Stock is a main form of securities, which refers to the certificate issued by a joint stock limited company to prove the shares held by shareholders. From this definition, we can see that stocks have three basic elements: issuer, shares and holders. As a kind of ownership certificate, stock has a certain format. China's "Company Law" stipulates that the stock shall be in paper form or other forms stipulated by the securities management department of the State Council.

2. Shares

Shares are the manifestation of the capital of a joint stock limited company. The meaning of shares has three layers: first, shares are the constituent of the capital of a joint stock limited company; Second, shares represent the rights and obligations of shareholders of a joint stock limited company; Third, shares can express their value in the form of stock price.

3. The nature of the stock

The nature of the stock * * * has five points. First, stock is a kind of securities; Second, stock is a kind of essential securities; Third, stock is a kind of security; Fourth, stock is a kind of capital security; Fifth, stock is a kind of comprehensive rights securities.

4. encumbered securities

encumbered securities mean that the rights represented by securities did not exist originally, but came into being with the production of securities, that is, the occurrence of rights is conditional on the production and existence of securities.

5. warrant securities

warrant securities refer to securities as a materialized external form of rights, which are the carriers of rights, and rights already exist.

6. real right securities

real right securities refer to securities whose holders have direct control over the company's property.

7. Debt securities

Debt securities refer to securities whose holders are creditors of the company.

8. profitability of stocks

profitability is the most basic feature of stocks, which means that holding stocks can bring benefits to investors. The purpose of holding stocks is to gain income. Stock returns can be divided into two categories: the first category is dividends and bonuses from joint stock limited companies; The second category comes from the price difference of stock circulation.

9. capital gains

capital gains refer to the fact that stock holders hold stocks to trade in the market. When the market price of stocks is higher than the buying price, they can earn the difference income by selling stocks, which is called capital gains.

1. the risk of stocks

the risk of stocks refers to the characteristics that stocks may cause economic losses. Holding stocks takes some risks. The connotation of stock risk is the uncertainty of expected return. Theoretically, the size of stock returns is in direct proportion to the size of risks.

11. Liquidity of stocks

Liquidity means that stocks can be traded freely. That is, the holder can flexibly transfer shares according to his own needs and market conditions.

12. Permanence of shares

Permanence means that the validity of the rights contained in shares is always unchanged, because it is an indefinite legal document. The validity period of a stock is related to the existence period of a joint stock limited company, and they coexist. To understand the permanence of stocks, we should pay attention to two points: first, although buying stocks is a permanent investment, we can see from the liquidity characteristics that stock holders can sell stocks and transfer their shareholder status; Second, once a joint stock limited company ceases to exist, its shares will be worthless.

13. participation of stocks

participation of stocks refers to the characteristics that stock holders have the right to participate in major decisions of the company.

14. Volatility of stocks

Volatility of stocks refers to the frequent changes in the trading price of stocks, or it is often inconsistent with the face value of stocks.

15. Common stock

Common stock is the most common stock, and its holders enjoy the basic rights and obligations of shareholders. The dividend of common stock changes completely with the level of the company's profit, and the common shareholders are listed after creditors and priority shareholders in the distribution order of the company's profit and surplus property, so the risks they bear are correspondingly higher.

16. Preferred stock

Preferred stock is a special stock with some special conditions attached to its shareholders' rights and obligations. It corresponds to ordinary stocks, and refers to stocks in which shareholders enjoy certain priority rights (such as giving priority to the distribution of company profits and surplus property). Compared with ordinary stocks, priority stocks attach some special conditions to the content of shareholders' rights, which is the most important variety of special stocks.

17. Registered shares

Registered shares refer to the shares whose names are recorded on the face of the shares and the register of shareholders of a joint-stock company. It corresponds to bearer shares.

18. bearer shares

bearer shares, also known as bearer shares, refer to shares whose names are not recorded on the face of the shares or the register of shareholders of a joint-stock company. The difference between it and registered stock is mainly in the way of stock record.

19. Stock with par value

A stock with par value refers to a stock with a certain amount recorded on its face. This recorded amount is also called par value, par value or stock par value. A par value stock corresponds to a par value stock.

2. Non-par value stocks

Non-par value stocks, also known as proportional stocks or share stocks, refer to stocks whose par value is not recorded. This kind of stock is not worthless, but it is not marked with a fixed amount on the face, but only recorded as a few shares or a fraction of the total share capital.

21. The par value of the stock

The par value of the stock is also called the par value, that is, the amount indicated on the face of the stock.

