The concept of stock market stock market is on time and price of shares already issued to transfer, sale and distribution of markets, including the exchange market and the OTC market in two parts. Because it is built based on the distribution market, it is also called the secondary market. In contrast, the stock market structure and flow of trading activity is more complex than the distribution market, its role and influence is greater. 1. Distribution function of the market Stock Trading Market includes all the activities of the stock in circulation. Circulation of the existence of the stock market, and development of an issuer of securities to create a favorable financing environment, investors can invest according to their own plans and market changes, the stock traded at any time. The lifting of the worries of investors, they can safely participate in the market share issue subscription activities will help companies raise long-term capital flows smoothly stock issued for stock played a positive role in promoting. For investors, through the stock market activities in circulation, can make short-term investments in the stock and cash at any time between the conversion and enhance the stock's liquidity and safety. Flow of the market price of the stock reflects a barometer of economic trends, it can be sensitive to reflect the capital supply and demand conditions, market supply and demand, industry prospects and the political situation changes, the economic forecast and analysis is an important indicator for the enterprise, the transfer of shares and stock market price fluctuations is an indicator of its operating conditions, but also a wealth of information for enterprises to provide timely help to improve their business decision-making and management. Shows that the stock market plays an important role in circulation. 2. Stock trading Transfer of the stock traded as methods and forms of transactions, it is a basic part of the stock flow trading. Circulation of modern stock market trading trading range from different angles can be divided into three categories: (1) bargain sale and auction trading (2) direct and indirect trade transactions According to a deal in different ways, divided into direct and indirect trade transactions. Directly to directly negotiate trade buyers and sellers, the stock has its own clearing and _set_tlement by the buyers and sellers throughout the transaction process does not involve any intermediary in the transaction. Most of the direct OTC transactions. Indirect trade is not directly meet and contact buyers and sellers, but the commission stock trading intermediaries trading. Stock brokers in the system, is a typical indirect transactions. (3) spot trading and futures trading According to different _set_tlement periods, divided into spot trading and futures trading. Credit trading is stock trading refers to trading after the _set_tlement immediately for liquidation procedures, the money stock two clear spot, futures trading is the stock after the transaction specified in the contract price, quantity, delivery over several times to conduct the liquidation of the transaction. 3. Flow of the composition of the market Circulation elements of the market are: (1) shareholders, in this case the seller; (2) investors, this is the buyer; (3) provide for shares in circulation, facilitate the transfer of the credit intermediary operating mechanism, such as securities companies or stock exchanges (used to call Stock Exchange). Classification of the stock market functions according to the market by the stock market can be divided into the distribution market and the circulation market. The stock market is the issue of fund-raising activities through the issuance of the market, on the one hand the demand for capital to raise funds to provide a channel, the other providers of capital to provide investment sites. Released into the functions of the market is a place for capital by issuing stock, the social idle capital into productive capital. As the stock market issuance activity is the source of all activities and the starting point, it is also known as the distribution market as "a market." Flow of the market is to transfer the outstanding shares of the market, also known as "secondary market." Flow of the market on the one hand to provide any cash to equity holders of the opportunity, on the other investors for new investment opportunities. One-time behavior and distribution of different market, in circulation on the stock market can continue to be traded. Distribution market is the basis and premise distribution market, currency market is the issuance of the existence and development of market conditions. Issue size of the market size of the market determines the flow, affecting the flow of the market price of the deal. Not released, currency market has become a river without water, without trees, but in time, release the small size of the market, market supply and demand tends to flow out of line, resulting in excessive speculation, the stock rose hurricane; issue fast pace, the stock oversupply, the market put pressure on the circulation, the share price is low, the market downturn, which in turn affect the issue of market financing. Therefore, the distribution market and the circulation of the market are interdependent and mutually reinforcing whole. Division of the organization of the