it has a certain price (implement price) to sell or purchase a certain number of targets (physical goods, securities) for a certain price (execution price). Or the right to futures contracts. 26. The futures contractual contract refers to the unified formation of futures exchanges, which provides a certain number of quantities and standardization contracts for physical goods or financial products in the future. 27, commodity futures Commodity futures is the futures contract for the real product. Commodity futures has a long history, including a variety of species, including agricultural and sideline products, metal products, energy products, etc. 28, financial futures refer to the financial instrument-based futures contract As one of futures trading, financial futures, but compared with commodity futures, its contractual subject is not physical commodity, but a traditional financial product. 29, interest rate futures interest rate futures, refers to interest rate The futures contract for the subject matter. Interest rate futures mainly include long-term interest rate futures for long-term national bonds as targets and short-term interest rate futures based on two months short-term deposit interest rates.
30, currency futures currency futures refer to futures contracts with exchange rate target. Money futures is to adapt to the needs of countries to engage in foreign trade and financial business, with the aim of avoiding exchange rate risks. 31. Stock Index Futures Stock Index Futures Refers to the Futures Contacts of the stock index. The stock index futures do not involve the delivery of stock itself, and its price is based on the stock index calculation, and the contract is delivered in a cash liquidation. 32. It is the right to blend the right to compose the right time to return to the right to buy a certain number of subject matter within the validity period of the option contract. 33. Looking at the fall option is that the purchaser of the regular rights has the right to sell a certain number of subject matter in the validity period of the option contract. 34. European options European options refer to options that are allowed to be performed only in the contract date. 35. American futures, American period, means that any major executed option can be performed during the validity period after the transaction. 36. Foreign exchange fund exchange foreign exchange, refers to a long-term foreign exchange trading method between financial institutions and financial institutions and investors. At the time of the transaction, the trader only pays 1% to 10% of the gold (margin), and can carry out 100% transaction.
37. Futures margin in the futures market, traders simply pay a small amount of funds as a financial guarantee for fulfilling futures contracts according to the ratio of futures contract prices, and participate in the trading of futures contracts, this fund is the futures margin. 38. The daily-day-off system of futures transactions, refers to the daily-day system of the market, refers to the calculation of the settlement department after the daily closed market, check the balance of the margin account, so that the margin balance is maintained at a certain level of a certain level through the right time. A settlement system that prevents liabilities. The specific implementation process is as follows: After the end of each trading day, the exchange settlement department calculates the day settlement price based on the full-day transaction situation, according to this, calculate the floating profit of each member's warehouse, and adjust the number of applicable balances of the member's margin account. If the adjusted margin balance is less than the maintenance margin, the exchange will issue a notice, requiring additional departments before the next trading day, and if the member unit cannot append a margin, the exchange will have the right to force the position. 39. The whole process of futures, positions, and Pingyuan futures trading can be summarized as a joint, position, position, closet or physical delivery. It is also called the opening, refers to the new buy or newly selling a number of futures contracts. After the construction of the position, there is no closing contract, called an unbambin contract or no position, and also called the position. The purchase of futures contracts will be sold will be sold, or buy the quantity contract, which will be sold, and the original futures contract will be issued to the opposite futures trading. Transactions, the obligation to release physical delivery, this kind of behavior that has been sold has been sold, or the act of selling the contract is called the closet.
40. The restricted system is limited to the futures exchange in order to prevent market risk from concentrating on minority traders and preventing the number of portions, the number of portions of members and customers. 41. Daguan reporting system larger reporting system is another control transaction risk associated with the restricted system, preventing the system of large operators. The futures exchange has established a restricted system. When a member or customer speculative position reaches the number of exchanges specified, it must be declared to the exchange. The declared content includes customers' account opening, trading, source of funding. Transaction motives, etc., facilitates whether the exchange is reviewed to have excessive speculation and manipulation of market behavior and large household trading risks. 42. Futures physical delivery physical delivery, means that the futures contracts are expired in the contractual expiration, according to the rules and procedures developed according to the exchange, through the ownership of the futures contract, will expire the unbound contract . Commodity futures transactions generally use physical delivery. 43. Futures cash delivery cash delivery means that when the final settlement futures contract is delivered, the settlement price is used to calculate the profit and loss of the unconditional joint contract, and the way of paying in cash is finalized. This kind of delivery is mainly used in futures contracts such as financial futures, such as stock index futures contracts. In recent years, some foreign exchanges also explore the way of delivering cash in the commodity futures. my country's commodity futures market is not allowed to carry out cash delivery.
44. Interest Rate Caps If the loan interest rate exceeds the predetermined upper limit (CAP RATE), the provider of interest rate groom will compensate for the difference between the actual interest rate and the upper limit of the contract, thereby ensuring the actual contract holder The net interest rate payment will not exceed the upper limit of the contract specified.
45. Interest rate (Interest Rate Floors) If the loan interest rate dropped to the lower limit (FLOOR RATE), the provider of interest contract will compensate for the difference between the limits and interest rate limit to the contract holder to ensure the actual payment of the contract holder. The net interest rate will not exceed the lower limit of the contract. Yangji Bond (Yankee Bonds) issued by foreign bonds in the US bond market, namely government, financial institutions, industrial and commercial enterprises and international organizations in the United States, issued in the US domestic market, with US circle as a denomination of money. Yangji bonds have the following features: 1, long period long, and large. 2. The US government has more strict control, and the application procedures is much more cumbersome than general bonds. 3. The issuer is dominated by foreign governments and international organizations. 4. Investors are dominated by Life Insurance, Savings Bank. Securities Distribution Class 46, Samurai Bonds During the Japanese bond market, the government, financial institutions, industrial and commercial enterprises and international organizations outside the Japanese bond market are issued in the Japanese domestic market, and the yen is the value of currency. Bond. Samurai bonds are un guaranteed, typical is 3 to 10 years, generally in the Tokyo Stock Exchange. 47. Dragon Bonds (Dragon Bonds) is issued by foreign bonds issued in non-Japanese countries or regional currencies. Dragon bonds are the rapid growth of East Asian economy. Since 1992, Dragon Bonds have developed rapidly. Its typical repayment period is 3 to 8 years. Dragon Bonds have high requirements for issuers' credit, generally for government and related agencies.
