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Securities are the general name of all kinds of economic rights and interests certificates, and also refer to specialized products, which are legal certificates used to prove that the holder enjoys certain rights and interests. 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. Securities are essentially civil rights with property attributes. The characteristics of securities are that civil rights are embodied in securities, so that rights are combined with securities, and rights are embodied in securities, that is, rights securitization. It is a legal phenomenon in the form of securities in the way and process of rights holders exercising their rights, a social phenomenon of symbolization of investors' investment property, and a sign and result of developed social credit.
Securities must be associated with specific forms of expression. In the process of securities development, the earliest basic way to commend securities rights is paper, and the specific rights are expressed in words or graphics on special paper. Therefore, securities are also called "documentary evidence" and "documentary evidence". However, with the rapid development of economy, especially the development of electronic technology and information network, paperless securities have appeared in modern society. Securities investors almost no longer own any securities in the form of physical coupons, and the number of securities they hold or the securities rights are recorded in the investor's account accordingly. The development process from "paper securities" to "paperless securities" reveals the great differences between modern securities concepts and traditional securities concepts. Transfers involving the interests of three parties are regulated by legal norms, which is inconvenient and fast. However, once civil rights are securitized and property rights are divided into several shares of the same quality, creating a kind of "commodity with uniform specifications", then this kind of property transfer is no longer limited to the transfer between the transferor and the transferee according to the agreement, but is carried out in a wider range with higher frequency, even through the open market, thus forming a highly developed property transfer system.