market, the stock market can be divided into exchange traded and OTC markets. Stock Exchange stock market trading places focus on that stock exchange. Some countries, the first stock exchange is spontaneous, while others are based on national registration with the relevant laws and regulations established or approved establishment. Today's stock exchange has strict organization, strict management, and centralized trading fixed location. In many countries, stock exchanges are the only legitimate place. In China, the end of 1990, the formal establishment of the Shanghai Stock Exchange, Shenzhen Stock Exchange also began trial operation. OTC stock market in the stock exchange the securities exchange outside of the counter on the stock exchange, so it is called the OTC market. With the development of communication technology, some countries had organized, and through modern communications and computer networks OTC transactions, such as the U.S. National Association of Securities Dealers Automated Quotation System (nasdaq). As China's securities market is not mature, does not yet have the conditions for the development of OTC markets. According to the range of different investors, China's stock market can be divided into domestic investors to participate in a stock market and specifically for foreign investors to participate in the b-share market Plate usually refers specifically to the subject matter of a phenomenon peculiar to some unexpected event or leaving part of the stock has some common features, such as as_set_ restructuring plate, wto plate, the western concepts. Market speculation must be done to support a variety of subjects, it has become the law of the market. According to the market analysis, often using the general theme of speculation following categories: ① results of operations for the better; ② national industrial policy support, the Government introduced preferential policies; ③ will or are joint ventures, equity transfer; ④ appear Holdings other major as_set_ restructuring or acquisition; ⑤ Stock Dividend or high bonus shares dividends.
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The concept of stock market
The stock market is on time and price of shares already issued to transfer, sale and distribution of the market, including the exchange market and distribution market in two parts. 1. Distribution function of the market Stock Trading Market includes all the activities of the stock in circulation. Circulation of the existence of the stock market, and development of an issuer of securities to create a favorable financing environment, investors can invest according to their own plans and market changes, the stock traded at any time. The lifting of the worries of investors, they can safely participate in the market share issue subscription activities will help companies raise long-term capital flows smoothly stock issued for stock played a positive role in promoting. For investors, through the stock market activities in circulation, can make short-term investments in the stock and cash at any time between the conversion and enhance the stock's liquidity and safety. Flow of the market price of the stock reflects a barometer of economic trends, it can be sensitive to reflect the capital supply and demand conditions, market supply and demand, industry prospects and the political situation changes, the economic forecast and analysis is an important indicator for the enterprise, the transfer of shares and stock market price fluctuations is an indicator of its operating conditions, but also a wealth of information for enterprises to provide timely help to improve their business decision-making and management. Shows that the stock market plays an important role in circulation. 2. Stock trading Transfer of the stock traded as methods and forms of transactions, it is a basic part of the stock flow trading. Circulation of modern stock market trading trading range from different angles can be divided into three categories: (1) bargain sale and auction trading (2) direct and indirect trade transactions According to a deal in different ways, divided into direct and indirect trade transactions. Directly to directly negotiate trade buyers and sellers, the stock has its own clearing and _set_tlement by the buyers and sellers throughout the transaction process does not involve any intermediary in the transaction. Most of the direct OTC transactions. Indirect trade is not directly meet and contact buyers and sellers, but the commission stock trading intermediaries trading. Stock brokers in the system, is a typical indirect transactions. (3) spot trading and futures trading According to different _set_tlement periods, divided into spot trading and futures trading. Credit trading is stock trading refers to trading after the _set_tlement immediately for liquidation procedures, the money stock two clear spot, futures trading is the stock after the transaction specified in the contract price, quantity, delivery over several times to conduct the liquidation of the transaction. 3. Flow of the composition of the market Circulation elements of the market are: (1) shareholders, in this case the seller; (2) investors, this is the buyer; (3) provide for shares in circulation, facilitate the transfer of the credit intermediary operating mechanism, such as securities companies or stock exchanges (used to call Stock Exchange).
