First, determine the investment purpose, principles and objectives.
Before investing in securities, state-owned enterprises should first consider and determine the investment purpose. At present, the purpose of state-owned enterprises to invest in securities mainly includes the following aspects: first, using the gap funds and the powerful trading platform of the securities trading market, making liquid stock investment and fund investment become monetary fund management tools (many enterprises used bond repurchase two years ago and now use money market funds for cash management); Holding a large amount of cash, due to the hot stock market in the past year, excluding other investment opportunities and investing in stocks with higher expected returns (in this case, there will be opportunity costs arising from the loss of other investment opportunities); Increase income is greater than bank deposit interest; Adjust the proportion of cash assets and optimize the asset structure; In the case of full circulation of stocks, it is not uncommon to adjust the comprehensive shareholding ratio of listed companies through the operation of the secondary stock market. Of course, many times, the purpose of investment is considered from many aspects.
According to the purpose of securities investment, the principle of securities investment can be set, that is, the relationship between investment safety, profitability and liquidity. Due to the characteristics of fast securities trading and clearing, there is generally no problem with its liquidity. Because the securities investment of state-owned enterprises requires high security, the first principle of its securities investment is security. On the basis of ensuring security, we can obtain stable income without pursuing excessive excess income, because that will inevitably be at the expense of security. The principle of securities investment determines the investment strategy, investment varieties and portfolio, and also determines the proportion of investment risk and investment income. To sum up, the principle of securities investment of state-owned enterprises is: long-term investment, ensuring safety and stability, and striving for income, so as to achieve the purpose of maintaining and increasing the value of assets.
According to the enterprise's securities investment objectives and investment principles, the enterprise's securities investment objectives can be set, including investment quota, average investment period, investment income, investment risk and stop loss line.
Two, a correct assessment of investment risks, reasonable arrangements for investment scale and investment portfolio.
According to their own financial situation, risk tolerance and investment risk preference, we should seek a balance between target income and potential risks. The overall scale and category of investment shall be approved by the board of directors of the company and subject to the operating budget of state-owned assets.
Avoid excessive concentration of risks and diversify the portfolio. "Don't put your eggs in one basket" is the most classic investment principle. If the investment amount is large, try to choose a variety of investment schemes, stagger the investment period, and combine the income and risk according to the actual situation, which can reduce both the capital risk and the liquidity risk.
Third, formulate appropriate and standardized systems and procedures and make scientific decisions.
(A) system guidance, rules to follow.
According to the accounting law, articles of association, enterprise accounting system, enterprise internal control system and enterprise financial management objectives, formulate enterprise securities investment management system, control system and implementation details. Standardize investment behavior, and clarify relevant authority, responsibility and decision-making approval procedures.
(b) Procedural norms are in place and decision-making is scientific.
First of all, securities investment requires collective scientific decision-making, authorization of the board of directors by the shareholders' meeting and authorization of the management by the board of directors, before signing investment and handling other procedures such as fund transfer. The board of directors, operators and main management personnel of an enterprise shall strictly follow the relevant rules and regulations, perform relevant investment procedures within the scope of authorization, and shall not invest in securities in violation of laws and regulations; Secondly, arrange special departments and personnel familiar with capital market and capital operation to carry out operation, management and risk monitoring; Third, there must be risk prediction and risk preparation; Fourth, risk monitoring in the event. Continuously monitor the investment and report to the licensor regularly; 5. In case of investment loss and long-term deviation of market trend from expectations, it should be handled in time and stop loss.
Only by correctly understanding and reasonably evaluating many risk factors existing in entrusted financial management, and carrying out legal and standardized operations, and controlling all potential risks in a targeted manner, can the safety and integrity of investment be effectively guaranteed.
Four, professional operation and use of professional services
Because the risk of securities investment income is relatively large, the operation should be carried out by personnel with certain knowledge, experience and ability, especially for enterprises with relatively concentrated investment in the secondary stock market and large amount. Under such circumstances, experienced professionals in enterprises should consider reducing investment in this area or using professional services.
When using professional services, it is a better way to provide consulting guidance and special research reports by professional institutions such as securities companies or fund companies, and the company pays consulting fees or divides them on the basis of certain performance returns.
Verb (abbreviation of verb) consideration of investment varieties
The most prominent feature of securities investment is its strong liquidity, which is suitable for portfolio adjustment. At present, the main investment varieties are government bonds, stocks and funds.
1, national debt. Low risk and stable income. The recently issued three-year national debt coupon rate is 3. 14%. However, the repurchase rate of government bonds with a term of more than one year is also low, generally between 2% and 2.5%, which has lost its relative advantage in yield in previous years.
2. stocks. At present, state-owned enterprises can not only participate in the primary market placement as strategic investors, but also participate in the secondary market stock investment. Judging from the current situation, it is a low-risk and high-yield way to make strategic investment in newly listed companies with strong business relevance in the primary market. Take the securities investment fund as an example, the annual rate of return of investment in this way is above 10%, accounting for 25%-50% of its total income. Due to the implementation of the "T+3" regulation, the turnover efficiency of new share subscription investment is faster, so it is ideal for state-owned enterprises to adopt this investment method in the case of large investment.
In addition, enterprises can also invest in the secondary market. Its advantage is that they can control risks independently, decide the investment portfolio and investment varieties, and make quick decisions. However, its disadvantages are that the secondary market price fluctuates greatly, enterprises lack experience and talents in operating the secondary market, and the degree of specialization is not enough, which increases the risk to some extent. Therefore, in the case of insufficient professional ability, the more appropriate way is to entrust institutions to manage assets.