48. Blue-chip stocks account for important dominance in their industries, excellent performance, active, and bonus, great company stocks called blue chip stocks. The word "blue chip" comes from Western casino, in the Western casino, there are three colors of colors, of which blue chips are most worthless. 49. The concept of red-chip red and red-chip stocks was born in the Hong Kong stock market in the early 1990s. Hong Kong and international investors will be registered outside the country and have a stock of Chinese mainland concepts in Hong Kong called red chip stocks. Early red chip stocks are mainly formed by some Chinese companies to acquire Hong Kong's small and medium-sized listed companies, such as "CITIC Taifu". Later, the red-chip stocks, mainly some provinces and cities in the Mainland to reorganize them in Hong Kong and formed after Hong Kong, such as "Beijing Holdings".
50, Depository Receipts, DR) refers to the transfer credentials that represent foreign companies viable securities in a country's securities market. Taking stocks as an example, the depositary voucher is produced: a list of listed companies in a country will have a certain amount of stock, entrust a certain amount of an intermediary (usually one bank, called the storage bank), in order to make its stocks in foreign countries. The storage bank notified the foreign depositary banks issued a deputy certificate representative of the shares in the local area, and the depositor began to trade in the foreign stock exchange or counter market. 51. Entariance is a product unique to my country's stock market. The holders of state stocks and legal personnel abandon the share options, transferring the equity rights to other legal persons or the public, the new shares of these legal persons or the public exercise the corresponding share options, is the transfer stock.
52. The warrants are issued by the listed company, and investors who have the warrants will purchase a certain amount of the company's stock in the future, or for a certain period of time. It is a kind of buy option.
53. The preparation of the warrants also gives the holder to purchase certain stocks in a particular price, but different from the general warrants, the issuer is issued by the third party other than listed companies, and the issuer is usually information. Outstanding financial institutions. 54, performance optimal stocks is the stock of excellent company, but there is different at home and abroad for the definition of performance. In my country, the main indicators of investors measures the optimal stocks are post-profit and net asset yields per share. In general, the profit per share is in the middle of all listed companies, and the net asset yield after the company has been launched for three consecutive years, the stock is a column of performance. 55. The garbage stock garbage stock refer to the company's stock. Such a company is not good due to the industry's prospects, or if it is not good, some even enters the loss of loss. Its stock is sluggish in the market, and the stock price is low, the trading is not active, and the year-end divide is also poor. 56. The official name of A-share A shares is RMB ordinary stock. It is issued by companies in our same country, for domestic institutions, organizations or individuals (excluding Taiwan, Hong Kong, and Australian investors) with ordinary stocks of RMB subscription and transactions. 57. The formal name of B shares is RMB special stock, which is launched by RMB indicating face value, foreign currency subscription and trading, trading in the territory (Shanghai, Shenzhen) Stock Exchange. Its investors are limited to: foreign natural persons, legal persons, and natural persons, legal persons, and other organizations in Hong Kong, Macau, and other organizations, settle in Chinese citizens in foreign countries. Other investors stipulated in the China Securities Regulatory Commission.
58, H shares, N-shares, S-shares h shares, that is, registered in the mainland, listed in Hong Kong foreign shares. Hong Kong's English is hongkong, taken his words, and is called H shares in Hong Kong. According to such push, New York's first English letter is N, the first English letter in Singapore is S New York and Singapore's stocks called N-shares and S shares, respectively.
59. The state-owned stock indexes have the right to represent the shares formed by the department or institutions of the same investment to the company. It includes shares that are converted to the company's existing state-owned assets. Since most of our shareholding companies have been restructured by large and medium-sized enterprises in my country, Okay, state-owned stocks have a large specific gravity in the company's shares. 60. Legal personnel legal profile index corporate legal person or institutions with legal person qualifications and social groups have the shares formed by their investment in part of the company's non-recovery. 61. Social public stocks refer to my country's domestic and institutions in China, with its legal property to the company's share of the company's share of the company's investment. 62. The company's staff shares is a shares that the company's employee is brought by the company's publicly issued stocks to the society. In accordance with the "Interim Provisions on Stock Distribution and Trading Management". The amount of equity stocks in the company's employee stock shall not exceed 10% of the total share of public issues to the public. The company's staff stocks can be arranged for 6 months after the company's stock is listed.
63. Initial staff in my country, in the early days of China's joint-stock pilot, there have been a batch of shares that do not open stocks to society, only for the company and the company's internal employee fundraising shares, the blood raised, internal employee as investors. Some companies issued shares known as internal staff shares. In 1993, the State Council officially launched clearly stipulated the approval and distribution of internal staff shares. 64. Shareholders 'equity shareholders' equity is also known as net assets refer to the remaining parts of the company's total assets. Shareholders' equity includes the following five parts: First, the share capital, that is, the equivalent calculated on face value. The second is the capital reserve. Including stock issuance premium, statutory property revalues value-added, accepting value of donation assets. Third, the surplus reserve is divided into legal surplus reserve and any surplus reserve. The legal earnings reserve is forcibly extracting 10% of the company's post-tax profit. The purpose is to deal with business risks. When the statutory surplus public costs have reached 50% of the registered capital, it is no longer extracted. The fourth is a legal public welfare, and 5% of the profit after taxation is extracted. Used for company welfare facilities. The fifth is not allocated, refers to the profit of the company left the annual distribution or to allocate profits. 65. Shareholders' equity ratio shareholders' interest ratio is the ratio of shareholders' equity on total assets. Shareholders' equity ratio should be appropriate. If the rights ratio is too small, it indicates that the company is over-liability, it is easy to weaken the ability of the company to resist external impact and the ratio is too large. It means that companies do not actively use financial leverage to expand their operating scale. 66. In the 17th century, Phnom Penh bonds, the British government was approved by the Parliament and began to issue a government public debt with taxation to ensure the principal and interest of the payment. The credibility of the credibility. The British government bonds issued at the time were golden ribbons, so known as "Phnom Benbonds." The word "Phnom Penh Bond" refers to the bond issued by the central government, that is, the national debt.
