Digital currency VCT
Publish: 2021-04-23 20:10:47
1. It's a very painful experience to be cheated of all my savings, because I've been cheated of all my life's savings. In this way, another person feels very desperate. There is a person around me who has been cheated by a fraud gang. Now his life's savings are a little unclear, which makes people look very pitiful
2. What is an institutional investor
institutional investors refer to the institutions that can be registered in accordance with laws and regulations or approved by relevant government departments
in the securities market, all the indivials or institutions who invest in the purchase of stocks, bonds and other securities are collectively referred to as securities investors. In a broad sense, institutional investors refer to the legal entities that use their own funds or funds raised from the scattered public to invest in securities. In western countries, securities companies, investment companies, insurance companies, various welfare funds, pension funds and financial consortia, which take the investment income of securities as their important source of income, are generally called institutional investors. One of the most typical institutional investors is the mutual fund which specializes in portfolio investment. In China, institutional investors are mainly securities business institutions with the qualification of securities self operation business, investment management funds in line with relevant national policies and regulations, etc< Compared with indivial investors, institutional investors have the following characteristics:
(1) specialization of investment management
institutional investors generally have relatively strong financial strength, and they are equipped with special departments in investment decision-making operation, information collection and analysis, research on listed companies, investment and financing methods, etc., which are managed by securities investment experts. Since 1997, the main securities business institutions in China have set up their own securities research institutes. Indivial investors are highly dispersed e to limited funds. At the same time, most of them are small investors. They lack enough time to collect information, analyze the market and judge the trend. They also lack enough data to analyze the operation of listed companies. Therefore, theoretically speaking, the investment behavior of institutional investors is relatively rational, the investment scale is relatively large, and the investment cycle is relatively long, which is concive to the healthy and stable development of the securities market< (2) portfolio of investment structure
the securities market is a high-risk market. The more funds institutional investors enter the market, the greater the risk they will bear. In order to rece the risk as much as possible, institutional investors will make a reasonable portfolio in the investment process. The huge capital, professional management and multi-faceted Market Research of institutional investors also make it possible to establish an effective portfolio. Due to their own conditions, it is difficult for indivial investors to make a portfolio, and relatively speaking, they also bear higher risks< (3) standardization of investment behavior
institutional investor is an economic entity with independent legal status, and its investment behavior is regulated in many aspects, which is relatively standardized. On the one hand, in order to ensure the "open, fair and just" principle of securities trading, maintain social stability and ensure capital security, the state and government have formulated a series of laws and regulations to regulate and supervise the investment behavior of institutional investors. On the other hand, through self-discipline management, investment institutions regulate their investment behavior from all aspects, protect the interests of customers and maintain their reputation in the society< According to the definition of the amount of investors' funds, institutional investors are defined as investors whose amount of funds is large enough to influence the price of a certain stock for a period of time, including indivial investors< From the perspective of investors' identity or organizational structure, institutional investors are limited to a kind of investors corresponding to indivials, that is, legal person, which includes three types of legal persons who open stock accounts:
(1) in accordance with the securities law and relevant laws and regulations, institutional investors are divided into three types, Securities companies and securities investment fund management companies with clear legal provisions to engage in stock trading rights
(2) according to the securities law and relevant regulations, the "three types of enterprises" that can participate in stock trading but have limited operation are state-owned enterprises, state-owned holding companies and listed companies
(3) in terms of whether or not to participate in stock trading and the way to participate in stock trading, there is a lack of legal person with clear legal provisions or no specific rights and obligations, such as "three capital" enterprises, private enterprises, unlisted non-state-owned holding joint-stock enterprises, association legal person, etc< In the Interim Measures for the administration of domestic securities investment of QFII jointly issued by the people's Bank of China and the China Securities Regulatory Commission in November 2002, QFII is defined as: an overseas fund management institution that meets the relevant conditions, has been approved by the China Securities Regulatory Commission to invest in China's securities market, and has obtained the quota approval from the State Administration of foreign exchange Insurance companies, securities companies and other asset management institutions
compared with the above meanings of Chinese and foreign institutional investors, the most obvious difference between Chinese and foreign institutional investors is reflected in the specialization of business activities, that is, foreign countries emphasize that the main business of institutional investors should mainly focus on securities investment activities, while China hardly pays attention to this. Correspondingly, foreign institutional investors have rich rational judgment ability and operational skills in the financial field, especially in the field of securities investment, while China's view on this issue is relatively vague< From the perspective of operational practice, the differences between Chinese and foreign institutional investors can be understood from the following two aspects:
