What is a securities fund?
Securities fund refers to the investment of securities funds raised from people's investors in the form of issuance, with securities as the overall target of project investment. The recruitment of securities funds is centered on communication, and investors integrate people and property to set up funds to invest in stocks. Securities funds are strictly regulated by relevant laws and regulations, and there are national standards for production and manufacturing such as announcement, profit distribution, operation restrictions and project investment share.
The important project investment contract price of securities funds is commercial paper, and the project investment threshold is much lower than that of securities funds. The project investment methods are diversified and can be subscribed by financial enterprises, securities companies and third-party institutions. In short, securities funds are actually stock funds that issue public offerings. For example, at present, the closed-end stock funds in China's financial system belong to securities funds. Securities funds and private equity funds have different styles, and their healthy development trend has caused long-term damage to the development trend of the financial system.
Securities funds have the following five advantages:
1) The house is for everyone, with many investors as the overall goal, and the project investment is low. Generally, only 100 yuan is needed to start the investment, and most people can easily invest in the project;
2) The raised funds have broad development prospects, a wide range of target consumers and a very large scale of funds.
3) it can be sold by bidding in the trading market (such as closed-end stock funds);
4) The quality of the information screen is high, and the basic information of the purchased stock funds, regardless of size, is revealed to investors, which truly ensures openness and transparency.
5) Supervision is harsh, and relevant laws and regulations are harsh, so pay attention to maintenance.
What are the requirements for the operation scale of securities funds?
The Fund Law has many restrictions on all aspects of securities funds, of course, there are restrictions on the management plan and business scale of securities funds. In terms of basic knowledge, there is no limit to the operation scale of securities funds. There is a saying that it will change if it is greater than 30 billion. But there is no doubt that the lower limit exists and remains unchanged-securities funds require at least 500 million yuan, in other words, more than 50 million yuan, with at least 200 holders.
In addition, in terms of project investment, there are requirements for project investment share and the operation scale of securities funds. The investment in a single stock market cannot exceed 10% of the operation scale of a single stock fund product. The share of all products of a stock fund company cannot exceed 10% of a single stock. These two 10% are regulatory green lines. Unless there is an abnormal situation, it cannot be crossed. In case of any abnormality, the management organization will order the report scheme to be solved as soon as possible.
However, we must grasp that all securities funds have project investment restrictions.
I. Project investment scope of securities funds
Securities funds are different from private equity funds, and the project investment scope of securities funds is strictly controlled by relevant departments to ensure that the harm is minimized and the interests of investors are guaranteed. China's "Securities Investment Fund Law" stipulates that the property of stock funds should be used to invest in the following projects:
1, buying and selling stocks and bonds;
2. Other types of documents as stipulated by the the State Council Securities Regulatory Authority. Therefore, the investment scope of securities fund investment projects is financial derivatives of the financial industry such as stocks and bonds. At present, stock funds invest in important domestic projects and issue shares for sale, additional shares, China bonds, corporate bonds and financial bonds, corporate bonds, special tools for financial markets, property application certificates and ownership certificates in China.
Second, the position limit of securities funds.
The CSRC also stipulated that the position of securities funds should not be lower than 65%. The important purpose is to help the stability of securities and stock market sales and prevent ups and downs.
Referring to international practice, the CSRC has the following three suggestions on modifying the minimum gold position of individual stock funds:
First, according to the international practice, the principle that the assets of equity funds are greatly and flexibly adjusted between individual stocks and bonds belongs to composite products, not individual stock products.
Second, the current operation method stipulates that 80% of non-cash assets of stock funds are invested in the direction indicated by the name of stock funds, and the lower limit of bond funds' positions is also 80%. If the equity fund only holds 60%, it will lead to differences with the above provisions.
Thirdly, from the social practice of project investment, stock funds should make a detailed analysis of the stocks with practical value as the source of profits, and often switch positions substantially, which will easily lead to band operation, change the design concept of stock funds, aggravate the fluctuation of the financial system and have many adverse effects.
(The content of the article comes from: Internet)