67. Local government bonds have a local government and local public agencies in the country of financial revenue, and their bonds are issued, and you are local government bonds. Local government bonds are generally used in local public facilities such as traffic, communications, residential, education, hospitals and sewage treatment systems. Local government bonds are generally a guarantee of paying interest in the payment of the local government.
68. The trash bond investment interest is high (generally 4 percentage points higher than the national debt), the risk is large, and the investor umbrella is weak. Junk bonds originate from the United States should have existed in this century. In the 1970s, garbage bonds were mainly issued by small companies for the development of business to raise funds. Because of this credit of this bond, there were fewer copies, and the traffic volume was less than $ 2 billion in the early 1970s, 70 After the end of the year, garbage bonds have gradually become an investment tool for investors' enthusiasm. By the mid-1980s, the garbage bond market expanded sharply and quickly reached the heyday. In the 80s, the US industry has a large scale adjustment and restructuring period. The update thus triggered, the required funds is far from the stock market, plus the risk of these enterprises in the industrial adjustment period, and the commercial banks for profitability cannot fully meet their funding needs, this is the garbage bond Establishing important background.
69. International Bond International Bonds is a governments, financial institutions, industrial and commercial enterprises or international organizations to raise and fractive funds, issued in foreign financial markets, foreign currencies - based bonds. An important feature of international bonds is that issuers and investors belong to different countries, and funds raised from foreign financial markets. According to the currency used by the issuance bonds and the location of the issuance, it can be divided into foreign bonds and European bonds.
70. Foreign bond foreign bonds is a governments, financial institutions, business companies or international organizations issued together with local currency values. 71. European bonds European bonds are bonds issued by a third country currency in the foreign bond market in the foreign government, financial institutions, industrial and commercial enterprises or international organizations. 72. Voucher Treasury Documentary Treasury Bonds is ~ National Savings Bund, Mark, Loss, Document Record the creditor with the "Document Treasury Bond Certificate", cannot be listed, and the date of purchase. 73, there is no name (physical] national debt is not named (physical] national debt is a physical bond, record credit in the form of a real voucher, the face value is not equal, not named, not lost, can be listed. 74, accounting national debt accounting national debt Record the creditor's creditor, issue and transaction through the trading system of the Stock Exchange, can be registered, lost. 75, the national debt discount national debt, the national debt is not attached, the discounted rate is required, The price of the bond face value is released, and the national debt of the message is expired. The difference between the issuance price of the offer and its face value is the interest of the bond. 76, the hosted part of the bonds, refers to the bond coupon. The bond of the ticket is a bond payable according to the interest rate and payment method of bond ticket. 77. Enterprise bond enterprise bonds are often referred to as corporate bonds. It is the issuance of enterprises in accordance with the legal procedures. Bonds. 78. Financial bond financial bonds are bonds issued by banks and non-bank financial institutions. 79, convertible company bonds can convert company bonds (referred to as convertible bonds] is a specific time. Convert to ordinary Special corporate bonds for shares stocks. Convertible bonds and bonds and stock features.
80. Public issuance of public issuance means that the issuer has extensively issued securities through intermediary agencies to non-specific social public. In the case of public collection and distribution. All legitimate social investors can participate in the subscription.
81. Private equity is also called non-public issuance or internal release. It refers to the way a minority investor issued a securities. Objects of private placement have roughly two types, one is personal investor, such as the company's old shareholders or issuing agencies their own employees; the other is agency investor, such as a large financial institution or a close relationship with the issuer. Wait. Private production issuance has a determined investor, and the issuance procedures is simple and can save time and fees. The shortcomings of private placement is that the number of investors is limited, and the circulation is poor, and it is not conducive to improving the social reputation of the issuer. 82. Pari-price distribution is also called equal issuance or denomination, and it means that the issuer is issued with a ticket amount as a release price. 83, premium distribution premium is the distributor issued stock or bonds as above the price. Popularization issuance can be divided into two ways to issue a time-offeration and an intermediate price. The time price is also known as the market price, refers to the basis for determining the stock issuance price based on the circulation prices of the same kind or the same turn. The intermediate price is to issue a stock in the price between the denomination and the time price. my country's shareholders have the same shareholder. Basically, the intermediate price is basically released. 84. The distribution of discounts is distributed by selling new shares below the price below the denomination, which is issued after a certain discount. In my country, Article 131 of the "People's Republic of China" clearly stipulates that "stock issuance can be paid in the ticket, but must exceed the amount of the ticket, but not below the ticket." 85, underwriting When raising funds through the securities market, we must hire securities business agencies to help it sell securities. Securities business agencies help our credibility and business outlets in the securities market, and sell securities sales in the specified issuance period, which is called underwriting. According to the responsibility and risk of securities business agencies in the underwriting process, the underwriting can be divided into two forms of speech and underwriting. 86. The package sales pin is to sign a contract with the underwriter and the underwriting institution, buy all or sell the remainder of the remaining part of the underwriting agency, and assume all sales risks. 87. The agency agent means that securities and business agencies (also known as underwriting institutions or underwriters) in the securities issuer (also known as underwriting institutions or underwriters) are sold to investors. The underwriters follow the prescribed issuance conditions. Due to the agreed period, we will try our best to sell, until the sales deadline, if there is not all sold, then the part is not allowed to return to the issuer, and the underwriter does not assume any issuance risk. 88. The underwriting group has a special securities that have a particularly large issue, such as government bonds or bulk stocks, an underwriting agency is often reluctant to assume a risk of issuance, and will organize a underwritment group, and a number of institutions serve as a underwriter, so The risk of each underwriting agency is reduced. The State Council issued in April 1993 stipulates: "The denomination of the proposed public issued stock exceeds RMB 30 million or expected to exceed RMB 50 million, and should be underwriting. The issuer is determined by the principle of fair competition. "89, the main underwriter owner, refers to the securities business agency that is exclusively underwritten or led to the distribution of underwriting groups in stock issuance. Internationally, the lead underwriters generally be held by securities and powerful business banks (UK), investment banks (US) and large securities companies.
