Stock is the abbreviation of share certificate, which is a kind of securities issued by a joint-stock company to shareholders as a holding certificate to raise funds and obtain dividends and bonuses. Each share represents the shareholder's ownership of the basic unit of the enterprise. Shares are part of the capital of a joint-stock company and can be transferred, traded or mortgaged at a fixed price. It is the main long-term credit tool in the capital market.
Stocks have three functions. (1) Stock is the proof of capital contribution. When a natural person or legal person invests in a joint stock limited company, it may obtain shares as proof of capital contribution; (2) Shareholders shall, by virtue of their shares, prove their shareholder status, attend the shareholders' meeting of the joint-stock company and express their opinions on the operation of the joint-stock company; (3) Shareholders participate in the profit distribution of share-issuing enterprises by virtue of their shares, which is commonly referred to as dividends, in order to obtain certain economic benefits.
As a kind of securities, stocks have the following characteristics:
1. A stable stock investment is a long-term investment with no term. Once the stock is bought, as long as the stock issuing company exists, no stock holder can recover the stock, that is, the stock issuing company cannot be required to recover the principal. Similarly, a shareholder's identity and rights and interests cannot be changed, but he can sell his shares through the stock exchange market and transfer them to other investors to recover his original investment.
2. Risk Any kind of investment is risky, and stock investment is no exception. Whether stock investors can get the expected returns depends on the profitability of enterprises first. Most of the profits are divided, and a small part of the profits are divided. When the company goes bankrupt, it may be wiped out. Secondly, as a trading object, stocks, like commodities, have their own prices. The stock price is not only subject to the operating conditions of enterprises, but also influenced by many factors such as economy, politics, society and even man-made, and it is in a state of constant change, and the phenomenon of ups and downs also occurs from time to time. Although the fluctuation of stock price in the stock market will not affect the operating performance of listed companies, thus affecting dividends and bonuses, the depreciation of stocks will still make investors suffer some losses. Therefore, investors who want to enter the market must be cautious.
3. Responsible shareholders have the right and obligation to participate in the profit distribution of joint-stock companies and bear limited liability. According to the provisions of the company law, the holders of shares are shareholders of a joint stock limited company. He has the right or through his agent to attend the shareholders' meeting, elect the board of directors and participate in the company's business decisions. The power of shareholders depends on the number of shares they hold. Shareholders holding shares generally have the right to attend the company's shareholders' meeting and have the right to vote, which can also be regarded as the right to participate in management in a sense; Shareholders also have the right to participate in the company's profit distribution, which can be called profit distribution right. Shareholders can claim dividends, creditor's rights and debts from the joint stock company according to their shares. When the company is dissolved or bankrupt, shareholders shall bear limited liability to the company, and shareholders shall bear limited liability to creditors in proportion to their shares. After the creditors' debts are paid off, the shareholders of preferred stock and common stock can also request the company to pay off the remaining assets (i.e. creditor's rights) according to the proportion of the shares they hold, but the preferred stock shareholders have the priority to be repaid to the common stock, and the common stock only has the right of recourse to the remaining assets after the preferred stock is claimed.
4. Liquidity stocks can be transferred, traded, inherited, donated and mortgaged at any time in the stock market, but they cannot be returned. Therefore, stock is also a highly liquid asset. The transfer of bearer shares, as long as the shares are delivered to the transferee, can realize the legal effect of the transfer; The transfer of registered shares can only be transferred after the seller signs and endorses it. It is precisely because of the strong liquidity of stocks that stocks become an important financing tool and continue to develop.
. Stock is a concrete form of stock. Not only can a stock be issued and listed with the approval of the relevant state departments, but its face value must have some basic contents. The production procedures, recording contents and recording methods of stocks must be standardized and conform to the provisions of relevant laws and regulations and the articles of association. Generally speaking, the face of the stock certificate of a listed company should have the following contents: 1. The full name of the joint stock limited company that issues shares and its registration date and address. 2. The total number of shares issued, the number of shares and the amount per share. 3. The face value of the stock and the number of shares it represents. 4. The signature of the chairman or director of the stock issuing company, the signature of the issuance registration institution approved by the competent authority, and the words common stock or preferred stock shall be indicated. 5. Date of issue and stock number. If it is a registered stock, the name of the shareholder shall be stated. 6. Print together with the form for stock transfer. 7. Matters needing attention that the stock issuing company thinks should be stipulated. For example, indicate the procedures that must be handled when transferring shares, and the registered office and address of shares are the contents of preferred stock priority. Due to the development and application of electronic technology, the issuance and trading of stocks in Shenzhen and Shanghai stock markets in China are carried out by means of electronic computers and electronic communication systems, and the daily trading of listed stocks has become paperless, so the current stocks are just a set of binary numbers managed by electronic computer systems. But legally speaking, all listed stocks must have the above contents. The par value of each share issued in China is one yuan, and the total amount of shares issued is the total share capital of a listed company limited by shares.
