Keywords: securities investment; Investment risk; counter-measure
In China's market economy, the financial market occupies a more important position. For any country, the constant change of financial market and the downturn of stock market will not only cause financial crisis, but also bring economic crisis. The survey results show that due to the instability of the stock market, most investors have suffered more or less losses in this process. So now investors are most concerned about how to ensure their own securities investment income. Although securities investment has the characteristics of flexible investment methods and high returns, most investors prefer to put their own funds into the securities market during the investment process. However, there is a strong uncertainty in the securities market, and the existence of this characteristic will bring a series of risks to securities investment.
First, the concept and characteristics of risk
First of all, it is necessary to analyze and discuss the main concepts and characteristics of risk in detail, so as to further understand the possible harm caused by investment risk. For risk, it belongs to an objective existence, that is, people's will and decision-making will not produce corresponding risks, which are produced by a series of factors under the action of * * * *. Therefore, on a certain level, the influencing factor itself is an objective existence, so the risk also belongs to an objective substance. In addition, there are many factors that affect the risk, and different factors will make the risk results different. In the process of investment, securities investors themselves have the responsibility to bear risks. Everyone has an equal relationship in securities investment, so basically they will be hurt by different degrees of risk. In addition, for the investment industry, risk has always existed in the form of a negative concept. Most people will have a certain degree of resistance or fear in the face of risks, and even some investors simply can't accept the consequences of risks. In the process of discussion, people will involve various uncertain factors, and these uncertain factors will also bring certain risks to people. Because China's science and technology have basically maintained a state of continuous progress, a series of information technologies have also been widely used in all walks of life. For the investment industry, advanced information technology can effectively predict the risks and risk characteristics of the industry. For example, modern information statistics methods can calculate and predict income. At the same time, in the calculation process, the risk coefficient can also be estimated to help investors. In addition, securities investors can also use probability calculation, combined with the law of actual income and expected income, to estimate the degree of risk. In short, although investors will get a certain degree of income in the investment process, they will also be accompanied by corresponding risks, so investment needs to be cautious.
Second, the classification of securities investment risks
general market risk
1. Market risk
The risk after the stock market changes is called market risk. Investors can analyze the stock price index and average stock price, and understand the market risk by combining the analysis results. Among the securities investment risks that securities holders may encounter, the market risk is the most difficult to solve, and the existence of this risk is likely to bring disastrous consequences to securities holders.
2. Interest rate and exchange rate risk
For securities prices and yields, interest rates will have the following effects on them. First, change the flow of funds. When the domestic currency appreciates, it will have a favorable impact on enterprises closely related to imports, but for export-oriented enterprises, it will have a series of adverse effects, and even the change of interest rate will reduce the income of the securities market to some extent. Second, it has an impact on the company's cost. When the interest rate increases, the financing cost of the company will increase. Under the same conditions except interest rate, the company's profit will be lower, so the company's share price and bond income will be directly affected. In addition, the risk of exchange rate is mainly manifested in the impact of exchange rate appreciation or depreciation on investors' psychological expectations.
3. Purchasing power risk
Inflation risk is purchasing power risk. It means that the real rate of return of investors is difficult to be guaranteed because of inflation. The direct financing place for enterprises and investors is the securities market. Therefore, the supply of social monetary funds will directly affect the supply and demand of the securities market and the securities price. If the money supply increases rapidly, when inflation occurs, it will directly change the price of securities.
4. Economic cyclical fluctuation risk
For economic cycle, its existence will have a direct impact on the stock market. When the stock market changes periodically, this kind of risk is called economic cyclical fluctuation risk. Among them, the market periodicity does not refer to the change of the securities market in a short time, but refers to a changing trend of its time.
5. Policy risks
After the government changes its policy on the securities market or promulgates new laws and regulations, the risk brought by the fluctuation of the securities market to investors is called policy risk. When the government changes the securities market policy, it will have a direct impact on the securities market price. If the policy adjustment has a greater impact, then the entire securities market will usher in greater fluctuations.
(b) Non-systemic risks
1. Industry risk
When the industry in which the securities issuing enterprise is located changes the income of securities investment, the risk caused is called industry risk. For most industries, it has a corresponding life cycle. That is, the industry will experience the process of expansion, growth, maturity and decline in the development process. Different cycle stages of the industry will naturally lead to different degrees of risk. In most cases, if the industry is in the expansion stage, then the related enterprises may face greater risks. But if the industry is in a mature stage, the risk level will be relatively low.
2. Operational risks
When there is a problem in the external business environment or internal business management of a company, it will have a direct impact on the company's income, so it is difficult to guarantee the income of securities investors. This risk is called business risk. The business activities carried out by the company will more or less directly determine the degree of business risk.
