Securities mainly include capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including property market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures. Capital security refers to the securities generated by financial investment or activities directly related to financial investment. The holder has the right to claim a certain income from the issuer. Including stocks, bonds and their derivatives such as fund securities, futures contracts, etc. Capital security is the main form of securities, and securities in a narrow sense refer to capital security. Equity securities are a kind of rights securities that represent the holder's ownership of a certain proportion of the issuer's net assets, and are essentially a kind of ownership certificate. Equity securities have no repayment period and maturity date, and the issuer does not have to pay except for bankruptcy liquidation. Shareholders have the right to share the dividend. Common stock and preferred stock belong to equity securities.
Debt securities are rights securities, representing the issuer's debt and the holder's creditor's rights. Generally, the amount, specific repayment period, interest rate or discount at the time of purchase will be stated, and the issuer must repay the debt after the debt securities expire. Commercial promissory notes, treasury bills, treasury bills, government bonds, municipal bonds, corporate bonds and real estate mortgage bonds all belong to debt securities. The function and function of capital security are very similar to those of functional capital in economic operation, that is, both can bring profits to owners, but there are also very obvious differences. Capital security is not real capital, but virtual capital. Although it also has a price, it has no value in itself, and the price formed is only capitalized income. Capital security is a form of capital existence independent of actual capital, which only indirectly reflects the movement of actual capital. Capital security and actual capital are also different in quantity. Generally speaking, the total price of capital security is always greater than the actual capital, so its change can't truly reflect the change of actual capital, but the activities of capital security can also promote the massive concentration of wealth and the effective allocation of funds.