3. Securities investment funds. Investment fund is also an ideal investment method at present. Judging from the practice of new funds in China's securities market in recent two years, most of them have brought good returns to fund holders. In the choice of fund varieties and allocation, we should consider our own investment principles to carry out funds with partial stocks, partial debts, money market funds and other types.
In securities investment, according to the combination of security and profitability, it is suggested that about 50% of assets should be invested in funds, more than 20% in government bonds and less than 30% in stocks (due to the high risk, if entrusted management is adopted, the proportion can be appropriately increased). This ratio is determined after qualitative analysis of the current market situation, which needs to be adjusted with the change of market situation, but the frequency of adjustment should not be too frequent, otherwise it will inevitably increase transaction costs or cause liquidity loss. The interval of large adjustment (the range is limited to 5% of the investment ratio) is suitable for one year, and it is only suitable for fine adjustment at ordinary times.
Entrustment management of intransitive verb assets
Asset entrusted management is also called entrusted financial management. The advantage of this method is that it entrusts an agency to operate, does not need additional manpower and material resources, has a high degree of specialization, can obtain relatively stable income and effectively manage risks. Entrusting financial institutions to manage assets is not only limited to the investment in the secondary stock market, but also can realize income through other ways, such as venture capital.
(A) the choice of the trustee
The main problem that should be paid attention to in asset entrustment management is the choice of trustee, that is, agency. The selection criteria should be considered from the following aspects: 1, the asset management qualification of the trustee. At present, the state expressly stipulates that comprehensive securities companies and trust and investment companies with net capital of more than 200 million yuan are qualified for entrusted financial management. According to the regulations, the local business departments of securities firms do not have independent legal person status and cannot sign entrusted financial management agreements with other enterprises, so they must sign asset management agreements with the headquarters of securities companies or trust and investment companies to avoid disputes over entrusted qualifications.
2. Performance of self-operated securities business in the past. This reflects the ability and profitability of institutions to operate large funds and is an important factor in determining the return on investment.
3. Operation style. Different institutions have different risk preferences, which are reflected in the active and steady operation style. Considering the safety of clients, enterprise groups should choose intermediaries with stable style. 4. Risk management level. The level of risk management and the perfection of risk control mechanism of the agency also affect the safety of the client to a great extent.
The strength and reputation of the trustee are good. Considering the strength, reputation and performance of the trustee, large institutions are superior to small institutions, because large institutions have high net assets and net capital, strong capital strength, high financial management level and stronger reputation preference; Comparatively speaking, small brokers or trust companies have less preference for their own reputation than for big real interests, so they are more willing to sacrifice the former when they need to weigh. Since then, the client has taken considerable risks.
6. Have a certain understanding of it or have a basis for cooperation. A certain cooperation foundation is mainly a full understanding of its financial management ability and reputation, which has a deep relationship with its core level, so that even if the trustee has operational problems, it can give priority to and guarantee the interests of the unit. At present, there are more than 0/00 securities companies and more than 60 trust and investment companies in China, with great differences in strength, level and reputation. As for private entrusted investment such as "private curtain fund" and "private contractual fund", it is very important to know the comprehensive situation of the trustee before entrusting.
(B) Asset entrusted management investment strategy and model
Because the China Securities Regulatory Commission in the "Notice on Standardizing the Entrusted Investment Management Business of Securities Companies" has made detailed provisions on the qualifications of the trustee, the source of entrusted funds, the operation of entrusted business, and the relationship between the rights and obligations of the trustee, and emphasized that "the trustee shall not promise the clients the benefits or share the losses". Last year, the People's Bank of China issued the "Interim Measures for the Trust Management of Funds of Trust and Investment Companies" with similar provisions. In order to avoid investment risks and legal disputes, the modes that can better ensure the interests of customers in asset entrustment management at present are:
1. The company determines the investment quota, entrusts the trustee with asset management or entrusts a special fund account for financial management, and the trustee allocates the investment quota with its own funds (preferably not less than 10%). The two sides agreed to determine the "stock pool" and investment income sharing standards. If the loss is first borne by the other party's own funds allocated; If there is a surplus, if it is lower than the rate of return set by both parties, all the proceeds will belong to us; If the rate of return set by both parties is exceeded, the excess will be distributed in a step-by-step ratio (that is, in a progressive way). In order to avoid risks, we should set up a "firewall" and entrust a third party to supervise it. There should be no relationship between the supervisor and the actual operator.
2. The company determines the investment quota, transfers the funds into the opened special investment fund account, which is jointly operated by the entrusting party and the entrusted party, and the entrusted party provides the risk deposit according to the same proportion of the company's funds (or the securities discounted according to a certain proportion, and the variety and discount ratio of the mortgaged securities can refer to the securities deposit method of the CSRC). The two sides signed an entrustment contract and agreed on the way of revenue sharing. In order to ensure the safety of the company's funds, the two sides agreed to determine the "stock pool" and the risk liquidation line. When the total market value in the accounts of both parties is lower than the set value, the other party must add the contract risk deposit within the specified time, otherwise the company has the right to immediately liquidate the investment principal and recover the corresponding contract income. In order to ensure legal and timely liquidation, the other party is required to authorize all legal and effective liquidation procedures for the signed risk margin account.
Seven. Invest in securities-related investments and innovative products
On the basis of satisfying safety, profitability and liquidity, we will try to participate in the trust market, inter-bank market, fund products and bond market, explore investment trust, bonds and asset securitization products, optimize the allocation of investment portfolio by using institutional innovation and product innovation, improve the efficiency of capital use and reduce investment risks.
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