3. Default risk
Credit risk is the risk of default. When an enterprise can no longer pay debt interest, dividends and bonuses to investors according to the securities issuance contract or commitment, the risk of investors suffering losses is called default risk. To some extent, the risk of default is also related to operational risk. The operating ability and professional stability of securities issuers will directly affect the degree of default risk.
Third, the analysis of the influencing factors of securities investment risk
(a) Increased speculation makes it difficult to ensure market stability.
The survey results show that there are still many speculative behaviors in China's securities investment industry. People speculate in order to get the price difference in a short time, so as to earn the price difference profit. For speculation, its essence is based on the fluctuation of securities prices, so the increase of speculation will inevitably make the fluctuation of securities prices more intense, and it is difficult to ensure the stability of the securities market in this environment.
(B) the risk of securities managers' own quality
Because the relationship between securities brokers and holders in the securities market is only at the legal level, legal means cannot be used to prevent their moral hazard. When the securities broker fails to fulfill the corresponding obligations in accordance with the regulations, the securities holder will face inevitable measures. In addition, most people engaged in the securities industry in China do not have strong investment skills and comprehensive professional knowledge, which will bring a series of potential risks to investors themselves.
The blind investment of individual investors has disturbed the environment.
The survey results show that the number of individual investors in China's securities market is on the rise. Most individual investors did not understand the corresponding policies in advance, and did not participate in the study of professional systems, which led them to blindly follow other investors in the investment process. In addition, for individual investors, it is widely dispersed and there are various ideas, and criminals will use these characteristics of individual investors to create an impulsive market investment atmosphere for individual investors. In this way, not only the environment of the securities market will be disturbed, but also investors themselves will suffer losses.
Four. Suggestions and measures to prevent the risk of securities investment
(1) Strengthen the supervision of listed companies and financial intermediaries.
As far as China's securities investment laws and regulations are concerned, there are still some defects. For example, the lax supervision of relevant departments has brought great damage to the securities market. Therefore, what government departments need to do is to constantly improve the regulatory system, actively investigate companies that gain benefits through loopholes in the regulatory system, and impose penalties in combination with relevant laws and regulations. For listed companies and related intermediary companies, government departments should strengthen supervision and prohibit private bribery and market manipulation. When this kind of behavior appears, government departments should deal with it strictly, so that all companies have a strong sense of obeying the law. Finally, government departments should try their best to keep the securities investment market environment transparent in order to promote the operation of the securities market.
(two) to improve the professional level and professional ethics of employees.
For securities companies, the main development goal at present is to recruit talents. The main way to achieve this goal is to constantly improve its own management system and incentive mechanism. Only in this way can we effectively attract more outstanding talents. At the same time, securities companies should regularly organize internal employees to participate in professional knowledge training activities, or hold relevant lectures regularly, so that internal employees can learn more professional knowledge in this process and form excellent professional ethics. When the comprehensive ability of employees in securities companies reaches a strong professionalism, they can help investors get more benefits in the course of work, and the securities market can also achieve benign development.
(3) Strengthening the awareness of securities investors.
For securities investors, it is necessary to thoroughly study relevant policies before investing, and at the same time cultivate strong legal concepts, market concepts and risk concepts. If securities investors can do the above, they can avoid some unnecessary risks in the investment process. In addition, securities investors should constantly learn the corresponding professional knowledge. Because of the existence of this knowledge, investors can not only get more effective information in the investment process, but also refine investment materials effectively and make more reasonable investment decisions. Finally, securities investors should maintain a good mentality in the investment process, and at the same time keep their mentality calm at all times. Don't be angry and impulsive when picking stocks. Only when they have strong psychological quality can they occupy a series of advantages in the securities investment market.
Verb (abbreviation of verb) conclusion
In short, China's securities market has become increasingly mature, and its existence not only provides investors with new financing channels, but also plays a certain role in China's reform and opening up. Therefore, what the relevant departments need to do now is to constantly improve the supervision system of the securities investment market, and at the same time, other securities investors should also enhance their awareness of prevention, create a good securities market environment and enhance the existence value of securities investment under the joint action of * * * *.
References:
[1] Chen Jiahong. Corruption from the perspective of the securities market [J]. Theoretical discussion, 20 15 (02): 80-8 1.
[2] Li Yongsen, Zhang Ning. Analysis of the characteristics of China's securities market [J]. China Finance, 20 15 (02): 55-56.
[3] Huang Shuolin. Analysis of Risk Prevention Strategies of Securities Investment Funds [J]. Modern Economic Information, 2018 (12): 290-291.
(Author: Sun, Taizhou Business Department of Minmetals Securities; China Construction Bank Taizhou Huangyan Branch)
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