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Investor Education Column

23
2020-04

Various types of risks in the stock market

發布時間 : 2020-04--23 點擊量 : 0
Generally speaking, investors entering the market may encounter the following types of risks: 1. Systemic risks The stock market is a "barometer of the national economy." The quality of the macroeconomic situation, the adjustment of fiscal and monetary policies, changes in the political situation, fluctuations in exchange rates, and changes in the relationship between supply and demand of funds will all cause fluctuations in the stock market. For securities investors, this risk cannot be eliminated, and investors cannot maintain securities through diversified investment portfolios. This is the reason for systemic risk. The source of systemic risk is mainly caused by macro factors such as political, economic and social environment. Its composition mainly includes the following four categories: (1) Policy risk The government's economic policies and management measures may cause the loss of securities income, which is particularly prominent in emerging stock markets. Changes in economic policies can affect changes in company profits and bond returns; changes in securities trading policies can directly affect the price of securities. And some seemingly irrelevant policy changes, such as policies for private house purchases, may also affect the supply and demand of funds in the securities market. Therefore, the promulgation or adjustment of each economic policy and regulation will have a certain impact on the securities market, and some will even have a great impact, thus causing greater fluctuations in the overall market. A (2) Interest rate risk Different financial instruments have different risks and benefits. Even bonds like Treasury bonds with little credit risk are not without investment risks. Suppose, ten years ago, you bought a bond with a face value of 1,000 yuan and an annual interest rate of 10%. Until now, if other bonds pay 12% per annum, you would not be able to sell this bond at a face value of 1,000 yuan. give others. Your selling price will definitely be lower than the face value, making its actual rate of return reach 12%. The risk of bond depreciation due to the uncertainty of future interest rate changes is the interest rate risk of bonds. A In the securities trading market, the trading price of securities is based on the market price, not on their par value. Changes in market prices are also affected by market interest rates at any time. Generally speaking, when the market interest rate increases, the price of the securities market will fall, and when the market interest rate decreases, the price of the securities market will rise. This trend of reverse changes is particularly prominent in the bond market. A (3) Purchasing power risk In real life, everyone will encounter such a problem. Due to rising prices, the same amount of funds may not be able to buy the same goods in the past. This price change leads to uncertainty in the actual purchasing power of funds, called purchasing power risk, or inflation risk. A Also in the securities market, because the return of investment securities is paid in the form of currency, during the period of inflation, the purchasing power of the currency decreases, that is, the actual return on investment decreases, which will bring losses to investors. A (4) Market risk Market risk is the most common and common risk in securities investment activities, which is directly caused by fluctuations in securities prices. Especially in emerging markets, the factors that cause stock market volatility are more complex, price fluctuations are greater, and market risks are also greater. Therefore, blind stock trading is not necessary. A 2. Non-systemic risks The price of a single stock is closely related to the operating performance and major events of the listed company. Changes in the company's management, financial status, market sales, major investments and other factors will affect the company's stock price trend. This kind of risk mainly affects a certain kind of securities, and there is no direct connection with other securities in the market. Investors can offset this kind of risk by diversifying their investments. This is a non-systemic risk. Non-systemic risks can also be called diversifiable risks, which mainly include the following four categories: (1) Operating risk Operation risk mainly refers to the company's sluggish operation, or even failure or failure to cause losses to investors. Changes in the company's operations, production, and investment activities result in changes in the company's profitability, resulting in a reduction or loss of the investor's profit principal. For example, the impact of changes in the economic cycle or business cycle on the company's earnings, the impact of changes in competitors on the company's operations, and the company's own management and decision-making levels may all lead to operational risks. A There are many factors that affect the company's operating performance. When analyzing the company's operating risks, inves
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23
2020-04

"Investor protection · clear rules, risk recognition" case-away from illegal investment consulting to establish a rational investment philosophy

發布時間 : 2020-04--23 點擊量 : 0
The Securities Law, Regulations on the Supervision and Administration of Securities Companies and other relevant laws and regulations clearly stipulate the obligations and professional standards that advisory bodies and consultants should perform in the process of conducting securities and futures investment consulting business. However, there are still many criminals posing as formal investment consulting agencies and fictitious professional financial management clerk to provide accurate investment advice and help investors get a high return on investment returns as a bait, deceive investors' trust, and implement illegal securities investment consulting And other activities. Wang Mou, the legal representative of an investment management company in Shanghai, knows that the company does not have the qualification to engage in securities investment consulting business. Without the approval of the national competent authority, it will conduct securities investment consulting business without permission from the public. During the period, the company charged a consulting fee of approximately RMB 90,000, and received a total of more than RMB 760,000 in integrity operation fees and consulting fees. Wang ’s behavior constituted the crime of illegal operation, in violation of Article 225 of the Criminal Law of the People ’s Republic of China, and was eventually sentenced to two years ’imprisonment by the Shanghai Zhabei District People ’s Court, suspended for two years, with a fine of RMB 80,000 and was confiscated All illegal income. In another case related to illegal investment consultation, after being dismissed by an investment management group company in Beijing, Wang was fictitiously inventing himself in the security room of a primary school in Shijingshan District, Beijing from February 2016 to September 2016. As a salesperson of a wealth management company, by signing a false lending consultation and service agreement, he deceived Guo to make money in his personal account, and defrauded him of 340,000 yuan in investment and financial management. During the period, he returned Guo 52,000 in the form of cash back. The People ’s Court of Shijingshan District of Beijing believed that Wang Mou defrauded others ’finances during the process of signing and fulfilling the contract for the purpose of illegal possession. The amount was huge, which constituted the crime of contract fraud. Finally, according to Article 224 of the Criminal Law of the People ’s Republic of China According to relevant regulations, Wang was sentenced to four years and three months in prison, and the victim Guo was reimbursed for more than 280,000 yuan, and a fine of 5,000 yuan was imposed. Article 222 of China ’s Securities Law stipulates: “No unit or individual may engage in securities business without the approval of the State Council ’s securities regulatory authority.” In the above two cases, criminals fabricated and fabricated fictitious so-called specialties Qualifications of investment consultants, use high yields to defraud investors 'trust, and then defraud investors' property through false transactions. Therefore, investors must be vigilant at all times during the investment consultation process to raise awareness of risk prevention. First, keep your eyes open and carefully check whether relevant institutions have the qualifications to engage in securities investment consulting business as permitted by the China Securities Regulatory Commission. Investors can check the directory of legal institutions and personnel through the website of the China Securities Industry Association. They should also carefully check whether the business scope of the institution ’s business license includes "securities investment consulting" during investment consulting. The website of the China Securities Industry Association has a column for publicizing information on illegal counterfeiting institutions, which investors can pay attention to. The second is to be highly vigilant and do not send money to the other party's personal account. Legal securities investment advisory agencies generally charge advisory service fees through company-specific collection accounts. Investors should take extra care for securities advisory activities that require money to be entered into personal bank accounts. Investors can consult with securities investment companies, and if abnormal conditions are found, they should report to the relevant regulatory authorities in a timely manner. The third is to rationally invest to improve risk prevention awareness and self-protection ability. Investors should consciously stay away from illegal investment advisory institutions that are lured by high returns, abandon the concept of overnight riches, and do n’t be blinded by the false information of high returns and high returns of illegal elements, and always maintain a rational investment mentality.
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