1. The essence of securities is a trading contract. The main contents of the contract include the subject matter of the transaction, the quantity and quality of the subject matter, the price of the subject matter, the time and place of the transaction, etc.
According to its different nature, securities can be divided into three categories: voucher securities, voucher securities and marketable securities.
Evidence securities are just written documents that simply prove a fact, such as letters of credit, evidence, bills of lading, etc. Voucher securities refer to written documents, such as deposit slips, which show that the holder is the legal right holder of private rights and the obligations of the holder are effective. It is essentially a securities, and its characteristic is that although it is also a certificate representing ownership, it cannot be transferred, and it cannot be used as a certificate of ownership to truly exercise rights independently. The main feature that distinguishes marketable securities from the above two kinds of securities is that they can be transferred. It is a certificate of ownership or creditor's rights with face value, which proves that the holder has the right to obtain certain income on schedule and can be freely transferred and traded. Portfolio is a form of virtual capital, which has no value in itself, but has a price. According to the different nature of property rights, marketable securities can be divided into three categories: commodity securities, currency securities and capital security.
Commodity securities are documents that prove that the holder has the ownership or use right of commodities. Obtaining these securities is equivalent to obtaining the ownership of these commodities, and the owner's ownership of the commodities represented by these securities is protected by law. Its main forms are bill of lading, waybill and warehouse receipt. Monetary securities refer to securities that enable the holder or a third party to obtain the right to claim money. Currency securities mainly include two types: one is commercial securities, mainly including commercial bills and commercial promissory notes; The other is bank securities, mainly including bank drafts, cashier's checks and checks. Capital security refers to the securities generated by financial investment or activities directly related to financial investment. The bondholders have the right to claim certain benefits from the issuer, including stocks, bonds and their derivatives such as fund securities and convertible securities. Capital security is the main form of securities, and securities in a narrow sense refer to capital security. In daily life, people usually refer to the narrow sense of securities-capital security directly as securities or even securities.
2. Securitization is the abbreviation of asset securitization, with the same meaning. The so-called asset securitization is to package anything that can generate stable cash flow in the future and then issue securities. This process is called asset securitization. Packaged and issued are basic assets, which can generate stable cash flow in the future. Now, these assets are packaged into tradable securities and sold to investors for financing. In the future, the cash flow generated by the underlying assets will be used as the return of investors.
The basic process of a complete securitization financing is: the sponsor sells the securitization assets to a special purpose vehicle (SPV), or SPV actively buys the securitization assets, and then SPV pools these assets, and then issues securities in the financial market with the cash flow generated by this asset pool as the support, and finally pays off the issued securities with the cash flow generated by the asset pool.
PS: Asset securitization is similar to bonds. Issue securities now, and repay the principal and interest with the generated cash flow in the future.