90. Listed recommendation people issued the public to the stock exchange to list the stock, and must be recommended from one to two institutions recognized by the stock exchange (ie, the recommended recommendation person) and issued a list of recommendations. Listed recommendors (sponsor) are generally approved by other agencies or people approved by the membership or exchange of the stock exchange. 91. Treasury-oriented sales of national debts are the way to distribute national bonds to special agencies such as pension insurance funds, unemployment insurance funds, financial institutions, mainly for national key construction bonds, financial bonds, special national debt and other varieties. 92. Treasury subscription underwriting is mainly used for unconfliction of credential national debt. It is a subscription group consisting of government bond underwriting agencies from all over the country. By signing the underwriting agreement with the Ministry of Finance to determine the obligation of issuance conditions, underwriting costs and underwriters. Prisoner is a national debt release method with a certain market factor. 93. The issuance of the bidding issuance of the national debt bidding refers to the use of the bond of the laundering and the ministry and distribution conditions. The bidding issuance will lead the market competition mechanism to the national debt process, which can reflect the expectation of the underwriters' expectations of interest rates and the supply and demand of social funds, and promote the marketing process of the national bond issue and the overall interest rate system. In addition, the bidding issuance is also conducive to shortening the distribution time, promoting the connection between national bonds, and secondary markets. Based on these advantages, the bidding issuance has become the main direction of my country's national debt issuance system reform. 94, road show "also translates" road travel ", is a research activity before the stock underwriters help issuers arranged. Generally speaking, the underwriters first choose some location of the stock to sell stocks, and choose some possible investors, mainly to institutional investors. Then, led the issuer to convene a meeting one by one, introducing the issuer's situation. Understand the investors' investment intent. The underwriters and issuers pass the road to more objectively determine the issuance, distribution price, and the issuance of the time.
95, Green Shoe is a way of manufacturers that can overproduce the shares under the issuer's license, which is intended to prevent stock issuance of stocks from falling to the issuance price or issuing price below, to support and stabilize the second The purpose of level midfield transaction. At the time of issuance of stocks, the overheader and the issuer reached an agreement, allowing the manufacturer to use the issuer to use the issuer to excess the share overprint of the shareholders on the basis of the market. Once the agent uses this excess-placing power, it is in the sale of space, so once the stock price fell to the distribution price, the suspenser can purchase the sale of the sale according to the purchase price, thus achieving the purpose of supporting the stock price. If this excess sale is not licensed from the issuer, once the stock price increases after the stock, the salesman must purchase the shares of the excess sale with the price higher than the distribution price, which is subject to economic damage; the issuer's license makes the underwriting The share of the trade excess place has a source guarantee, does not have to spend a high price to go to the market, just need to send more a number of shares to the hawler. If the excess disposal is not licensed, it is called "Bare Shoe", which is often used in combination with green shoes to increase the space and market support capabilities. Green shoes are mainly in the market atmosphere, and it is used without optimism or difficult to expect.
96. The stock market is listed, and it is a "bridge" that is publicly listed by the stock exchange transaction by the stock exchange. The stock is launched in the exchange. The stock is launched, the stock is a "bridge" connecting stock issuance and stock trading. After my country, the stock will receive the listing qualifications after disclosure. 97. The launch of the two places in the two places refers to the stock of a company at the same time in the two stock exchanges. For a listed company. If you are ready to listen on another stock exchange. Then it can have two options: First, there are different types of stocks outside the country, and this stock is listed in the overseas market. I have some companies to issue A shares in the territory. It is also a type of h-shares in Hong Kong, which belongs to this type. Another form is to list the same type of stock in both localities, and achieve the cross-market circulation of the shares through the International Manage Bank and Securities Broker. This approach is generally referred to as a second listing, with the survival credentials (ADR or GDR) listed in overseas markets. 98, buy the shell listed to buy the shell listing, refers to some non-listed companies to be poor through some achievements. Upperborns from raising capacity, stripping the purchased company assets, injecting their assets, thus achieving indirect listing.
99. By housing is listed, it means that the parent company (group company) of the company (group company) will realize the listing of the parent company by injection main assets into the subsidiary of the listing. 100. Listed announcement on the listing announcement is an important information disclosure data before the company's stock listing. my country stipulates that listed companies must publish the listing of listed companies in the listing company designated by the China Securities Regulatory Commission before the stock market trading day, and the well is prepared for the company where the company is located, the stock exchange of the company, For securities business agencies and their outlets, publicize and instructs the public to publicize the public to make the investors to make the right trading options after the company's stock is listed. If the company's stock self-issuance end days to the list of than 90 days, or the prospectus has not been invalid, the issuer can only prepare a brief listing announcement. If the company's stocks have over 90 days from the end of the laisto, the issuer must prepare a full listing announcement.
101. The total value of the stock market price is for a listed company. Its stock market price is multiplied by the total number of stocks issued. That is, the value of the company in the market is also the company's market price. Plus the market value of all listed companies, you can get the total market price of the entire stock market. 102. The state-owned stocks and legal person stocks in my country's stock markets are not available to the stock exchange. The stocks that are truly circulated on the market are only part of the issuance of the share capital, called the circulation stock, and take the share price of this part of the share capital. Get the company's circulation market value on the stock market.