What is a stock?
Stock is a stock issued by a joint stock limited company to investors when raising capital. Stock represents the ownership of its holder (that is, shareholder) to the joint-stock company. This kind of ownership is a comprehensive right, such as attending the shareholders' meeting, voting, and participating in major decisions of the company. Receive dividends or share dividends, etc. Every stock in the same category represents the equal ownership of the company. The share of ownership of the company owned by each shareholder depends on the proportion of shares held by each shareholder to the total share capital of the company. Generally, stocks can be traded and transferred with compensation, and shareholders can recover their investment through stock transfer, but they cannot ask the company to return their investment. The relationship between shareholders and the company is not a creditor-debtor relationship. Shareholders are the owners of the company, and are limited by their capital contribution, taking risks and sharing profits.
Stock is the product of socialized mass production and has a history of nearly 400 years. As the fruits of human civilization, joint-stock system and stock are equally applicable to China's socialist market economy. Enterprises can raise funds for production and operation by issuing shares to the public. By controlling majority ownership, the state can control more resources with the same funds. Currently in Shanghai. Most companies listed on Shenzhen Stock Exchange are state-owned holding companies.
Stocks have the following basic characteristics:
Ability to repay without compensation. Stock is a kind of negotiable securities with free repayment period. After investors subscribe for shares, they can no longer ask for withdrawal, but can only sell them to third parties in the secondary market. Share transfer only means the change of the company's shareholders, and does not reduce the company's capital. As far as the term is concerned, as long as the company exists, the stock it issues exists, and the term of the stock is equal to the duration of the company.
(2) participation. Shareholders have the right to attend the shareholders' meeting, elect the board of directors of the company and participate in major decisions of the company. Shareholders' willingness to invest and economic benefits are usually realized by exercising shareholders' right to participate.
The right of shareholders to participate in the company's decision-making depends on the number of shares they hold. In practice, as long as the number of shares held by shareholders reaches the actual majority needed to influence the decision-making results, the company can grasp the decision-making control power.
(3) profitability. Shareholders have the right to receive dividends or bonuses from the company by virtue of the shares they hold, and to obtain investment income. Dividends or bonuses mainly depend on the company's profit level and the company's profit distribution policy.
The profitability of stocks is also manifested in the fact that stock investors can obtain the price difference or realize the preservation and appreciation of assets. By buying people at a low price and selling stocks at a high price, investors can profit from the difference. Take the stock of Coca-Cola Company in the United States as an example. If you invest 1000 at the end of 1983 to buy the company's shares, you can sell them at the market price of 1 1 554 before July of 1994, and earn more than 10 times the profit. During the period of inflation, the stock price will rise with the replacement price of the company's original assets, thus avoiding the depreciation of assets. In the period of high inflation, stocks are usually regarded as the first choice for investment.
(4) liquidity. The liquidity of stock refers to the tradeability of stock among different investors. Liquidity is usually measured by the number of shares that can be circulated, the trading volume of shares and the sensitivity of stock prices to trading volume. The more tradable shares, the greater the trading volume, the less sensitive the price is to the trading volume (the price will not change with the trading volume), and the better the liquidity of the stock, and vice versa. The circulation of stocks enables investors to sell stocks in the market and get cash. Through the circulation of stocks and the changes of stock prices, we can see people's judgments on the development prospects and profit potential of related industries and listed companies.
Those industries and companies that attract a large number of investors in the circulation market and keep their share prices rising can continuously absorb a large amount of capital into production and business activities by issuing additional shares, thus achieving the effect of optimizing resource allocation.
(5) Price fluctuation and risk. As the trading object in the trading market, stocks, like commodities, have their own market quotations and prices. Because the stock price is influenced by many factors, such as the company's operating conditions, the relationship between supply and demand, bank interest rates, public psychology and so on, its fluctuation has great uncertainty. It is this uncertainty that may make stock investors suffer losses. The greater the uncertainty of price fluctuation, the greater the investment risk. Therefore, stock is a high-risk financial product. For example, the share price of International Business Machines Corporation (IBM), which dominates the world computer industry, was as high as $ 170 when its performance was extraordinary, but when its position was challenged and its business blunder caused losses, its share price fell to $40. If you buy stocks at a high price at an inappropriate time, it will lead to serious losses.
How to set the opening price?
10 reveals the common means used by bookmakers to manipulate stock prices.
1, dig deep into the processing theme (unveil the mystery of minimizing risks and maximizing profits ...)
For market manipulators, the so-called theme is a scam designed by them in advance to induce small and medium investors to follow suit, and it is a trap dug in advance. This is a colorful poppy. In fact, small and medium-sized investors who don't understand often fall into the trap.