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The origin of the stock market
The stock first appeared in the capitalist countries. In the early 17th century, with the capitalist industrial development, expanding production scale, the resulting shortage of capital, lack of capital constraints of capitalism has become the business and development an important factor. In order to raise more capital, then, there has been to form joint-stock companies, jointly invested and operated by the organization, thus raising capital in turn extended to society, resulting in the stock, said investors such shares in accordance with the size of the amount the enjoyment of certain rights and assume certain responsibilities of the certificate of value to the public offer, to absorb and concentrate the funds distributed in the community. Stock Market dates back to 1602, the Dutch Amstel River bridge in the Netherlands East India Company on the sale of the stock, which is the world's first publicly traded stock, while Amsterdam is the world's River Bridge The first stock exchange. Where the packed waiting for the transaction with investors, stock brokers, and even alerted the police to maintain order entry. Dutch stock exchange investors invested in the first charge on the millions of dollars, just to obtain the company's stock has to highlight the identity of the honor. The stock market originated in the United States, at least more than two hundred years of history, still very active, and its very diverse types of securities transactions, the stock market is for investors to concentrate on stock trading institutions. Most countries have one or more of the stock exchange. New York Stock Exchange is the largest, oldest, most popular markets. New York Stock Exchange, two hundred years of history, most of the long history of "Fortune 500" are in the New York Stock Exchange. New York Stock Exchange, brokers at the venue to find the best move shouting main trading, brokers opened by customers looking for an open trading conditions in the main floor, itself is not about price.
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Classification of the stock market
Functional division of the market, the stock market can be divided into the distribution market and the circulation market. The stock market is the issue of fund-raising activities through the issuance of the market, on the one hand the demand for capital to raise funds to provide a channel, the other providers of capital to provide investment sites. Released into the functions of the market is a place for capital by issuing stock, the social idle capital into productive capital. As the stock market issuance activity is the source of all activities and the starting point, it is also known as the distribution market as "a market." Flow of the market is to transfer the outstanding shares of the market, also known as "secondary market." Flow of the market on the one hand to provide any cash to equity holders of the opportunity, on the other investors for new investment opportunities. One-time behavior and distribution of different market, in circulation on the stock market can continue to be traded. Distribution market is the basis and premise distribution market, currency market is the issuance of the existence and development of market conditions. Issue size of the market size of the market determines the flow, affecting the flow of the market price of the deal. Not released, currency market has become a river without water, without trees, but in time, release the small size of the market, market supply and demand tends to flow out of line, resulting in excessive speculation, the stock rose hurricane; issue fast pace, the stock oversupply, the market put pressure on the circulation, the share price is low, the market downturn, which in turn affect the issue of market financing. Therefore, the distribution market and the circulation of the market are interdependent and mutually reinforcing whole. Division of the organization of the market, the stock market can be divided into exchange traded and OTC markets. Stock Exchange stock market trading places focus on that stock exchange. Some countries, the first stock exchange is spontaneous, while others are based on national registration with the relevant laws and regulations established or approved establishment. Today's stock exchange has strict organization, strict management, and centralized trading fixed location. In many countries, stock exchanges are the only legitimate place. In China, the end of 1990, the formal establishment of the Shanghai Stock Exchange, Shenzhen Stock Exchange also began trial operation. OTC stock market in the stock exchange the securities exchange outside of the counter on the stock exchange, so it is called the OTC market. With the development of communication technology, some countries had organized, and through modern communications and computer networks OTC transactions, such as the U.S. National Association of Securities Dealers Automated Quotation System (NASDAQ). As China's securities market is not mature, does not yet have the conditions for the development of OTC markets. According to the range of different investors, China's stock market can be divided into domestic investors to participate in the A-share market and foreign investors to participate exclusively for B-share market
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Theme Plate
Usually refers specifically to some unexpected event or as a unique phenomenon of leaving part of the stock has some common features, such as as_set_ restructuring plate, WTO plate, the western concepts. Market speculation must be done to support a variety of subjects, it has become the law of the market. According to the market analysis, often using the general theme of speculation following categories: ① results of operations for the better; ② national industrial policy support, the Government introduced preferential policies; ③ will or are joint ventures, equity transfer; ④ appear Holdings other major as_set_ restructuring or acquisition; ⑤ Stock Dividend or high bonus shares dividends.