103. Send red stocks to send red stocks are listed companies to stay in the company in the company, issuing stocks as a bonus, thus transforming profits into equity. After sending red stocks, the total amount and structure of the company's assets, liabilities, and shareholders have not changed, but the total share capital is increased, and the net assets per share are reduced. 104. Transferring equity to the share of the share refers to the conversion of capital provinces into equity, and the share capital does not change shareholders. However, it increases the size of the share capital, so objective results are similar to the reddish stock. The essential difference between the transfer of share capital and sending red stocks is that the red stock comes from the company's annual tax profit. Only if there is a surplus in the company, it can send red stocks to shareholders in the case: and the turnover of the share capital is from the capital reserve, it can be Affected by the company's total share of profits this year, as long as the capital reserve of the company is reduced, the corresponding registered capital can be increased, so in strict sense, the transfer share capital is not the shareholders. Dividend returns. 105. The information disclosure of listed companies, listed companies must earnestly undertake information disclosure obligations to investors; at the same time, listed companies must report important issues that have happen to the China Securities Regulatory Commission and Stock Exchange to ensure effective market supervision. . There are two main types of information disclosure of listed companies: one is the information needed to assess the company's operating conditions; the other is a major impact on the operation of the stock price. According to Article 4 of the "Public Official Stock Company Information Disclosure (Trial)" provisions, the content of information disclosure of my country's listed company has mainly four parts, namely: prospectus (or other fundraising instructions), the announcement, regular Report, temporary report. Securities Trading 106, the trading seat transaction seat original refers to the seats in the hall, there is a telephone and other communication equipment, the broker can pass the transaction and transaction information. Securities and transactions must first purchase seats first, and they can only be transferred after the seat is purchased and cannot be revoked. With a transaction seat, you have the qualifications for securities transactions in the trading hall. With the continuous development of science and technology, the transaction method is developed by hand-bidding model for computer automatic match, and the form of trading seats has also changed, and it has gradually evolved into computer newspaper terminals with the transaction.
107. The special seat refers to the special seats of the B shares opened in the Shanghai Stock Exchange and the Shenzhen Stock Exchange, which refers to the special use of B-share transactions in the stock exchange hall approved by the Stock Exchange. Seat. Speaking of it, one is because the user of the special seat is not a member of the Stock Exchange, and the second is because the special seat can only be used to engage in B shares.
108. Specialist is a special member designated by the stock exchange. Its main responsibility is to maintain a fair and in place, which provides market circulation and continuous and stability of the price for its franchised stock trading. The expert broker mainly has the following two functions: First, organize market transactions, expert brokers accept securities trading declaration, determine the purchase price and price of franchise stocks in accordance with the exchange rules and continuously report on the purchase price of franchise stocks, as the effective bidding range of the market; The second is to maintain the balance of market. When the market is unbalanced, the expert broker has the responsibility to join the weaker party, buy or sell stocks with their own account to improve the circulation of the market.
109. MARKET Maker refers to the securities market, which is constantly reported to public investors to the public investors 'traders' purchase prices (ie, two-way quotes). ) And accepted public investors' trading requirements in this price, with their own funds and securities and investors. Making the city merchants through this continuous sale to maintain the liquidity of the market, meet the investment needs of public investors. 110, excessive exit due to increased company equity, the actual value of the enterprise represented by each stock (net assets per share) has decreased, and this part of the factor is removed from the stock market after the fact. Sending shares except for the ratio price = equity registration date closing price ÷ (1 share ratio per share share ratio) Putting removal base price = (equity registration date share price × shares ratio) ÷ (1 share proportion of shares per share] Distributing a dividend to shareholders, the actual value of the enterprise represented by each stock has decreased, and the net assets per share requires the fact that this part of the stock market is removed from the stock market price. Sub-dependent price = equity registration date closing price - The cash 112 per share is fill in a period of time after the excessive resolution. If most people are optimistic about the stock, the stock trading price is higher than the extension (except) baseline, which is called filling. 113, stip For a period of time after the excessive resort, if most people are not optimistic about the stock, the stock trading price is lower than the extension (residual) baseline price. This market is called the stipulations. 114, one-line stock refers to the price of the stock market High types of stocks, these stocks have excellent development prospects, share price leading to other stocks 115, second-line stocks in the stock market price, the performance is in the middle of the listed company. 116, three-line stocks refers to the price of low price Stock. Most of these companies have a bad performance, the prospects are not good, and some have even reached the losses. 117, the market trading market refers to the centralized trading market organized by the Stock Exchange, has a fixed trading place and transaction time. Securities Exchange accepts and handles securities trading in accordance with relevant laws and regulations. Investors pay securities and purchase in the stock exchange. 118, the field trading market is also known as the counter transaction or shop head trading market, refers to the extension Securities buyers' markets are negotiated by the market. It does not have a fixed place, and its transactions are mainly used by telephone, and securities transaction are mainly based on securities listed on the Exchange. In recent years, some external trading markets have used advanced electronic transactions. Technology, making market coverage more broad, market efficiency has greatly improved, which is typical representatives in the US Nastak market.
119. The invisible market does not have the trading hall as the organizational center of the trading operation, investors use the Securities and Exchange's computer networking system to directly transaction the sales command input exchange. At present, my country's Shenzhen Stock Exchange has basically reached the standard 120 of the invisible market, and the limited privilege will issue a securities broker to the securities broker, which is limited to the price of the sale, that is, when buying stocks, Limiting a maximum price, only the securities broker is allowed to pay by the highest price or less than the highest price price, the minimum price is limited to the sale of the stock. The biggest feature of the limit price is that stock trading can be used in accordance with the price or better price of investors, which is conducive to investors to achieve expected investment plans. 121. Market Order only specifies the number of transactions without giving specific transaction prices, but requires the best price in the market according to the entrustment to enter the trading hall or trading matching system. The advantage of the municipal price entrustment is that it can guarantee instant transaction 122. Stop Order requires a broker to buy or sell at the market price or at a price or limit price according to the number of customers in the market price in the market price. The purpose is Protect customers have obtained profits. 123. Market At Open and CLOSE requires a broker to buy and sell stocks in a market price or limit privilege when it is opened or closed. It is characterized by limiteding the transaction time, and there is no strict requirements for specific quotation methods. 124, the disc file refers to the investor is not active to buy and sell, takes more attitudes, so that the change in the stock price is small, which is called a disc. 125. Sashing means that after a sharp rise or fall, the stock price has begun to fluctuate small fluctuations, enters the stable phase change stage. This phenomenon is called finishing, and the finishing is the next major change preparation stage. 126. The jumping refers to a strong plus or sharp-end message, and the stock price began to be large. The jumping is usually 127 before the start or end of the stock price changes. The backup refers to the phenomenon of the stock price, and the phenomenon of temporary falling is 128 due to the rise of the overspeed, and the bounce is that the stock price sometimes is too large. Fast, it is temporarily rebounded by the buyer's support. The rebound is small and the decline is restored after rebound. 129. Multi-head is optimistic about stock market, first buy stocks, and other stocks to win a price, sell stocks to earn a difference. 130, the short-heading means that the share price has risen to the highest point, so it will fall, or when stocks have begun to fall, it will continue to fall, and investors sold at high prices.
