The current price limit system of China stock market was issued on February 2003 1996 13, and implemented on February 26, 2006, aiming at protecting investors' interests, maintaining market stability and further promoting market regulation.
Securities are all kinds of economic rights and interests certificates. Therefore, the securities market in a broad sense refers to all places where securities are issued and traded. In a narrow sense, the most active securities market refers to capital security market, currency securities market and commodity securities market. It is a place where stocks, bonds, commodity futures, stock futures, options, interest rate futures and other securities products are issued and traded.
The securities market is the product of the development of market economy to a certain stage, and it is a market to solve the contradiction between capital supply and demand and liquidity. The securities market realizes the connection between financing and investment by issuing and trading securities, which effectively solves the contradiction between supply and demand of funds and the adjustment of capital structure.
In the developed market economy, the securities market is an important part of a complete market system, which not only reflects and regulates the movement of monetary funds, but also has an important impact on the operation of the whole economy.
The securities market has the following three remarkable characteristics:
First of all, the securities market is a place for direct exchange of values. Portfolio is the direct representative of value, and its essence is only the direct expression of value. Although the objects of securities trading are all kinds of securities, because they are the direct expression of value, the securities market is essentially a direct exchange place of value.
Second, the securities market is a place where property rights transactions are directly conducted. The trading objects of the securities market are securities such as stocks, bonds and investment fund coupons, which are only representatives of a certain number of property rights, so they represent the ownership or creditor's rights of a certain number of property and related income rights. In fact, the securities market is a direct trading place for property rights.
Third, the securities market is a place for direct exchange of risks. Securities is not only the representative of a certain income right, but also the representative of a certain risk. Securities trading not only transfers certain income rights, but also transfers the unique risks of securities. Therefore, from the perspective of risk, the securities market is also a place for direct exchange of risks.