① Compared with other funds, stock funds have diversified investment objects and investment purposes.
② Compared with investors directly investing in the stock market, stock funds have diversified risks. Low cost and the like. For ordinary investors, individual capital is limited after all, and it is difficult to reduce investment risks by diversifying investment types. But if you invest in stock funds, investors can not only share the benefits of all kinds of stocks, but also spread the risks among all kinds of stocks by investing in stock funds, which greatly reduces the investment risks. In addition, investors who invest in stock funds can also enjoy the relative advantages of large-scale investment in the fund, reduce investment costs, improve investment efficiency and obtain the benefits of economies of scale.
③ from the perspective of asset liquidity, stock funds have the characteristics of strong liquidity and high liquidity. Equity funds invest in stocks with excellent liquidity, and their assets are of high quality and easy to realize.
④ for investors, the stock fund has stable operation and considerable income. Generally speaking, the risk of stock fund is lower than that of stock investment. So the income is relatively stable. Not only that, after the closed-end stock fund goes public, investors can also get the bid-ask difference by trading on the exchange. After the expiration of the fund, investors have the right to distribute the remaining assets.
⑤ Stock funds also have the function and characteristics of financing in the international market. As far as the stock market is concerned, the degree of internationalization of its capital is lower than that of foreign exchange market and bond market. Generally speaking, the stocks of various countries are basically traded in their own markets, and stock investors can only invest in stocks listed in their own countries or stocks of a few foreign companies listed locally. In foreign countries, stock funds have broken through this restriction, and investors can invest in the stock markets of other countries or regions by purchasing stock funds, thus playing a positive role in promoting the internationalization of the securities market. Judging from the current situation of overseas stock markets, a large part of the investment objects of stock funds are foreign company stocks.
the securities investment fund is a kind of collective securities investment mode with * * * benefits and * * * risks, that is, through issuing fund units, investors' funds are concentrated, which are managed by fund custodians, and managed and used by fund managers to invest in financial instruments such as stocks and bonds. In our country. The fund custodian must be a qualified commercial bank and the fund manager must be a professional fund management company. Fund investors enjoy the benefits of securities investment funds and bear the risk of losses.
The characteristics of securities investment funds are as follows:
(1) Securities investment funds are funds operated, managed and specially invested in the securities market by experts. China's "Interim Measures for the Management of Securities Investment Funds" stipulates that the proportion of securities investment funds investing in stocks and bonds shall not be less than 8% of the total assets of the fund. Fund assets are managed by professional fund management companies. Fund management companies are equipped with a large number of investment experts, who have not only mastered extensive knowledge of investment analysis and portfolio theory, but also accumulated considerable experience in the investment field.
(2) Securities investment fund is an indirect way of securities investment. Investors indirectly invest in the securities market by buying funds. Compared with buying stocks directly. Investors have no direct relationship with listed companies, do not participate in company decision-making and management, and only enjoy the right to distribute company profits. If investors directly invest in stocks and bonds, they will become the owners of stocks and bonds and bear the investment risks directly. If investors buy a securities investment fund, the fund manager will specifically manage and operate the fund assets and conduct securities trading activities. Therefore, for investors, securities investment fund is an indirect way of securities investment.
(3) Securities investment funds have the advantages of small investment and low cost. In China, the face value of each fund unit is RMB 1 yuan. The minimum investment of securities investment funds is generally low, and investors can buy more or less fund units according to their own financial resources, thus solving the problem that small and medium-sized investors have little money and it is difficult to enter the market.
the cost of the fund is usually low. According to the general practice in the international market, the management fee charged by fund management companies for providing fund management services is generally 1%-2.5% of the fund's net asset value, while the fee that investors need to pay for purchasing funds is usually .25% of the total subscription, which is lower than the cost of buying stocks. In addition, because the fund has concentrated a large amount of funds for securities trading, it can usually get preferential treatment from securities firms in terms of handling fees. Moreover, in order to support the development of the fund industry, many countries and regions also give preferential treatment to the tax of the fund, so that the tax borne by investors investing in securities through the fund is not higher than that borne by direct investment in securities.