131. Buying a vacant is expected to rise, thereby buying stocks. Before the actual delivery, the buying stock will be sold, and the difference in the difference or makes a speculative behavior of the difference is charged. 132. Selling is expected to decline, so selling stocks, selling stocks such as number of rewards and delivery, and only specifically speculating the difference. 133, the air has prompted the stock price to fall, which is favorable factors and news. 134, LOC is a factor and message that stimulates the share price and benefiting a long way. 135, more kills are generally believed that the stock price will rise, so the market will have a lot of hats, but the stock price has not risen sharply. When the transaction is fast, the competition is sold, resulting in a substantial decline in the closing price.
136. The rolling is generally believed that the stock price will fall, so the stock price has fallen sharply, but the stock can not bought it at a low price, and I have to compete before the closing, but the closing price is greatly increased. 137, long is the long-term expiration of the stock price, and the share price will continue to rise for a long time, and thus buy the stock long-term holding, and the equals are quite a long time, and the behavior of the difference is earned. 138, short, is optimistic about the stock price, buy stocks, if the stock price is slightly not raised, the act of selling. 139. If you die, you will be optimistic about the stock market prospect. After buying stocks, if the stock price falls, I would rather put it for a few years, and I will never get off. 140, the package refers to the expected share price rising, unexpectedly, the stock price road is falling; or the stock price is falling, after selling stocks, the stock price is rising all the way, the former said that the latter is a short set. 141. The stock price index share price index is composed using statistical index methods. Reflecting the overall price or indicator of a certain type of share price change and trend. According to the range covered by the price trend reflected by the stock price index, the share price index can be divided into a comprehensive index reflecting the entire market trend and the classification index reflects a certain industry or a class of stock prices. The calculation method of the stock price index, there are two types of arithmetic average method and weighted average. The arithmetic averaging method is to simply average each stock price of the constant index, and calculate an average. The weighted average method is that when calculating the same value of the stock price, not only considering the price of each stock, but also adjusts the average according to the size of each stock to the market. In practice, it is generally the number of stock issuance or the volume of the volume as a market impact factor, incorporating an index calculation, called the right number. Since the actual average price of stocks is not convenient for people to calculate and use, the average price is generally used. Instead, the average price of a certain reference day will be compared to the average price of each period in the future. Calculate the price of each period. Then convert to a percentage or numerical value. This is the value of the stock price index. 142. The Dao Jones Index is the most influential in the world, the most widely used share price index. It has a representative company stocks listed on the New York Stock Exchange as a composed object, consisting of four stock prices, respectively,: 1 Tao, the same object of 30 famous industrial company stocks, Jones Industrial Shares The average index; 2 with 20 famous transportation company stocks to the development of the object. Jones Transportation Stock Price Average Index: 3 Taking 6 famous public utility companies stocks to the Tao Jones utility share price average index: 4 The 65 companies involved in the above three stock prices are the proposed objects of the Tao Jones share price comprehensive average index. In the four Dao Jones stock price index, the Agrison industrial stock price average is most famous, it is widely reported by mass media, and references to representatives of the Dow Jones Index. Tao Jones donated by the US Newspaper Group - Dao Jones responsible for preparing and released, published on the Wall Street Journal). The first publication in history was the Jones index on July 3, 1884, at the time of the index sample included 11 kinds of stocks, one of the founders of Jones, "Wall Street Journal" first editor Charles Henry CHARLES HENRY DOW L851-1902).
143. The Nikkei Index, I originally referred to as "Japan's Economic News Society, Jones Stock Average Price Index", is the average of stock prices that reflect Japan Tokyo Stock Exchange in Japan's Economic News Society. number. 144. The London Financial Times Index is prepared and published by the most famous newspapers in the UK - "Financial Times" to reflect the market changes in the London Stock Exchange of the UK. The index is divided into three types; one is a price index consisting of 30 stocks; the second is a price index consisting of 100 stocks; three is a price index consisting of 500 stocks. The UK Financial Times index refers to the first type, that is, 30 represented industrial and commercial stocks, and uses the price index calculated by the average method of weighted arithmetic.
145, Hang Seng Index Hang Seng Index, is prepared by Hang Seng Index Service Co., Ltd. wholly-owned Hong Kong Hang Seng Bank. It is a weighted average share price index of 33 listed stocks in Hong Kong stock markets. It is a share price index that reflects the most influential trend of Hong Kong stock market. The index was published on November 24, 1969, and the base period was July 31, 1964. The base index is set to 1000.
146. The state-owned enterprise index, also known as the H shares index, the full name is the Hang Seng China Enterprise Index. It is also prepared and released by Hong Kong Hang Seng Index Service Co., Ltd. This index calculates the weighted average share price index in all China H-shares listed in the Stock Exchange. The National Enterprise Index was first announced on August 8, 1994. The number of H shares in the city reached 10 dates, namely July 8, 1994. The market researcher is set to 1000 points. 147, red chip stock index red chip stock index, refers to the Hang Seng Red Chivalry Index of Hong Kong Hang Seng Index Service Co., Ltd. The index has been officially launched on June 16, 1997, and the sample stocks include 32 red-chip stocks that are only in line with their choice, rather than all red-chip stocks. The index is based on January 4, 1993, the base index is set to 1000 points.
