Initially, this work was carried out by investment companies or fund management companies themselves. With the continuous specialization of fund business and the increasingly fierce competition, some companies specializing in securities underwriting or affiliated underwriting institutions of large investment banks have entered the field of investment services. In the United States, most fund securities are issued by local brokers and dealers and then distributed to investors. Some large investment companies generally have their own underwriting companies, and fund securities are often sold by investment consulting companies, securities brokerage companies and investment banks that also run fund business.
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.
As a written document commending a certain civil right, marketable securities have the following basic characteristics: marketable securities are rights documents with property value. In modern society, people are not satisfied with the direct possession, use, income and disposal of wealth, but pay more attention to the ultimate domination and control of wealth, and securities, a new form of property, came into being.
Holding securities means that the holder has control over the property represented by securities, but this control is not direct control but indirect control. The vitality of securities lies in their liquidity. Traditional civil rights always face many obstacles when they are transferred. As far as civil property rights are concerned, it is unnecessary in nature because it does not involve personality and identity, but its transfer is a complex civil act.
The ultimate goal of securities holders is to obtain income, which is the direct motivation of securities holders to invest in securities. On the one hand, securities itself is a kind of property right, which embodies a specific property right. Securities holders can obtain benefits by exercising this property right, such as dividend income (stocks) or interest income (bonds); On the other hand, the holders of securities can gain income by transferring securities, such as buying at a low price and selling at a high price in the secondary market, and they can gain income through the price difference, especially speculative income.
The risk of securities is that investors may not get expected returns or even losses because of changes in the securities market or issuers. The risk and return of securities investment are related. In the actual market, any securities investment activities are risky, and there is no investment that completely avoids risks.