(4) Securities investment funds have the advantages of portfolio investment and risk diversification. According to the experience of investment experts, it is necessary to diversify risks at least in investment. There is a saying in investment science: "Don't put your eggs in the same basket". However, small and medium investors are usually unable to do this. If investors invest all their money in a company's stock, once the company goes bankrupt, investors may lose everything. The securities investment fund collects small funds from many small and medium-sized investors. Forming a strong financial strength, investors' funds can be invested in various stocks at the same time, so that the losses caused by the decline of some stocks can be made up by the profits of other stocks, which disperses the investment risks. For example, China's recently promulgated Interim Measures for the Management of Securities Investment Funds stipulates that a fund holding shares of a listed company shall not exceed 1% of the fund's net asset value. In other words, if a fund invests 8% of its net asset value in stocks, it should buy stocks of at least 8 companies.
(5) Securities investment funds are highly liquid. The procedures for buying and selling funds are very simple. For open-end funds.
investors can buy or redeem funds directly from fund management companies, through sales agencies such as securities companies, or entrust investment consulting agencies to buy on their behalf. Most foreign funds are open-end funds, which are quoted publicly every day, and investors can buy or redeem them at any time.
according to different standards, securities investment funds can be divided into different types.
(1) According to whether the fund units can be increased or redeemed, investment funds can be divided into open-end funds and closed-end funds. Open-end fund refers to an investment fund whose size is not fixed, after the fund is established, investors can purchase or redeem the fund units at any time. Closed-end fund refers to an investment fund whose fund size has been determined before issuance, and the fund size is fixed within the specified period after issuance.
(2) According to different organizational forms, investment funds can be divided into corporate investment funds and contractual investment funds. Corporate investment fund is an investment fund in which investors with the same investment goal form a profit-oriented joint-stock investment company and invest their assets in specific objects; Contractual investment fund, also known as trust investment fund, refers to the investment fund formed by fund sponsors issuing fund units according to the fund contracts concluded with fund managers and fund custodians.
(3) According to the different investment risks and returns, investment funds can be divided into growth investment funds, income investment funds and balanced investment funds. Growth investment fund refers to the investment fund whose investment purpose is to pursue the long-term growth of capital; Income fund refers to an investment fund whose purpose is to bring investors a high level of current income; Balanced investment fund refers to the investment fund whose purpose is to pay the current income and pursue the long-term growth of capital.
(4) According to different investors, investment funds can be divided into stock funds, bond funds, money market funds, futures funds, option funds, index funds and warrant funds. Stock fund refers to an investment fund with stocks as the investment object; Bond funds refer to investment funds that invest in bonds; Money market funds refer to investment funds that invest in short-term money market securities such as treasury bills, negotiable certificates of deposit of large banks, commercial bills and corporate bonds; Futures funds refer to investment funds with various futures varieties as the main investment targets; Option fund refers to an investment fund that invests in stock options that can distribute dividends; Index fund refers to an investment fund that takes the price index of a certain securities market as the investment object; Warrant funds refers to an investment fund with warrants as its investment object.
(5) According to the types of investment currencies, investment funds can be divided into dollar funds, yen funds and euro funds. Dollar funds refer to investment funds that invest in the dollar market; Japanese yen fund refers to an investment fund that invests in the Japanese yen market; Euro fund refers to an investment fund that invests in the euro market.