Asset securitization
148. Asset securitization refers to the lack of liquidity assets to convert the actions of securities that can be sold in the financial market. See: Hot Tracking "Re-pays attention to securitization 149, Special Purpose Vehicle, SPV) has a single purpose to purchase payment and issuance of these receivables mortgage debts, thus providing financing trading agencies. Between the initiator and investors, SPV allows the receivables to be separated from the sponsor bankruptcy. 150. Mortgage Guaranted Mortgage Obligation, COM) has a variety of payment securities, providing some different cash flow arrangements to investors through some kinds of securities or bonds. Therefore, the cash flow of this subsidiary product is decomposed or arranged in prioritization to meet various investor requirements with interest rate expiration, different risk preferences. 151. Credit Enhancement Some elements in a trading structure are designed to protect investors from happening in the potential attachment. 152. Bankruptcy-remote has obtained non-bankruptcy in the securitized assets, and the cash flow of investors should not be harmful to the bankruptcy of the initiator.
Other class 153, the IOSCO INTERNATIONAL ORGANIZATION OF Secure Commission Organization (IOSCO) is an international cooperation organization composed of international securities and futures management agencies. He is headquartered in Montreal, Canada, formally established in 1983, his predecessor was established in the Association of the Association of the Securities Regulatory Commission in 1974. The China Securities Regulatory Commission joined the organization in 1995 and became its formal member. 154. The Federation of International Stock Exchange Federation (FIBV) International Stock Exchange was founded in 1961 and the permanent site is located in Paris. Its predecessor is the "European Stock Exchange Association" established in 8 Member States of the European Community in 1957. Fibv has strict requirements for all aspects of membership, legal construction, etc., so I obtain a recognition of FIBV membership by securities regulatory agencies and market participants as their securities market. 155, Reuters Reuters are founded by Reuters, headquartered in London, Reuters, has received 5,000 banks and financial institutions in the world, more than 200 exchanges, 24 hours constant by headquarters Various economic information and financial information, customers can get the real-time market in all financial markets from foreign exchange, bonds to futures, stock, and energy. Reuters' products covered the entire financial operation process from information to analysis, transactions, risk management. 156. Telerate Dow Jones Global Information is developed and founded by Telerate, USA, merged with Dow Jones in 1990. The virtual system provides a global 24-hour financial market information service to see the length of the real-time system function, and according to the content of the quotation system, news system, review system, analysis system and trading system.
157, Nasdaq Nasdaq (NASDAQ) refers to the US National Securities Trader Association Automatic Quotation System, which is a full name "The National Association of Securities dealers Automated Quotation System", abbreviated as NASDAQ. The Nasdard Securities Market was founded in 1971. There are two of the uniqueness of the Nasdard Securities Market: First, the automatic quotation system based on computer networks, the automatic quote system is an electronic information system, specializing in collecting and publishing securities self-employed quotes; It is its urban business system.
158. The New York Stock Exchange New York Stock Exchange is currently the largest securities trading market in the world. At the beginning of the US, the stock exchange of Shangyuan, the stock exchange of Shangyuan, Most of the securities transactions in cafes and auctions. On May 17, 1792, 24 Siyi people in New York Wall Street and William Street Northwest Corner The "Wutong Tree Agreement" under the front of the cafe door is signed, which is the predecessor of the New York Exchange. In 1817, the stock trading on Wall Street was very active, so the market participants set up the "New York Securities and Transaction Management Office", a concentrated securities trading midfielder formation, 1863, management office is known as New York Stock Exchange This name has been used in the past. So far, it is still the largest, most representative stock exchange in the US national stock exchange, is also the largest in the world, the most perfect organization, the most complete equipment, the most strict management, and is significant for the world economy. Impact of stock exchanges. 159. The London Stock Exchange is the world's third largest securities trading center, and the London Stock Exchange is the oldest stock exchange in the world. Its predecessor is the sunshout market of London Trading Street at the end of the 17th century. It was the "Royal Exchange" of the bond at that time, 1773, was officially renamed "London Securities Trading". . Compared with other financial centers in the world, the London Stock Exchange has three characteristics in the number of listed securities, except stocks, with government bonds, state-owned chemical industry bonds, British and other foreign government bonds, local governments, public institutions The bond issued by the industrial and commercial enterprise, including 50% of foreign securities; 2 has a large number of funds invested in international securities, and for the company, the listing of London means that it starts with the international financial community. Important contact: 3 It operates four independent trading markets. 160. The Tokyo Stock Exchange Tokyo Stock Exchange is currently only the world's second largest stock exchange of the New York Stock Exchange. In May 1878, the Japanese government has developed the Stock Transaction Ordinance and established here. Tokyo, the large tradder stock exchange, the Tokyo Stock Exchange is the predecessor of the Tokyo Stock Exchange. 161. The earliest securities transactions in Hong Kong, Hong Kong can be traced back to 1866. The first Stock Exchange of Hong Kong - Hong Kong Stock Broker Association was established in 1891, 1914 is known as the Hong Kong Stock Exchange, 1921, Hong Kong has established the Securities Exchange - Hong Kong Securities Broker Association, 1947 In the year, these two exchanges were combined into Hong Kong Stock Exchange Ltd. By the late 1960s, the original exchange of Hong Kong has met the needs of the stock market prosperity and development. After 1969, the three stock exchanges of the Far East, Jinyin, Kowloon, and the Hong Kong Securities Market entered the four exchanges. The so-called "four sessions". The stock markets in 1973 to 1974 plummeted, fully exposed the various drawbacks caused by the four consensus of the Hong Kong Securities Market. On March 27, 1986, the four exchanges officially combined into the Hong Kong United exchange. On April 2nd, the Stock Exchange opened and began to enjoy the franchise in the Hong Kong, operating and maintaining the securities market. 162. Securities brokerage business securities brokerage, refers to the securities intermediary business that promotes the trading behavior of both parties by collecting commissions. The securities brokerage business is developed and developed with the implementation of the centralized transaction system.