first, the origin of institutional investors is based on completely different reasons
in western developed countries, as the most typical institutional investor, securities investment fund originated from "overseas and colonial government trust" which was born in England in 1868. At the end of the 18th century, Britain experienced a profound instrial revolution, resulting in a surplus of funds, which made many people invest their funds overseas for higher returns. However, e to the lack of international investment knowledge and the frequent outbreak of risks in the securities market of investment countries, a considerable number of these investors suffered great losses, In this way, there is a market demand for the establishment of funds by the government. Under this background, the funds launched are favored by investors. The following funds, such as the Scottish American trust founded by the Scots in 1873 and the Massachusetts investment trust company established by the Massachusetts Financial Services Corporation in Boston in 1926, were all developed based on the needs of the market. It is not difficult to see that the motive force for the development of institutional investors comes from the needs of market investors, which is a spontaneous behavior of the market< In contrast, the emergence and development of institutional investors in China's securities market are promoted by the government out of its own needs, which is an obvious government behavior. These needs mainly come from two aspects: one is to adapt to the rapid expansion of the stock market, expecting institutional investors to bring the rapid increase of market funds. For example, Shenzhen Stock Exchange and Shanghai Stock Exchange made the decision to allow institutional investors to enter the stock market in 1991 and 1993 respectively, and allowed three types of enterprises to enter the stock market in 1999, all of which are based on the above reasons. In addition, the view that the market downturn and the need for market funds have been the original driving force for the management to develop securities investment funds. As early as July 1994, in view of the market situation, the core of the three major policies made by the management is to "develop mutual investment funds, cultivate institutional investors, try to set up Sino foreign cooperative fund management companies, and graally attract foreign funds to invest in the domestic A-share market". When the market conditions were not mature at that time, the management's introction of such measures clearly indicated their intention to stimulate the market. On the other hand, it is hoped that institutional investors can meet the requirements of stabilizing and standardizing the development of the securities market, and this intention is clearly stated in the relevant laws and regulations. For example, the Interim Measures for the administration of securities investment funds promulgated in November 1997 stipulates that "promoting the healthy and stable development of the securities market" is one of the purposes of securities investment funds. In order to achieve the goal of stabilizing and regulating the market development, the management provides relatively favorable policy treatment for institutional investors, which is mainly reflected in the new share subscription. For example, when the new shares are issued before May 18, 2000, the fund can be placed separately to the fund, and then the fund can apply for appointment placement as a strategic investor or general corporate investor< Second, the operating environment of institutional investors is very different
the emergence of foreign institutional investors is essentially the proct of financial innovation, and its development also further promotes the development of financial innovation, forming a benign interactive relationship between them. However, in China, the development of institutional investors is basically driven by policies, and there is no suitable living space, so that the "unconventional development of institutional investors" has become the proct of the growth
first of all, foreign institutional investors not only have a large enough domestic market for their operation, but also can continuously bring other countries' markets, especially some emerging markets with development potential, into their investment portfolio under the background of portfolio theory extending to the international scope, so as to avoid the risk of single country's securities market to a certain extent. For example, in the UK asset management instry, foreign investment accounts for 20% of the total< In contrast, the scope of institutional investors in China is basically limited to domestic investment. The momentum of the development of China's capital market is that the stock market develops rapidly while the bond market develops relatively slowly, which makes its operation space very limited. Moreover, the "large number and small circulation" of Listed Companies in the stock market further restricts its investment operation
secondly, foreign institutional investors, especially in developed countries, generally use financial derivatives to gain more investment opportunities and improve the efficiency of risk management. For example, 61% of pension fund companies and insurance companies in EU countries use derivatives directly or through external fund managers, of which 75% use derivatives for purposeful asset allocation and 50% for avoiding cash risk
in China's securities market, systemic risk accounts for the majority of the total risk, even up to about 80%. The role of decentralized investment in risk aversion is very limited, and financial derivatives such as stock index futures and options that can avoid systemic risk can not be launched according to the requirements of the market, which makes the ability of institutional investors to resist risks very weak
finally, the expanding operation space of foreign institutional investors provides investors with innovative investment targets. Taking investment funds as an example, since the 1990s, the British fund instry has launched a series of innovative varieties, mainly including:
(1) personal stock plan (PEP) and personal savings account (ISA). Both PEP and isa are personal savings and investment plans that can enjoy certain tax exemption< (2) umbrella funds and split capital investment trusts. Umbrella funds mainly use the "umbrella" structure to meet the different investment needs of investors, under which multiple sub funds can be set up, each with specific investment objectives and characteristics, so that investors can easily and cheaply switch between sub funds. And split capital investment trusts are not
