Standard bonds refer to the stock of bonds (treasury bonds or corporate bonds) issued by the stock exchange or interbank lending center based on the securities account of the securities operating institution (bond repurchase financier) in securities repurchase transactions. Different types of bonds are used to repurchase standardized government bonds (comprehensive bonds) calculated according to their respective conversion ratios.
It can be seen that the standard bond is a hypothetical repurchase comprehensive bond, which is converted and added up from various bonds according to a certain discount rate to determine the amount of financing that can be used for repurchase transactions.
Securities are a collective term for a variety of economic rights and interests certificates. They also refer to specialized types of products. They are legal certificates used to prove certain specific rights and interests enjoyed by the ticket holder.
Securities mainly include capital securities, currency securities and commodity securities. Securities in a narrow sense mainly refer to securities products in the securities market, including equity market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options, interest rate futures, etc.
Securities are essentially civil rights with property attributes. The characteristic of securities is that civil rights are expressed in securities, so that rights and securities are combined. Rights are embodied in securities, that is, the securitization of rights. It is a legal phenomenon in which the right holder's method and process of exercising his rights is expressed in the form of securities, a social phenomenon that symbolizes the investor's investment property, and a sign and result of developed social credit.
Securities must be associated with a specific form of expression. In the development process of securities, the earliest basic way to commend securities rights was paper. Specific rights were represented by words or graphics on special paper slips.
Therefore, securities are also called "documentary evidence" and "documentary evidence". However, with the rapid advancement of the economy, especially the development of electronic technology and information networks, modern society has become "paperless" in securities. Securities investors almost no longer own any securities in the form of physical bonds. The number of securities or the rights to the securities are recorded in the investor's account accordingly. The development process from "paper-based securities" to "paperless securities" reveals the huge difference between the modern securities concept and the traditional securities concept.
.Securities are certificates of property rights.
Securities represent rights certificates with property value. In modern society, people are no longer satisfied with the direct possession, use, income and disposal of wealth, but pay more attention to the ultimate dominance and control of wealth. Securities, a new form of property, emerged as the times require. Holding a security means that the holder has control over the property represented by the security, but this control is not direct control, but indirect control.
For example, if a shareholder holds shares of a company, the shareholder will have control over the company's property according to the proportion of the shares he holds to the total number of shares issued by the company, but the shareholder cannot claim It has the direct right to possess, use, benefit from and dispose of a specific company property, and can only enjoy the owner's rights to benefit from the assets, make major decisions and select managers in proportion to the rights. In this sense, securities are the product of capital aggregation with the help of the development of market economy and social credit, and securities rights exhibit the nature of property rights.