Due to the large number of securities in the stock exchange, the amount is huge, and the cross-section is limited, and the general investors cannot directly enter the stock exchange. It can only be used by the licensing broker to promote the agency. Completion. 163. Securities Self-operated Securities Self-operated business, simply he said that securities business agencies have obtained profitable securities business with their own name and funds. 164. Asset management business asset management business, generally refers to the management of asset entrustries opened by securities business agencies. That is, the principal will hand over its own assets to the trustee, and the trustee provides financial services for the principal. 165. The mortgage securities company mortgage securities company refers to an intermediary that specializes in purchasing commercial bank real estate mortgage loans and funds raised by mortgage securities. 166. The national bonds first-level self-service national debt first-level self-employment, and a bank, securities company, and other non-bank financial institutions confirmed by the Ministry of Finance, the People's Bank of China and the China Securities Regulatory Commission. Its main function is to participate in the distribution of the national debt bidding and distribution. Retail business, promoting government bonds, and maintains smooth operation of the national debt market. my country has been implemented by the national debt first-level self-employment system in 1993. 167. Securities and settlement company Securities and settlement company refers to an intermediary service organization specializing in securities and securities transactions and payment and securities transfer business. my country's current Shanghai, Shenzhen Securities Exchange has its own settlement system, securities depository, settlement and departments, by Shanghai Securities Central Registration, and Shenzhen securities settlement company, and the well through net settlement method. Complete funding and securities of securities after the subtle secondary working day. 168. Securities Information Company Securities Information Company is established according to law, collecting, processing, finishing, storage, analysis, delivery, information products, information technology development, providing customers with professional intermediary of various securities information services mechanism.
169. The audit report auditing report is a written document that the Wang Gubocitute is issued after the requirements of the necessary audit procedures based on the requirements of the independent audit criteria, which is used to express an audit opinion on the annual accounting statement of the audited unit. According to the audit results and the audited units, the CPA forms different audit opinions, issues four basic types of audit opinions: no reservation audit reports, reserved audit reports, negative audits Report, unable (rejection) expressed the audit report. 170. The "three public" principles of the securities market establishes and maintains the principles of the "three public" principles of the securities market, and is the basic principles that protect the interests of investment blindness is not affected, and it is also the basis for protecting investors' interests. The specific contents of the "three public" principles include: (1) the principle of openness, also known as information disclosure. The principles of openness typically include two aspects, that is, the initial disclosure and continuous disclosure of securities information. (2) The principle of fairness. The fair principle of the securities market requires securities issuance, all participants in the trading activities have equal legal status, and their legal rights can be fair protection. (3) The principle of fairness. The just principle is for the regulatory behavior of securities regulators. It requires the securities supervision and management department to give all the supervised objects to fair treatment based on the principle of fairness.
171
,secret deal
The insider trading mainly includes the following behaviors: 1 Insider, the insider, the inside information is used to sell securities, or it is recommended to buy and sell securities according to insider information; 2 The insider person lesser insiders to others, so that others use the information profitable; 3 non-insider Get inside information through improper means or otherwise, and sell securities according to the inside information, or it is recommended to sell securities. The insider person here refers to the board of directors, supervisors and other senior management personnel of listed companies, the authorities of the securities market and the securities intermediary organization, and the lawyers, accountants, including the listed companies, and inside information. Personnel. 172
And related transactions
Related transactions are transactions between enterprises. According to Ministry of Finance
1997
year
5
month
twenty two
"Enterprise Accounting Standards" promulgated
-
The provisions of the related parties and the disclosure of their transactions are in the financial and business decision-making. If one party has the ability to directly or indirectly, the other party is jointly twisted or impacts the other party, it will regard it as a related party; if the two or more parties are controlled, it will also be considered a related party. Things to transfer resources or obligations between the above-related parties, whether or not the price is charged, it is considered a related transaction.
173
,overpacked
The opportunity to borrow in the share company conduct appropriate packaging, which is conducive to shaping better corporate image and enhances the attraction of investors. however. Some companies do not seriously excavate the characteristics and advantages of the company in the process of restructuring and distribution, but in the financial data, in the text introduction, the crown is "first", "the most ", Etc., mislead investors. This phenomenon is called excessive packaging.
174
, Manipulating market behavior
The manipulation midfield in the securities market refers to individual or institutions from the principle of free competition and supply and demand in the market, and manually manipulate the price of securities to attach others to participate in the securities transaction, and take private interests for themselves. China Securities Regulatory Commission
1996
year
11
The "Notice on Keep Operation of Securities Market Behavior" issued by Japan clearly defines the behavior of the operand. Such behavior includes:
1
Handling the price of the securities market by conspiracy or centralized funding;
2
Based on the dissemination of rumors, spread false information, etc., affects the issue, transactions:
3
For the false price of securities, collaborate with others, do not transfer the ownership of the securities ownership;
4
In the same time, the price and the opposite transaction are carried out in the same time.
5
Sell or offer the securities that do not hold them, disrupt the stock market order; (6) continuously transaction certain securities for the purpose of raising or depression of securities transactions; (7) Low or raise people Securities price; (8) Securities investment consulting agencies and shares with interests and other communication methods to manufacture and disseminate false information, disrupting market normally operation; (9) Listed company trading or exchanges with others.
175
,Emerging Markets(
Emerged Markets
)
Refers to the stock market in developing countries. According to the authority of international financial companies. As long as the per capita national production value of a country or region (
GNP
) There is no high-income national level that meets the World Bank, then the stock market in this country or region is emerging market. Some countries, despite economic development and per capita
GNP
The level has entered the ranks of high-income countries, but due to the lag of its stock market, the market mechanism is immature, still considered to be emerging markets.
176
, Mature market (
Developed Markets
)