In addition, according to the different sources of capital and application areas, investment funds can be divided into international funds, overseas funds, domestic funds, national funds and regional funds, etc. International funds refer to investment funds with domestic capital and investment in foreign markets; Overseas funds are also called offshore funds. Refers to investment funds whose capital comes from abroad and invests in foreign markets; Domestic funds refer to investment funds whose capital comes from China and invests in the domestic market; National fund refers to an investment fund whose capital comes from abroad and is invested in a specific country; Regional funds refer to investment funds that invest in a specific region
stock price index
Brief introduction of stock price index, that is, stock index. It is a reference indicator compiled by a stock exchange or a financial service institution to indicate the changes in the stock market. Due to the volatility of stock prices, investors are bound to face market price risks. It is easy for investors to understand the price changes of a specific stock, but it is neither easy nor annoying to understand the price changes of a variety of stocks one by one. In order to adapt to this situation and need, some financial service institutions make use of their professional knowledge and the advantages of being familiar with the market to compile stock price indexes and publish them publicly as indicators of market price changes. Based on this, investors can test the effect of their investment and use it to predict the trend of the stock market. At the same time, the press, company bosses and even political leaders also use this as a reference index to observe and predict the social, political and economic development situation. This stock index, that is, the average price indicating the changes in the stock market. The stock index is usually compiled on the basis of a certain month in a certain year, taking the stock price of this base period as 1, and comparing the stock price of subsequent periods with the base period price to calculate the percentage of rise and fall, which is the stock index of this period. Investors can judge the changing trend of stock prices according to the rise and fall of the index. And in order to reflect the trend of the stock market to investors in real time, almost all stock markets publish the stock price index at the same time as the stock price changes. To calculate the stock index, we should consider three factors: first, sampling, that is, extracting a few representative constituent stocks from many stocks; The second is weighted, weighted average by unit price or total value, or unweighted average; The third is the calculation program, which calculates the arithmetic average, geometric average, or takes into account the price and total value. Because there are many kinds of listed stocks, it is arduous and complicated to calculate the price average or index of all listed stocks, so people often choose several representative sample stocks from listed stocks and calculate the price average or index of these sample stocks. Used to indicate the general trend and fluctuation range of stock prices in the whole market. When calculating the stock price average or index, the following four points are often considered: (1) Sample stocks must be typical and common. Therefore, the industry distribution, market influence, stock grade, appropriate quantity and other factors should be considered comprehensively when selecting sample stocks. (2) The calculation method should be highly adaptable, and can make corresponding adjustments or corrections to the ever-changing stock market, so that the stock index or average has better sensitivity. (3) There should be scientific calculation basis and means. The calculation basis must be unified, generally based on the closing price, but with the increase of calculation frequency, some are calculated at the hourly price or even shorter time. (4) The base period should be well balanced and representative. Calculation method of index When calculating the stock index, the stock index and the average stock price are often calculated separately. By definition, the stock index is the average share price. However, in terms of their practical effects on the stock market, the average share price is a general level that reflects the price changes of various stocks, usually expressed as an arithmetic average. By comparing the average stock prices in different periods, people can know a variety of stock price changes. The stock index is a relative index that reflects the changes of stock prices in different periods, that is, the percentage that takes the average stock price in the first period as the benchmark of the average stock price in another period. Through the stock index, people can know the percentage rate of the stock price rising or falling in the calculation period compared with the stock price in the base period. Because the stock index is a relative index, it can measure the change of stock price more accurately than the average stock price in a long period of time. The calculation of stock price average reflects the absolute level of listed stock prices at a certain time, which can be divided into three categories: simple arithmetic stock price average, revised stock price average and weighted stock price average. People can see the changes and trends of stock prices by comparing the average stock prices at different times. (1) simple arithmetic stock price average The simple arithmetic stock price average is obtained by dividing the sum of the daily closing prices of sample stocks by the number of samples, that is, simple arithmetic stock price average = (P1+P2+P3+…+PN)/n The first stock price average in the world-Dow Jones stock price average was calculated by using the simple arithmetic average method before October 1, 1928. Now suppose that the stocks sampled from a stock market are A, B, C and D, and the closing prices on a certain trading day are 1 yuan, 16 yuan, 24 yuan and 3 yuan respectively, and calculate the average share price of this market. Put the above figures into the formula, that is: average stock price = (P1+P2+P3+P4)/n = (1+16+24+3)/4 = 2 (yuan) Although the calculation of simple arithmetic average stock price is simple, it has two shortcomings: First, it does not consider the weights of various sample stocks, so it cannot distinguish the average stock prices of sample stocks with different importance. Second, when the sample stocks are distributed bonus shares and increased capital in stock split, the average share price will be fractured and lose continuity, which makes it difficult to compare before and after the time series. For example, when the above-mentioned D stock is split into three shares by one share, the share price will inevitably be lowered from 3 yuan to 1 yuan. At this time, the average is not the 2 yuan calculated according to the above, but (1+16+24+1)/4 = 15 (yuan). That is to say, due to the technical changes in the D-share division, the average share price has dropped from 2 yuan to 15 yuan (this has not taken into account other factors that affect the stock price changes), which obviously does not meet the requirements of the average as an indicator to reflect the stock price changes. (2) The revised average number of shares There are two kinds of revised average number of stock prices: one is divisor repair.