The old eight shares refer to eight stocks that have been issued and traded before the opening of the Shanghai Stock Exchange. 1990 12 19 When the Shanghai Stock Exchange opened, only 8 stocks were listed. Stereotyped writing is a kind of historical inheritance, and it is also an ice-breaking work to promote the property right reform in China by using or relying on the development of the capital market.

Its historical significance lies in that it not only affected the early pilot and later development of China stock market, but also had a far-reaching impact on the economic system reform in China.

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Let me start with the definition of securities.

Securities refer to marketable securities. Paper money, stamps, tax stamps, stocks, bonds, treasury bills, commercial promissory notes, bills of exchange, bank certificates of deposit and so on are all valuable securities. However, the securities trading in the general market should refer to the securities subject to the securities law, such as banknotes, stamps, tax stamps, etc. , not in this range. Securities trading is limited to the scope of securities mentioned in the Securities Law.

In China, there are also certain regulations on securities trading. Article 2 of the Securities Exchange Law stipulates: "This Law is applicable to the issuance and trading of stocks, corporate bonds and other legally recognized securities in China. Where there are no provisions in this Law, the provisions of the Company Law and other laws and administrative regulations shall apply. The issuance and trading of government bonds shall be stipulated separately by laws and administrative regulations. 』

The next step is to define the transaction.

According to the theory of right attribute in transaction, transaction can be divided into two types: one is buying and selling, which is the complete transfer of ownership; The second is lending, which deals with the relationship between creditor's rights and debts. For example, when you go to a bank to deposit money, and the bank delivers a certificate of deposit, it seems to be a certificate of sale, but in fact, the deposit is really a bank's liability, not income. Therefore, the time deposit transaction belongs to the loan relationship transaction. Like bond repurchase and reverse repurchase transactions, they all have the property of lending, but they are made into bond transactions in accounting treatment.

Even simple transactions are divided into spot transactions and forward transactions according to the delivery time. If the quality and delivery time of forward transactions are standardized and published by futures exchanges, futures or options transactions will be derived.

In addition, securities trading has many different attributes, such as public and private trading, small and large transactions, direct trading with trading agents, exchange trading and stock exchange trading, financing trading and securities lending trading, continuous bidding and call auction trading. , all belong to securities trading. You can also buy government bonds through banks, either way.