institutional investors refer to the institutions that can be registered in accordance with laws and regulations or approved by relevant government departments
in the securities market, all the indivials or institutions who invest in the purchase of stocks, bonds and other securities are collectively referred to as securities investors. In a broad sense, institutional investors refer to the legal entities that use their own funds or funds raised from the scattered public to invest in securities. In western countries, securities companies, investment companies, insurance companies, various welfare funds, pension funds and financial consortia, which take the investment income of securities as their important source of income, are generally called institutional investors. One of the most typical institutional investors is the mutual fund which specializes in portfolio investment. In China, institutional investors are mainly securities business institutions with the qualification of securities self operation business, investment management funds in line with relevant national policies and regulations, etc< Compared with indivial investors, institutional investors have the following characteristics:
(1) specialization of investment management
institutional investors generally have relatively strong financial strength, and they are equipped with special departments in investment decision-making operation, information collection and analysis, research on listed companies, investment and financing methods, etc., which are managed by securities investment experts. Since 1997, the main securities business institutions in China have set up their own securities research institutes. Indivial investors are highly dispersed e to limited funds. At the same time, most of them are small investors. They lack enough time to collect information, analyze the market and judge the trend. They also lack enough data to analyze the operation of listed companies. Therefore, theoretically speaking, the investment behavior of institutional investors is relatively rational, the investment scale is relatively large, and the investment cycle is relatively long, which is concive to the healthy and stable development of the securities market< (2) portfolio of investment structure
the securities market is a high-risk market. The more funds institutional investors enter the market, the greater the risk they will bear. In order to rece the risk as much as possible, institutional investors will make a reasonable portfolio in the investment process. The huge capital, professional management and multi-faceted Market Research of institutional investors also make it possible to establish an effective portfolio. Due to their own conditions, it is difficult for indivial investors to make a portfolio, and relatively speaking, they also bear higher risks< (3) standardization of investment behavior
institutional investor is an economic entity with independent legal status, and its investment behavior is regulated in many aspects, which is relatively standardized. On the one hand, in order to ensure the "open, fair and just" principle of securities trading, maintain social stability and ensure capital security, the state and government have formulated a series of laws and regulations to regulate and supervise the investment behavior of institutional investors. On the other hand, through self-discipline management, investment institutions regulate their investment behavior from all aspects, protect the interests of customers and maintain their reputation in the society< According to the definition of the amount of investors' funds, institutional investors are defined as investors whose amount of funds is large enough to influence the price of a certain stock for a period of time, including indivial investors< From the perspective of investors' identity or organizational structure, institutional investors are limited to a kind of investors corresponding to indivials, that is, legal person, which includes three types of legal persons who open stock accounts:
(1) in accordance with the securities law and relevant laws and regulations, institutional investors are divided into three types, Securities companies and securities investment fund management companies with clear legal provisions to engage in stock trading rights
(2) according to the securities law and relevant regulations, the "three types of enterprises" that can participate in stock trading but have limited operation are state-owned enterprises, state-owned holding companies and listed companies
(3) in terms of whether or not to participate in stock trading and the way to participate in stock trading, there is a lack of legal person with clear legal provisions or no specific rights and obligations, such as "three capital" enterprises, private enterprises, unlisted non-state-owned holding joint-stock enterprises, association legal person, etc< In the Interim Measures for the administration of domestic securities investment of QFII jointly issued by the people's Bank of China and the China Securities Regulatory Commission in November 2002, QFII is defined as: an overseas fund management institution that meets the relevant conditions, has been approved by the China Securities Regulatory Commission to invest in China's securities market, and has obtained the quota approval from the State Administration of foreign exchange Insurance companies, securities companies and other asset management institutions
compared with the above meanings of Chinese and foreign institutional investors, the most obvious difference between Chinese and foreign institutional investors is reflected in the specialization of business activities, that is, foreign countries emphasize that the main business of institutional investors should mainly focus on securities investment activities, while China hardly pays attention to this. Correspondingly, foreign institutional investors have rich rational judgment ability and operational skills in the financial field, especially in the field of securities investment, while China's view on this issue is relatively vague< From the perspective of operational practice, the differences between Chinese and foreign institutional investors can be understood from the following two aspects:
first, the origin of institutional investors is based on completely different reasons