22. Book value of stocks

Book value of stocks, also known as net stock value or net assets per share, is the value of actual assets represented by each share. The book value per share is calculated by dividing the company's net assets by the number of ordinary shares issued.

23. Stock liquidation value

Stock liquidation value refers to the actual value represented by each share when the company is liquidated. Theoretically, the liquidation value of a stock should be consistent with its book value, but in fact, the actual liquidation value of most companies is always lower than its book value.

24. intrinsic value of stock

the intrinsic value of stock is the theoretical value, that is, the present value of future earnings of stock, which depends on expected dividend income and market rate of return.

25. Stock price

Stock price, also known as stock market, refers to the price at which stocks are bought and sold in the securities market. Divided into theoretical price and market price.

26. Theoretical price of stock

Theoretically, the theoretical price of stock is the price of stock, which should be determined by its value, but the stock itself has no value. It has a price because it represents the value of income, so the price of stock is the evaluation of future income, that is, the present value of future income (the present value of stock) calculated at a certain market interest rate.

27. The present value of the stock

The present value of the stock is to convert the future value of the stock into today's value according to the current market interest rate and the effective period of the securities.

28. characteristics of common stocks

1. common stocks are the most basic and important stocks; 2. common stocks are standard stocks; 3. common stocks are the riskiest stocks

29. market price of stocks

market price of stocks generally refers to the price at which stocks are bought and sold in the secondary market. It is equal to the expected return of the stock divided by the market interest rate.

3. Pre-emptive rights

Pre-emptive rights refer to the right of the original common shareholders to subscribe for a certain number of newly issued shares at a certain price lower than the market price according to their shareholding ratio when the joint-stock company decides to increase the company's capital. Pre-emptive right, also known as stock preemptive right, is a privilege of common shareholders. In our country, it is also used to be called the rights issue warrant. When a joint-stock company needs to raise more funds and issue new shares to existing shareholders, shareholders can buy a certain number of newly issued shares at a lower price according to the original shareholding ratio. The purpose of the company to do this is: first, not to change the control right and various rights enjoyed by the old shareholders; Second, the issuance of new shares will lead to the dilution of net profit per share in the short term and give shareholders certain risk compensation; The third is to increase the attractiveness of newly issued shares to shareholders.

31. Preferred stocks

Preferred stocks correspond to ordinary stocks, and refer to stocks in which shareholders enjoy certain priority rights (such as giving priority to the distribution of company profits and residual property rights). Compared with ordinary stocks, priority stocks attach some special conditions to the content of shareholders' rights, which is the most important variety of special stocks. The connotation of preferred stock can be understood from two different angles: on the one hand, preferred stock, as a kind of equity certificate, represents the ownership of the company, which is the same as ordinary stock, but preferred shareholders do not have the basic rights that ordinary shareholders have, and some of their rights are preferred, while others are restricted; On the other hand, priority stocks also have some characteristics of bonds. They set a fixed dividend rate in advance when they are issued, just as the interest rate of bonds is fixed in advance.

32. Cumulative preferred stock

Cumulative preferred stock refers to the preferred stock whose dividends can be paid cumulatively over the years, that is, the unpaid preferred stock dividends of the company in any business year can be accumulated and paid together with the profits in the following business years. This is conducive to protecting the interests of preferred stock investors.

33. Non-cumulative preferred stocks

Non-cumulative preferred stocks refer to preferred stocks that cannot be paid cumulatively when dividends are settled in the current year. It is relative to the cumulative preferred stock, and its characteristic is that the dividend distribution is based on each business year, which is settled in that year. If the company's profit in this year is not enough to pay all the preferred stock dividends, the company will not accumulate the part owed, and the preferred stock shareholders may not ask the company to reissue it in future business years.

34. Participating in priority stocks

Participating in priority stocks refers to priority stocks that have the right to participate in the distribution of residual profits in this period together with ordinary shareholders in addition to receiving the fixed dividends in this period according to regulations. Participating priority stocks can be divided into two types: all participating priority stocks and some participating priority stocks. The former has the right to share the remaining profits of this period with ordinary stocks in equal amount, and its income has no upper limit. The latter has the right to share the remaining profits of this period with ordinary stocks in a certain amount, and its income has upper limit.

35. Non-participating preferred stocks

Non-participating preferred stocks refer to preferred stocks that have no right to participate in the distribution of residual profits in this period except for the fixed dividends in this period according to regulations. It is a preferred stock in the general sense, and its dividend income is limited to the dividend rate specified in advance.