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The nature and functions of the stock market
Through the issuance of stock, a lot of money into the stock market, but also into the issue of shares of enterprises, promote the concentration of capital, increase the organic composition of capital of enterprises, greatly accelerated the development of commodity economy. On the other hand, the flow through the stock to make up a small pool of funds, but also to accelerate the concentration and accumulation of capital. Therefore, the flow of the stock market on the one hand the transfer of the basic premises, one can also stimulate people to buy shares of the desire for a guarantee issuance of the stock market. At the same time the trading price of the stock market can be more objective reflects supply and demand in stock markets, stock market shares for a market price and quantity of the issue and so provide a reference. The functions of the stock market reflects the nature of the stock market. Society in a market economy, the stock has the following four functions: 1. Accumulation of capital Listed company issuing shares through the stock market to raise capital for the company. Shares of listed companies will be entrusted to the underwriters, securities underwriters in the stock market, and then issued to investors. With the issuance of shares of capital inflow from the hands of investors, listed companies. 2. Transfer of capital The flow of the transfer of the stock market provides a place to make the continuation of the stock issuance. If there is no stock market, it is difficult to imagine how the flow of the stock, which is determined by the basic nature of the stock. When an investor chooses to buy bonds or bank savings, he need not worry about the liquidity of the money. Because no matter how, just go to the agreed time limit, he can recover the agreed rate of interest and principal back, in particular, bank deposits, even if the advance to withdraw, in addition to the principal Wai also get a small amount of interest, in short, will invest withdrawn, into cash, there are no problems. But the stock is different, once known as the purchase of the stock to the shareholders of the enterprise, after which you can neither require that the issuing company Divestment, or to require issuers redemption. If there is no transfer of shares in circulation and places to buy shares of the investment becomes a dead money, even if the shareholders in need of cash, stocks can not be honored. In this case, people will have to worry about buying stocks, the stock issuance will be difficult. With the stock market, investors can hold at any time transfer of shares in the stock market, a fair and reasonable by comparing the stock price to cash, and making the money into live money. 3. Transformation Capital Money market funds of non-capital into productive capital, the stock traded a bridge between a non-monetary capital to capital to provide the necessary conditions for transformation. This function of the capital stock of additional, and promote the economic development of enterprises has a very important significance. 4. Given to the stock price In the stock market, the trend in share prices depends on the movement of funds. Financial strength of large organizations will be able to influence and even to some extent, manipulate the stock price up or down. They can use their financial strength, take various measures to create false market and profit from, thus making the stock market speculation side. Does not represent all of the stock market does not reflect the real stock market. For speculation on the stock market to make an objective evaluation. Various stock market speculation on the development of commodity economy will certainly have a huge negative effect, but can not be ignored is that speculative activities are also capital intensive an indispensable condition. We should recognize that, precisely because of speculative activity may have access to huge profits, it has stimulated some investors to put money into the stock market, thus contributing to large concentrations of capital, monetary funds into capital.
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Characteristics of the stock market
1 has a certain market liquidity, but depends on the daily stock trading volume. 2, the stock market only in the morning New York time open 9:30 am to 4:00 pm, after the close of the OTC is limited. 3, transaction costs lead to higher costs and commissions. 4 short selling restrictions by up short, a lot of day trading felt frustrated. 5 more steps to complete the transaction, an increase of execution errors and mistakes.
