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Individual stocks:
It is a kind of negotiable securities with free repayment period, which is divided into three types according to shareholders: state shares, legal person shares and individual shares. Individual stock investment funds come from individuals and can be freely listed and circulated.
Characteristics of individual stocks:
Non-repayment
Stock is a kind of negotiable securities with free repayment period. After investors subscribe for shares, they can no longer ask for withdrawal, but can only sell them to third parties in the secondary market. Share transfer only means the change of the company's shareholders, and does not reduce the company's capital. As far as the term is concerned, as long as the company exists, the stock it issues exists, and the term of the stock is equal to the duration of the company.
Participatory
Shareholders have the right to attend the shareholders' meeting, elect the board of directors of the company and participate in major decisions of the company. Shareholders' willingness to invest and economic benefits are usually realized by exercising shareholders' right to participate. The right of shareholders to participate in the company's decision-making depends on the number of shares they hold. In practice, as long as the number of shares held by shareholders reaches the actual majority needed to influence the decision-making results, the company can grasp the decision-making control power.
profitability
Shareholders have the right to receive dividends or bonuses from the company by virtue of the shares they hold, and to obtain investment income. Dividends or bonuses mainly depend on the company's profit level and the company's profit distribution policy. The profitability of stocks is also manifested in the fact that stock investors can obtain spread income or realize asset preservation and appreciation. By buying stocks at a low price and selling them at a high price, investors can profit from the difference. Take the stock of Coca-Cola Company in the United States as an example. If you invest 1000 at the end of 1984 to buy the company's stock, you can sell it at the market price of 1 1 654 in July 1994, earning more than 10 times the profit. During the period of inflation, the stock price will rise with the replacement price of the company's original assets, thus avoiding the depreciation of assets. In the period of high inflation, stocks are usually regarded as the first choice for investment.
Transferability
The liquidity of stock refers to the tradeability of stock among different investors. Liquidity is usually measured by the number of shares that can be circulated, the trading volume of shares and the sensitivity of stock prices to trading volume. The more tradable shares, the greater the trading volume, the less sensitive the price is to the trading volume (the price will not change with the trading volume), and the better the liquidity of the stock, and vice versa. The circulation of stocks enables investors to sell stocks in the market and get cash. Through the circulation of stocks and the changes of stock prices, we can see people's judgments on the development prospects and profit potential of related industries and listed companies. Those industries and companies that attract a large number of investors in the circulation market and keep their share prices rising can continuously absorb a large amount of capital into production and business activities by issuing additional shares, thus achieving the effect of optimizing resource allocation.
risk
As the trading object in the trading market, stocks, like commodities, have their own market quotations and prices. Because the stock price is influenced by many factors, such as the company's operating conditions, the relationship between supply and demand, bank interest rates, public psychology and so on, its fluctuation has great uncertainty. It is this uncertainty that may make stock investors suffer losses. The greater the uncertainty of price fluctuation, the greater the investment risk. Therefore, stock is a high-risk financial product. For example, the share price of International Business Machines Corporation (ibm), which dominates the world computer industry, was as high as $ 170 when its performance was extraordinary, but when its position was challenged and its business blunder caused losses, its share price fell to $40. If you buy stocks at a high price at an inappropriate time, it will lead to serious losses.