2. Income vouchers refer to financing instruments issued by securities companies and sold to qualified investors by private placement, and it is agreed that debt service and interest are related to specific targets.

Specific targets include, but are not limited to, currency interest rates, prices or indices of basic commodities and securities. One is the "fixed income certificate" that pays the fixed income according to the contract; The other is "floating income voucher", which pays the floating income linked to the performance of specific calibrated assets according to the contract.

3. The concept of income voucher first appeared in the documents issued by the regulatory authorities in 20 13, but the income voucher business gradually developed in 20 14. In more than a year, the regulatory authorities have issued a number of documents, which stipulate the income voucher business from the perspectives of basic concepts, issuers, issuance conditions, issuance places, and investor suitability.

4. Income vouchers can be divided into fixed income category and floating income category. At present, the vast majority of income vouchers in the market belong to the fixed income category. This income certificate is similar to the credit bonds of securities companies in terms of product description, principal and interest payment, etc. The simplification of the issuance link (compared with other types of debt instruments of securities companies), the filing system after the event and the strong demand for financial integration caused by the current hot market have all caused the explosive growth of the issuance of fixed income certificates. But in the long run, floating income can better reflect the basic characteristics of income vouchers as a structured tool, and test the product design and risk management capabilities of securities companies.

In terms of floating income vouchers, Guosen Securities started earlier and has a larger scale. After obtaining the qualification of income voucher business, Guo Xin Securities began to develop floating income vouchers. At present, it has three series of floating income vouchers: Golden Shark, Jinyuan and Jinniu (in fact, there is no shadow of fixed income vouchers on Guo Xin's website). Guo Xin's three series are all linked to the Shanghai and Shenzhen 300 Index, with a subscription threshold of 50,000-50 million and a term of 13 days-183 days. In addition, Guosen Securities also carried out equity income swap and OTC option business earlier. In terms of business ideas and staffing, Guo Xin Securities fully embodies the characteristics of structured derivatives of income certificates. Of course, this kind of product sequence arrangement is more complicated than fixed income, which requires more people with financial engineering experience to participate in product design, derivatives department or other departments to hedge and reduce risks. In addition to Guoxin Securities, GF Securities started with fixed income, but gradually introduced diversified innovative products, such as linking with foreign crude oil futures and so on.

In addition to the traditional stock index, there are single stock prices, a commodity index and so on. In terms of specific business functions, income vouchers can replace OTC derivatives to some extent, and non-guaranteed income vouchers can be designed in the form of OTC options or equity income swaps. In accounting treatment, income vouchers with derivative characteristics may affect the two subjects of "derivative financial assets" and "derivative financial liabilities". Derivative assets account for 100% of net capital, while derivative liabilities do not.

In addition to the above factors, there are other factors that affect the development of floating income vouchers. The stock balance of income vouchers of securities companies cannot exceed a certain proportion of net capital, and the statistical caliber of stock balance does not distinguish the types of income vouchers. The purpose of regulators is to control risks, but whether there is something to be discussed here. Scale control is a common means of bond issuance management. If income vouchers are regarded as structural products and are not suitable for one-size-fits-all issuance, we can limit the issuance scale of fixed-income income vouchers, and for income vouchers with sufficient derivative characteristics, other risk control indicators can be used instead of quota control. This practice is also conducive to guiding the development of floating income vouchers, otherwise the external environment will naturally encourage securities companies to choose fixed income, which is inconsistent with the original intention of encouraging securities companies to innovate.

Breaking through the scale limit, income vouchers can also be diversified and innovated: (1) Insurance companies are included as the main issuers to issue products similar to CDO. At present, the default risks of various bonds are gradually exposed, and China's risk pricing mechanism will gradually return to normal. In the financial market with default risk, CDO can provide some protection for bond investors. (2) the development of income vouchers linked to specific projects of enterprises is a tool for income vouchers to become financing for enterprises.