in western developed countries, as the most typical institutional investor, securities investment fund originated from "overseas and colonial government trust" which was born in England in 1868. At the end of the 18th century, Britain experienced a profound instrial revolution, resulting in a surplus of funds, which made many people invest their funds overseas for higher returns. However, e to the lack of international investment knowledge and the frequent outbreak of risks in the securities market of investment countries, a considerable number of these investors suffered great losses, In this way, there is a market demand for the establishment of funds by the government. Under this background, the funds launched are favored by investors. The following funds, such as the Scottish American trust founded by the Scots in 1873 and the Massachusetts investment trust company established by the Massachusetts Financial Services Corporation in Boston in 1926, were all developed based on the needs of the market. It is not difficult to see that the motive force for the development of institutional investors comes from the needs of market investors, which is a spontaneous behavior of the market< In contrast, the emergence and development of institutional investors in China's securities market are promoted by the government out of its own needs, which is an obvious government behavior. These needs mainly come from two aspects: one is to adapt to the rapid expansion of the stock market, expecting institutional investors to bring the rapid increase of market funds. For example, Shenzhen Stock Exchange and Shanghai Stock Exchange made the decision to allow institutional investors to enter the stock market in 1991 and 1993 respectively, and allowed three types of enterprises to enter the stock market in 1999, all of which are based on the above reasons. In addition, the view that the market downturn and the need for market funds have been the original driving force for the management to develop securities investment funds. As early as July 1994, in view of the market situation, the core of the three major policies made by the management is to "develop mutual investment funds, cultivate institutional investors, try to set up Sino foreign cooperative fund management companies, and graally attract foreign funds to invest in the domestic A-share market". When the market conditions were not mature at that time, the management's introction of such measures clearly indicated their intention to stimulate the market. On the other hand, it is hoped that institutional investors can meet the requirements of stabilizing and standardizing the development of the securities market, and this intention is clearly stated in the relevant laws and regulations. For example, the Interim Measures for the administration of securities investment funds promulgated in November 1997 stipulates that "promoting the healthy and stable development of the securities market" is one of the purposes of securities investment funds. In order to achieve the goal of stabilizing and regulating the market development, the management provides relatively favorable policy treatment for institutional investors, which is mainly reflected in the new share subscription. For example, when the new shares are issued before May 18, 2000, the fund can be placed separately to the fund, and then the fund can apply for appointment placement as a strategic investor or general corporate investor< Second, the operating environment of institutional investors is very different
the emergence of foreign institutional investors is essentially the proct of financial innovation, and its development also further promotes the development of financial innovation, forming a benign interactive relationship between them. However, in China, the development of institutional investors is basically driven by policies, and there is no suitable living space, so that the "unconventional development of institutional investors" has become the proct of the growth
first of all, foreign institutional investors not only have a large enough domestic market for their operation, but also can continuously bring other countries' markets, especially some emerging markets with development potential, into their investment portfolio under the background of portfolio theory extending to the international scope, so as to avoid the risk of single country's securities market to a certain extent. For example, in the UK asset management instry, foreign investment accounts for 20% of the total< In contrast, the scope of institutional investors in China is basically limited to domestic investment. The momentum of the development of China's capital market is that the stock market develops rapidly while the bond market develops relatively slowly, which makes its operation space very limited. Moreover, the "large number and small circulation" of Listed Companies in the stock market further restricts its investment operation
secondly, foreign institutional investors, especially in developed countries, generally use financial derivatives to gain more investment opportunities and improve the efficiency of risk management. For example, 61% of pension fund companies and insurance companies in EU countries use derivatives directly or through external fund managers, of which 75% use derivatives for purposeful asset allocation and 50% for avoiding cash risk
in China's securities market, systemic risk accounts for the majority of the total risk, even up to about 80%. The role of decentralized investment in risk aversion is very limited, and financial derivatives such as stock index futures and options that can avoid systemic risk can not be launched according to the requirements of the market, which makes the ability of institutional investors to resist risks very weak
finally, the expanding operation space of foreign institutional investors provides investors with innovative investment targets. Taking investment funds as an example, since the 1990s, the British fund instry has launched a series of innovative varieties, mainly including:
(1) personal stock plan (PEP) and personal savings account (ISA). Both PEP and isa are personal savings and investment plans that can enjoy certain tax exemption< (2) umbrella funds and split capital investment trusts. Umbrella funds mainly use the "umbrella" structure to meet the different investment needs of investors, under which multiple sub funds can be set up, each with specific investment objectives and characteristics, so that investors can easily and cheaply switch between sub funds. And split capital investment trusts are not
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