Stock concept

Stock concept: Shares in the Company to raise capital to the investor when the shares issued vouchers. The stock represents its holder (ie shareholders) on the ownership of shares in the company. This title is a comprehensive rights, such as participate in the general meeting of shareholders, voting, participation in the company's major decisions. Collecting dividends or share dividend, and so on. Each of the same category by a representative of the company stock ownership are equivalent. Each shareholder of the company owned by the size of share ownership depends on the number of its holdings of shares of the company's total equity weighting. Through the sale of shares to be generally means compensatory transfer shareholders through stock transfer to recover their investment, but it can not require the company to return to its investors. Shareholders and the company claims is not the relationship between debt relations. Shareholders are the owners of the company, is limited to its investors held limited liability company, to take risks, and benefit-sharing. As the results of human civilization, joint-stock and stock also applies to China's socialist market economy. Enterprises can be issued to the public through the stock to raise capital for production and management. Countries can control a majority stake, with the same funds control more resources. Currently in Shanghai. Companies listed on the Shenzhen Stock Exchange, the vast majority are state-controlled companies. 【Stock nature -- 　 Stockholders with shares of stock obtained from the regular income dividends. The stock is a stock company owned by the actual capital ownership certificates, the proceeds only on behalf of the right to receive the proceeds of future evidence, it is not the actual capital, but only indirectly reflect the actual situation of the capital campaign, which showed a virtual capital. The origin of [the stock] The stock has been to approximate 400-year history. Social stock is the product of mass production. As human society entered a society of mass production in the period, business and capital expansion of the size of the problem of insufficient demand increasingly prominent, and therefore have a stake in the company form, the shareholders of enterprises co-financed organizations; shares of the changes and development company stocks have had a form of financing activities; equity financing to the development of the transaction needs; stock transactions demand contributed to the formation and development of the stock market, while the stock market and promote the development of end-financing activities and the shares of joint-stock companies to improve and development. Therefore, the joint-stock companies, share financing and stock market mutual ties and interaction, and that the joint-stock companies, share financing and the common development of the stock market. Stocks first appeared in the capitalist countries. Early in the 17th century, with the capitalist big industrial development, production and operations continues to expand the scale This has generated a capital shortage, lack of capital will become constraining the development of capitalist business operations and one of the important factors. In order to raise more capital, therefore, has to form joint-stock companies, co-financed by the shareholders of enterprises, which will raise capital to expand the scope of the community, which will have a stock that investors to invest in such shares, in accordance with the size amounts to enjoy certain rights and bear certain responsibility is valuable documents, and issued to the public to absorb and concentrate scattered in the community funds. Company organizations form of this kind of enterprise, the capitalist countries soon for wider use, become a capitalist countries enterprise organization one of the important forms. Along with shares of the birth and development of the company, the form of equity shares of the fund-raising methods have also been developed, and produced a transaction demand for the transfer of shares. This is driven by the emergence and formation of the stock market and the stock market to improve and develop. According to written records, as early as 1611 had some businessmen conducted in the Netherlands in Amsterdam the Dutch East India Company stock transaction, forming the world's first stock market, stock Exchange. At present, the Company has become a capitalist countries most basic forms of business organization; stock industry has become a capitalist country and an important channel for financing, investors investment is the basic options, and stock market transactions has been issued and capitalist countries become an important basic operating securities market, to become indispensable to the stock market an important part. The role of [stock] (1) is a stock that investors, when a natural or legal person shares to the Investment Co., Ltd., will be funded as stock certificates; (2) the holder of the stock shares to prove himself with the shareholders as shares of the company to participate in the general meeting of shareholders, the shares of the company's operating express their views; (3) the stock holders by virtue of the stock shares issued enterprises to participate in the distribution of profits, is what is commonly known as dividend, a means of obtaining certain economic interests. 