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The role of the stock market
1, the role of national economic development (1) can be extensive mobilization, accumulation and concentration of social idle capital for national economic construction and development services, expansion of production and construction, and promote economic development, and receive a "domestic capital loaned domestic debt" effect. (2) can fully exploit the market mechanism, breaking the seal fragmentation and regions, promote financial intermediation and economic horizontal horizontal linkages and improve the overall efficiency of resource allocation. (3) can be perfect for the reform of business organization in the form of exploring a new way, is conducive to constantly improve our owned enterprises, collective enterprises, individual enterprises, foreign funded enterprises and joint-stock company form of organization, better play Shares economy China's position and role of the national economy, promoting China's economic development. (4) can promote the development of China's economic system reform, in particular, further development of joint-stock reform will help straighten out the relationship between ownership, the government and businesses in its place, their duties, each with its power, all too benefit. (5) Foreign Investment in China can expand channels and ways to enhance the absorptive capacity of external, is conducive to greater use of foreign capital and foreign investment to improve economic efficiency, received "by the foreign debt with foreign rather than" results. 2, the role of joint-stock enterprises (1) in favor of joint-stock enterprises to establish and improve the self-restraint and self-development management mechanism. 2) in favor of joint-stock companies to raise funds to meet the financial needs of production and construction, and because of the nature of the non-equity investments, joint-stock companies without the funds raised on the principal, so long-term use, is conducive to broad enterprise management system and expansion of reproduction . 3, the role of the stock investors stock investors from the point of view, its role is to: (1) open up investment channels for investors to expand investment in the range of options to adapt to the diversity of investment motives of investors, the transaction needs of motivation and interest, in general, can provide investors with access to the possibility of higher returns. (2) can enhance mobility and flexibility of investment is conducive to the transfer of equity investors in the sale transactions, so that investors sell the stock can be realized at any time to recover investment funds. The formation of the stock market, stock investment for the improvement and development of the mobility and flexibility provided favorable conditions. 4. The adverse effects of the stock market Stock market activities on the joint-stock companies, stock investors and the development of national economy have adverse side effects. Stock price formation mechanism is quite complex, comprehensive utilization of various factors and individual factors will affect the special action with the stock price volatility. Stock price is well received by the political, economic and market factors, also affected by technical factors and investor behavior, therefore, stock prices often in frequent flux. Frequent changes in stock prices expanded the speculative stock market activities to increase the risk of the stock market. Stock market risk is an objective reality, this risk can not only cause economic loss to investors, may give joint-stock enterprises and the country's economic development have certain side effects. This is necessary to address the problem.
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Changes in interest rates impact on the stock market
Stock price on the stock market and the various factors that affect the most sensitive person than financial factors. In the financial factors, changes in interest rates impact on the stock market but also the most direct and rapid. Generally speaking, interest rates decline, the stock price to rise; interest rates rise, the stock price will decline. Therefore, the level of interest rates and interest rates with the relationship between the stock market has also become equity investors buying and selling shares, according to an important basis. The interest rate changes and stock price movement is the reverse was the general situation, we can not this absolute. In the history of stock market development, there are some relatively unique situation. When the situation is optimistic, the stock market boom, when interest rates adjust to the role of price control will not be great. Similarly, when the stock market in the fall when interest rates decline even if there is adjustment policies may also have a weak share price rebounded. The United States occurred in 1978 had interest rates and stock prices rise while the situation. Dangshi this anomaly occurs for two main reasons: First, many financial institutions keep the dollar on 美国 time, the Government's position in the world and there is no confidence in the ability to control inflation; second, when the stock price has been reduced to very low point, far much deviation from the actual price of the stock, thus to a large number of foreign capital flowed into the U.S. stock market, causing the stock prices. In Hong Kong, 1981, the same situation has occurred. Of course, the interest rates and stock prices both rise and fall of the phenomenon so far while also still relatively rare. Since the interest rate changes and stock price movement is a general reverse was the case, then investors should pay close attention to interest rate movements, and the necessary direction of interest rates forecast to changes in interest rates before the first step to make decisions on stock trading . Interest rate movements to predict, in our country should focus attention to the following changes in several factors: 1. Changes in interest rates. As the loans are funded from bank deposits to supply and, therefore, the reduction in lending rates can be based on speculation that interest rates on deposits will decline. 2. Market economic trends. If the market, excessive price increases, the state is likely to take measures to improve the level of interest rates to attract deposits residents to reduce market pressure means. Conversely, if the market is weak, the state is likely to reduce the interest rate method to drive the market. 3. Elastic supply of money capital market conditions and the international financial market interest rates. The international financial market interest rates often can influence the movements of domestic interest rates and stock market ups and downs. In an open market system has no boundaries, if foreign interest rates low, while interest rates on the domestic impact, on the other hand, will lead to overseas capital into the domestic stock market, driving stock prices. Conversely, if interest rates rise overseas, the opposite occurs with the above situation.