In the middle of the market, become their victim.
In the "5. 19" market of 1999, stimulated by the sharp rise of NASDAQ internet stocks in the United States, some domestic bookmakers opened positions in some internet stocks on a large scale. In 2000, the China stock market showed signs of recovery. Those bookmakers and other bookmakers who were stuck in the "5. 19" market began to start the magic weapon of the network economy and the new economy urgently, and put on the beautiful coat of the network for their own stocks. Some stocks advertised that they had entered the internet and intervened in the new economy, while their share prices rose sharply. Some also use the concept of nano and optical valley to push up the stock price. However, today, how many of these so-called concepts and themes can be finally realized? How many companies can really bring benefits to listed companies and create returns for shareholders? (exclusive securities reference, looking at the stock market from a new perspective ...)
2. Listed companies should cooperate.
Want to say: flies don't stare at eggs that haven't been sewn. It can be said that without the close cooperation of relevant listed companies and the ulterior motives of some listed company executives, market makers will be unable to move in the secondary market and accomplish nothing. Some listed companies cooperate seamlessly with market makers for their own interests. They want profits to package profits, wash dishes to create negative results, go out and concoct themes, that is, the company's future operating ability is not optimistic, spare no effort to send shares in a high proportion, and use capital reserve to increase share capital. What's more, some listed companies also hand over the funds for issuing new shares, allotment or borrowing from banks to the banker for financial management, and the stocks speculated by the banker are listed companies. Therefore, listed companies and market manipulators have formed the fate of sharing weal and woe and sharing benefits, which is also the fundamental reason why some listed companies are always ready for bookmakers.
3. Insider trading and black-box operation
Insider trading is the behavior that insiders use insider information to earn illegal profits in the secondary market. The reason why market manipulators manipulate stock prices is very popular is through insider trading and black-box operation. Let's put aside the speculation of new shares and rights issue underwritten by some brokers, and take the reorganization company with control rights and the transfer of the largest shareholder as an example to uncover the tip of the iceberg of market manipulators manipulating stock prices by insider trading and black-box operation.
Generally speaking, the insiders of the reorganization company include the following aspects: first, the high-level people of the acquired party; Second, the high-level people of the acquirer; The third is financial adviser; The fourth is the so-called secondary market speculators, that is, the so-called bookmakers.
Generally speaking, the acquirer and speculators in the secondary market are integrated. If the secondary market is unprofitable, the enthusiasm of the acquirer to acquire the so-called shell resource company will be greatly reduced. The merger of the acquirer and the speculators in the secondary market constitutes a complete insider trading. Let's take Ian Technology (000) as an example.
The predecessor of Yi 'an Technology is Shen Jinxing. As can be seen from the K-line chart, the time when the dealer started to enter Yi 'an Technology was1late October1998 10, and the time when he finished opening positions was 1999 1. During the 55 trading days from1998165438+1October 29th to199965438+1October 4th, the cumulative turnover of Yi 'an Technology reached 819/kloc. According to this calculation, the bottom warehouse cost of main dealers is 10 yuan. 1May, 1999, the largest shareholder was Guangdong Yi 'an Technology Development Holdings Co., Ltd. ... This shows that insiders and bookmakers will not know the inside story of Yi 'an Technology reorganization until at least 1998 10.
4, joint manipulation, sex.
On February 5th, 20001year, Guangdong-Hong Kong Information Daily reprinted an article by Jin Xiao 'an. Based on the information released by the Shenzhen-Shanghai Stock Exchange in 2000, the author reveals through empirical analysis how the bookmakers (mainly for brokers) have sex in the secondary market through joint manipulation. In this paper, joint manipulation is divided into three types: the relationship between the business departments of a single securities firm, the relationship between securities firms in the same city (region) and the heterogeneity in the relationship. He found that a securities company has a relationship between 12 stocks, a securities company has a relationship between 26 stocks, and other securities companies have many similar situations.
The article also reveals the joint manipulation of a group of brokers.
5, control the operation, virtual standard price.
The so-called banker, according to the author's understanding, refers to an institution or a large household that highly controls the circulation of chips in the secondary market of listed companies. The high control here means that the controlled circulating chips account for at least 60% of the circulating funds. As of199965438+February 3 1 day, the chip concentration of Yi 'an Technology (000) reached 82.9 1%, and that of Zhongke Chuangye (004) reached 8 1. 13%.
Because the dealer controls the circulating chips of a stock, it fundamentally changes the relationship between supply and demand of the stock, and its price setting no longer depends on the operating performance and internal investment value of the stock, but entirely depends on the dealer's business plan and financial strength. Therefore, the price positioning of the stock is distorted, and an illusory price appears, thus amplifying the stock market bubble. In 2000, there were as many as 30 stocks whose P/E ratio exceeded 1 1,000 times.