【Stock classification: 1. Region can be divided into under the Listing: Shares of China's listed companies have A shares, B shares, H-shares, N-shares and S shares, and other distinctions. This distinction main basis for the listing locations and stock faced by the investors concerned. A-shares A share is the official name of the renminbi common stock. It is from the corporate issuers in China for domestic institutions, organizations or individuals (excluding Taiwan, Hong Kong and Macao investors) to RMB subscription and transaction ordinary shares. In 1990, China's A shares a total of only 10 to 1,997 by the end of A shares increased to 720, the total A-shares for 164.6 billion shares of equity, with a total market value of 1.7529 trillion yuan, with gross domestic product ratio of 22 .7%. 1997 A-shares, the volume of 447.1 billion shares, the transaction amount to 3.0295 trillion yuan, China's A-share stock market, after several years of rapid development, has begun to take shape. A shares are mainly in the following characteristics: (1) in our country can only issue RMB domestic investors to subscribe for ordinary shares. (2) in outstanding shares issued by companies accounted for the largest share of the stock, but also good liquidity of the stock, but the majority of A-share companies is not the company issuing the stock up, because, at present China's listed companies in addition to issue A shares, most of the countries are non-tradable shares, or state-owned legal person shares and so on. (3) are considered to be an allocation of only paying attention to profitability, fail to pay attention to the management of the stock, mainly because in the stock market in the A-share transactions, more attention to the A-share trading post, the other for his representative rights are not of Sino. B shares Also known as the renminbi special stock. Refer to those registered in the Chinese mainland, the Chinese mainland listed in the special shares. Marked with a face value of RMB can only subscribe for and transactions in foreign currencies. H-shares Also known as H-shares, refers to state-owned enterprises in Hong Kong (Hong Kong) listed shares. S Unit Are those the main production or operations on the core business in the Chinese mainland, and the registration of enterprises in Singapore (Singapore) or other countries and regions, but in Singapore Stock Exchange-listed stocks. N-shares Refer to those registered in the Chinese mainland, in New York (New York) - listed foreign stocks. 2. Under the profit, property distribution can be divided into Ordinary shares Ordinary shares in the company refers to the management and allocation of profits and enjoy the property rights of the ordinary shares, representing reimbursement to meet all the requirements and priority claims shareholders with the right to the proceeds after the claims require corporate profits and surplus property from the right, it constitutes a company's capital basis, the stock is one of the basic forms, is the largest circulation, the most important stocks. Currently in Shanghai and Shenzhen Stock Exchange, trading in the shares are ordinary shares. Holders of ordinary shares they hold shares in proportion according to the following basic rights: (1) right to participate in decision-making companies. Shareholders have the right to participate in common stock shareholders of the General Assembly, and a proposal to the right, the right to vote and the right to vote, can be commissioned on behalf of its shareholders to exercise their rights. (2) the right to share in profits. Ordinary shares of the company from the shareholders have the right to receive dividends in the distribution of profits. The common stock dividend is not static, the company profit from the situation and its distribution policy decisions. Common stock shareholders must obtain shareholder in the fixed-dividend preference shares only after the right to enjoy the right to share in dividends. (3) Priority options. If the company needs expansion and issuance of common stock, the existing ordinary shares of its shareholders entitled to equity ratio to below the market price of a particular priority to buy a certain number of newly issued shares, thus maintaining its ownership of the enterprises the original ratio. (4) distribution of the remaining assets. When a company bankruptcy or liquidation, if the company's assets to repay debt after remaining there, the remainder of their first preference shares by the shareholders, after the order of ordinary shares to be distributed among shareholders. Preference shares Relative to the case of ordinary shares. Mainly referring to the profit and dividend distribution of surplus property rights, and give priority to common shares. Preference shares have two rights: A. distribution of profits in the company, shareholders have priority over holders of shares of common stock shareholders, distribution earlier, and enjoy a fixed amount of dividends, the dividend rate preferred stocks that are fixed, and the common stock dividend is not fixed , as the case may be corporate profits, profits more points, Lee slightly points, regardless of no benefit, no cap, no under-end. B. dissolution of the company and distribution of surplus property, the preference shares in common stock before the distribution. 