36. convertible preferred stock

convertible preferred stock refers to the preferred stock that allows the holder to convert it into other kinds of stocks under certain conditions after issuance. In most cases, the conversion stocks of joint-stock companies are converted from preferred stocks to ordinary stocks, or from one preferred stock to another preferred stock. Its certain conditions generally include conversion authority, conversion conditions, conversion period, conversion content and conversion procedures. Convertible preferred stock refers to the preferred stock whose holder can convert the preferred stock into a certain number of ordinary shares of the company according to a certain proportion or price within a certain period of time.

37. Non-convertible preferred stocks

Non-convertible preferred stocks refer to preferred stocks whose holders are not allowed to convert them into other kinds of stocks after issuance. Non-convertible preferred stock corresponds to convertible preferred stock, which does not provide investors with the opportunity to change the stock type.

38. callable preferred stock

callable preferred stock refers to the preferred stock that can be recovered by the issuing company at a specific redemption price within a certain period after issuance. It has two types: one is compulsory redemption, that is, when the stock is issued, it is stipulated that the joint-stock company has the right to choose whether to redeem it or not; One is arbitrary redemption, that is, shareholders have the right to choose whether to ask the joint-stock company to redeem it.

39. Non-redeemable preferred shares

Non-redeemable preferred shares refer to preferred shares that cannot be redeemed according to regulations after issuance. This kind of stock, once subscribed by investors, cannot be redeemed by the joint-stock company under any conditions. The issuance of this stock ensures the long-term stability of the company's capital.

4. Priority stocks with adjustable dividend yield

Priority stocks with adjustable dividend yield refer to priority stocks whose dividend yield can be adjusted according to regulations after issuance. Its particularity lies in that the dividend yield can be changed.

41. Priority stock with fixed dividend yield

Priority stock with fixed dividend yield refers to the priority stock with no change in dividend yield after issuance. The general preferred stock refers to this kind of stock.

42. State-owned shares

State-owned shares refer to shares formed by state-owned assets invested by departments or institutions that have the right to invest on behalf of the state, including shares converted from the company's existing state-owned assets. It is an integral part of state-owned equity.

43. Legal person shares

Legal person shares refer to unlisted shares formed by enterprises as legal persons or institutions and social organizations with legal person qualifications, with their legally disposable assets invested in the company.

44. State-owned legal person shares

State-owned legal person shares refer to the shares formed by the state-owned enterprises, institutions and other units with legal person qualifications with their legally occupied legal person assets invested in joint-stock companies independent of themselves or obtained according to legal procedures. It is also an integral part of state-owned equity.

45. State-owned shares

State-owned shares are the abbreviation of state-owned assets equity, which is the floorboard of state-owned shares and state-owned legal person shares.

46. Public shares

Public shares refer to shares that can be listed and circulated when the public invests their property in the company according to law.

47. Social public shares

Social public shares refer to the shares issued by a joint-stock company under the condition of social offering, except for a part subscribed by the promoters, the rest are publicly issued to the public and subscribed by individuals.

48. Foreign shares

Foreign shares refer to the shares issued by joint-stock companies to foreign investors and investors in Hongkong, Macau and Taiwan Province. It is a way for China's joint-stock companies to absorb foreign capital.

49. Domestic listed foreign shares

Domestic listed foreign shares, also known as B shares, refer to shares issued by a joint stock limited company registered in China to domestic and foreign investors and listed on the stock exchange in China, which take the form of registered shares, with their par value indicated in RMB, subscribed, traded and settled in foreign currencies.

5. Foreign-listed shares

Foreign-listed shares refer to shares issued overseas by joint stock limited companies registered in China, subscribed by foreign investors in foreign currency and listed on overseas stock exchanges. Foreign-funded shares listed overseas take the form of registered shares, with their face value marked in RMB and subscribed, traded and settled in foreign currency.

51. Stock investment income

Stock investment income refers to the income of investors during the whole holding period from the time they buy shares to the time they sell them, which consists of dividends, capital gains and capital appreciation income.

52. Dividends

Dividends refer to the profits that share holders receive from the company based on their shares. The source of dividend is generally the after-tax net profit of the company, but its specific forms are cash dividend, stock dividend, property dividend, debt dividend, Jianye dividend and so on.

53. Stock index futures

Stock index futures (referred to as stock index futures) are financial futures with a certain stock market index as the trading target, that is, investors buy and sell futures contracts related to the price index of the whole stock market instead of stocks.

54. Cash dividend

Cash dividend is the most common and basic form of dividend.