6. Open more accounts to avoid supervision.
It has become an open secret that bookmakers use multiple personal accounts to spread chips in multiple business departments in order to hide operations and avoid supervision. For example, Cinda Trust Company, which was put on file for investigation by the CSRC, has concentrated 500 million yuan since April 8, 1998, and used the 10 1 individual shareholder account and two legal person share accounts to buy a large number of "Shaanxi Guotou A" shares through its subordinate business departments in Beijing, Chengdu, Changsha, Zhengzhou, Nanjing and Taiyuan. The number of positions increased from 865,438+00,000 shares on April 8, accounting for 0.5% of the total share capital to 43.89 million shares on August 24, the highest, accounting for 25% of the total share capital. However, Cinda Trust did not make a written report or announcement to Shaanxi International Trust and Investment Co., Ltd., Shenzhen Stock Exchange and China Securities Regulatory Commission on the above facts.
7, groundless, false market.
In order to trick small and medium-sized investors into following suit, market manipulators should not only weave countless beautiful themes for their own stocks, but also spread them to the outside world. In today's highly developed information age, it is really easy for market manipulators to achieve this goal, so we see many online rumors. In addition, market manipulators also use the market influence of so-called stock critics and consulting institutions to desperately recommend stocks to be shipped, so we have seen a large number of investment value analysis reports. Imagine why these investment value analysis reports are not released at the bottom of the stock, but are dedicated to investors at the top of the stock. Let's take a look at how the manipulator of Zhongke Venture uses public opinion to deceive investors.
Before 65438+February 25th, 2000, the pioneering work of Zhongke received rave reviews. Some reporters thought that the pioneering work of Zhongke was a second pioneering work with bright prospects. Some stock critics believe that Zhongke Entrepreneurship is a safe haven for market decline. 1999 On August 3 1, China newspaper published an analysis report on the investment value of Candal. According to the report, the newly acquired shareholders will transform Candal into a number of emerging industries such as finance+agriculture, biomedicine, network information equipment, network telecom services, and high-tech industry investment. Capital operation is carried out through various investment methods such as project investment and equity investment. Hathaway ".
In fact, however, the reality of Zhongke's entrepreneurship has given these sedan chair people a powerful slap in the face.
8. Boldly force the air and be careful to lure more people.
In order to fully attract funds and pull boats, market manipulators have taken bold measures in recent years, taking Haihong Holdings (0503) as an example.
From the daily K-line chart of Haihong Holdings in 2000, it can be seen that the main bookmakers took the futures-style short selling method from 65438+ 10 to 65438+ 10/8, and from 65438+ 10 to February 2008. Bankers pull the daily limit, while quietly shipping, when some simple-minded investors bravely enter the final daily limit, that is the set of the century.
9. The rise is the opposite, and so is the decline.
There are many disclosures about banker's contrarian behavior in the article "fund shady" published in the tenth issue in 2000, so I won't repeat them here. According to the author's observation and the banker's general operation methods, whether it is pulling up or washing dishes, whether it is opening price or closing price, there is a serious reversal behavior. Imagine that the banker's financial strength is always limited. It is impossible for him to put all the chips into his pocket, and the banker can finally deliver the goods to realize the actual profit. To promote the stock price with limited funds, it must be completed through reversal.
10, hit the rat warehouse and send a big gift package.
The so-called "mouse warehouse" does not include the chips that insiders build positions in the banker's cost area. There is also a very important way for the dealer to play chips that are much cheaper than the closing price of the previous trading day (some even have daily limit) at the opening, intraday or closing for a certain purpose. As soon as the mouse warehouse was played, the stock began to skyrocket in the next few trading days. So generally speaking, the rat warehouse is an important means to make huge profits for some important people.
Speculation is to use funds to buy and sell some stocks in the stock market and profit from the difference between buying and selling. To put it more bluntly, it's like today you went to the supermarket to buy 1 kg Chinese cabbage at 10 yuan, and tomorrow you go to the same market to sell it at 1 1 yuan. Your profit is 1 yuan. However, there is a rule here, that is, first, some people are willing to buy you 1 kg Chinese cabbage at the price of 10 yuan, and then, some people are willing to buy you 1 kg Chinese cabbage at the price of1yuan. Otherwise, you can't buy or sell Chinese cabbage.
Then why do stocks go up and down?
There are many factors that affect this problem.
1。 Because the company's performance is very good, people think that the company's stock may appreciate. Or something went wrong with the company, which made people lose confidence and sold their shares.
2。 It can be because someone deliberately speculates high, making others think that this stock is likely to rise, and then, follow the speculation. Speculators take the opportunity to sell in advance and profit from it. Let the last holder sell at a low price without a seller. Of course, buying at a low price is a loss.
3。 Of course, there are also foreign investment and other aspects.