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How the stock market reflect economic
First of all, the stock market reflects the macroeconomic trend from the total. To promote the long-term macroeconomic aggregates rising long-term stock price index rising (see chart). This reflects the same is not mechanical, that the rise in macroeconomic aggregates does not necessarily drive the market higher, the stock market is fluctuating around it in macroeconomic aggregates. This volatility is not without rules: Every stock index reached a high point, the stock market will be from up to down; reached a low point, they turned up by the fall. The many factors make this transition, sometimes increase or decrease in corporate profits, economic growth sometimes change, sometimes changes in interest rates and so on. Second, the stock market reflects the company from the average level of profitability. We did a survey of listed companies in China since 1995, average annual growth rate of profits obtained a data: 12.41%. Then we on the 1995 average of 661 points on index cards as a starting point, according to the average annual increase of 12.41% each year calculate the theoretical value of the Shanghai index, the last and then compare with the actual index, indicating a high degree of both trends coincidence, just when the market is optimistic, the index of its theoretical value in the top run; when the market is pessimistic, the index just below its theoretical value of the operation. Fourth, the relationship between the stock market and the CPI is much more closely than the macro, but also to a large extent the stock market ahead of the changes reflect the CPI. All in all, the stock market is such a market: it relies on macroeconomic aggregates as the most important to the company's profits in the long-term average growth rate of the axis, and to a certain deviation from the rate of the total economy and companies around the average operating profit growth. Ups and downs during the stage from four factors: First, the index location of the channel GDP; Second, the market valuations are high or are low; Third, CPI (increase or decrease corporate profits the most important factor one) running trends; Fourth, social capital and liquidity, and the average yield is closely related to interest rate policy. The main stock market in the various stages of operation of the method and description: First, target price buy low, sell chips stage the following Zhuanggu as long as investors information on the activities of law, by the Italian is not difficult. At this stage, the dealer often very patiently and quietly, quietly gathering low-cost chips, this part of the chip maker's position is the end of goods, is making the source of future profits generated, in general, not easily thrown under the Makers out. Daily trading volume of this phase was minimal, and little change in uniform. In the final stage of accumulation, turnover in amplification, but not great, the stock is not down or even rendered down, will soon be back, but the rally did not immediately come. Thus, retail investors should wait and see this stage as well, not easily reached home so as not to spend money. Second, the test plate Xihuo suppressed both phase and Zhencang Third, a substantial move up stage Fourth, whipsaw whipsaw stage stage V. Paohuo leave the stage This stage there Yinxian K charts the increasing number and share price is to build the head, buying, though still strong, but has exposed the weak state, growing day by day trading volume, display makers have been distributed to departure. Therefore, at this time determined the position to be the best time for investors as well. Follow up on this stage who will take the risk of a near escape, in fact, unwise.
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Stock Market - China Stock Market Development Chronology
1984 - ideas for the establishment of capital market November 1984 - China's first share offering 1 million shares 1986 - China's first securities trading desk was born November 26, 1990 the establishment of the Shanghai Stock Exchange 1990 - Shenzhen Stock Exchange opened again August 1991 28 China Securities Industry Association in Beijing. May 21, 1992 - Shanghai Stock Exchange price of restricted stock canceled August 10, 1992 - "810" event October 12, 1992 - formal establishment of the Commission August 1992 -1994 in August - the stock market cools July 30, 1994 - Three good cause bailout policies rose December 1996 - Policy strangling the stock market rally May 19, 1999 -5.19 outbreak Quotes June 1999 - to promote the stock market surged multiple positive July 1, 1999 - "Securities Law" open a Pandora's Box: From the state-owned shares into tradable share reform June 2001 - prelude to state-owned shares July 2001 - state-owned shares in the IPO started October 2001 - Securities and Futures Commission, a state-owned shares suspended July 2001 - the formal social security fund market June 2002 - The State Council decided to stop reducing state shares December 2002-QFII system was formally implemented April 30, 2005 - the split share structure reform launched June 2005 - good together and the stock market started to change September 2006 - nearly ending the split share structure reform Is from the second half of 2006 to the current bull market, is continuing in the.
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Equity securities
The stock market, the stock market Stock Market
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Encyclopedia
Stock market As the stock market trading stock trading activities undertaken by the object field By. Equity capital market securities market is an important part of the market. Wood stock market has the following basic functions: ① the accumulation of capital, issued through the stock market Stocks to raise capital for the enterprise. ② conversion of capital, that is, to make the investment through stock market transactions No return of the stock of flexible investment capital into the capital. ③ into capital, ie Road Have to make money trading the stock market capital into productive capital. ④ determines the price, that is, To influence and determine the stock market price of the stock. Securities business from the development of China's current Present situation, the stock market, including primary and secondary market structure of the two most basic level Times. A market or markets, also known as primary market issue. Primary market is the original stock The distribution market, so called original market. It is the demand for funds of funds are received directly concubine Means the new issue of its functions is to provide sales of equity securities of places, lack of funds Units of excess capital through the issuance of securities to the units (or individuals) to raise funds. Such as new public Secretary for the establishment of the old company's capital increase, or debt, must be equity securities issued through the primary market To raise funds, the savings into investment, thereby creating a new real as_set_s and financial resources Production, increase social capital and production capacity, promote social and economic development. Primary market No, do not need to have a fixed focus on the place. The issuer and the securities underwriting business And securities investors, three of the mutual relations and activities constitute the stock's primary market. A Level market share issue, usually in direct distribution and indirect distribution mainly in two ways. ① Direct distribution. Refers to its own distribution company to raise funds, or investment companies or gold only required Appropriate assistance to financial institutions, issuers in the market sell off their shares directly to investors Who, instead of through the stock underwriters or securities intermediary company to do. Direct distribution is generally issued More frequent use of the smaller amount of small and medium enterprises. Directly to private and public issue is divided into two parties Type. Private, that is a form of internal financing. Private placement of shares in the stock exchange can not be Easily traded; public offering, the securities regulatory authorities for approval to issue public offering in the market Sale of stock, the purchase was mainly targeted at institutional investors and a handful of professional private investors. ② indirect distribution. That recourse to the issuer or securities finance company investment banking or securities package Dealer as an intermediary for distribution and sale of its shares to raise funds to the community. Indirect Development Line mode is generally used in large circulation of securities, especially those who are not social awareness High, the market conditions are not particularly sensitive to the publisher. Commission can be divided into indirect distribution Both distribution and underwriting issue. Commission issue, that is, securities issued by companies or other packages entrusted to Dealer agent all relevant matters relating to the issue of shares. Since its release issued bear the risk that such If the funding amount is less than the amount of the scheduled release, the trustee does not assume the remaining balance of Responsibility. Underwriting issue, refers to the shares of the issuer from the securities company or other underwriters to take more than The full amount of underwriting or the underwriting of the issue of way. Underwriting means that when the balance of payments does not meet the pre-financing Amount given issue, were all less than some commitment by the underwriters. This indirect issuer Act to ensure full funding of issuing company. Full underwriting commitment refers to as an intermediary Where sales were from the issuing company to own the stock will be issued in the name of all the buy one, then Then sold to investors fractional method. Therefore, the issue of underwriting the risk in full up to the commitments Sales were your own. In summary, the primary market is the basis for the issue of shares.
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English Expression
: share market, equity market
n.: stock market, stock-market, stock exchange or the business conducted there, stock exchange
Thesaurus
market, share dealing, stockbrokerage
Related Phrases
Finance
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stockbrokerage
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