3. According to performance are also divided into: After placement of shares After placement of shares in the interests of dividends or interest and the allocation of surplus property at a disadvantage than the ordinary shares of the stock, ordinary shares in the general distribution, redistribution of the remaining interests. If the company's huge profits, after the amounts of cash are very limited, the purchase of cash after shareholders can obtain high profits. After placement of shares issued, by the general financing of the funds could not immediately produce receipts, investors also restricted the scope, efficiency is not high. After placement of shares generally issued in the following circumstances: (1) to the financing of the expansion equipment company issued new stock funds, in order not to reduce the dividends of the old shares in the new equipment with a formal vote before the new stock will be issued after the placement of shares; (2) enterprise merger, the combined ratio for the adjustment to the merger was part of a shareholder of these enterprises delivery after placement of shares; (3) If the government investment company, the privately held stock before the dividend up to a certain level, the government's share holdings as a share placements after. ST Unit ST shares in the listed companies is a loss for two consecutive years, for special treatment by the stock; * ST refers to a listed company in the stock losses for three consecutive years.摘帽refers to the original is the ST, ST has now removed. Garbage stocks Operating losses or breaches of company stock. Blue chips Companies operating very good, very good performance, earnings per share 0.5 yuan more Blue chips On the stock market, those in their respective industry occupies an important dominant position, excellent performance, was active, large companies offering high dividend stocks known as blue chips. Shares issued to shareholders of the company shares documents. It is the shareholders have a certificate of ownership of share capital, but also made regular dividend to shareholders and a dividend portfolio. Stock trading can be carried out according to law, transfer and apply for loans to banks as collateral, but not general stock holders exit. 4. May be divided into: ① bearer shares and bearer shares. This was mainly recorded in accordance with the shareholders of the stock divided by name. Bearer shares, the shareholders in the stock on the record the names, if the transfer must be approved by the company handling the transfer procedures. Bearer shares, the stock is not recorded in the names of the shareholders, if the transfer takes effect through delivery. ② face value of the stock and has the votes no par value shares. This is based mainly in mind that the stock is divided by the amount per share. Face value of the stock has the votes are recorded in the stock on a share of the amount. Shares without par value, but remember that the total capital stock and the company, or a share of the company's total capital ratio. ③ single stock and plural stock. This is mainly on the basis that the stock divided by the number of shares. Each single stock is a stock that. Plural stock shares that refers to the number of each unit. ④ ordinary shares and special shares. This is based mainly represented by the right stock divided by size. With the common stock dividend increase or decrease in the size of corporate profits. In accordance with the regulations in particular stocks generally have priority in obtaining a fixed interest rate of dividends, but their shareholders the right to vote be limited, particularly stock called priority shares. ⑤ the right to vote the stock and non-voting shares. This is based mainly holders of the stock divided by whether the right to vote. Common stock holders have the right to vote, and that those who enjoy certain aspects of the priorities of special interest in the stock holders the right to vote on the often limited. Non-voting shareholders, the company can not take part in decision-making. 【Shares basic characteristics: (L) of non-repayment. The stock also is a period of unpaid portfolio, retail investors of the stock, can no longer require exit only on the secondary market to sell third party. The transfer of shares means that the company's shareholders only the change does not reduce the company's capital. From the period of view, as long as the company exists, it exists on the issuance of stock, stock equivalent to the duration of the period the company continues to exist. (2) participation. Shareholders have the right to attend the general meeting of shareholders, the election board, the companies involved in major decisions. Holders of stock investment will and enjoy the economic benefits, usually through the exercise of shareholders to realize the right to participate. Shareholders involved in corporate decision-making right size, it depends on the number of shares held. Looks into the practice, as long as the number of shares held by shareholders reach decisions about the actual results of the majority, then it can control the decision-making control of the company. (3) The proceeds of. Holders of shares in its sole shareholder, the right to receive dividends from the company or dividends, access to the return on investment. The size of dividends or dividend depends primarily on the company's profit level and the company's profit distribution policy. The proceeds of the stock, but also can be spread in the stock to investors or maintaining and increasing the value of assets. Through low-priced stocks to buy and sell high, investors can earn spread profits. Coca-Cola's shares to the United States as an example. If at the end of 1983 investment 1,000 US dollars to buy people and the company's stock, to July 1994 will be a 11 554 dollar market selling prices, earning more than 10 times the profits. In inflation, the stock price will be reset with assets of the original company increased prices rose, so as to avoid the depreciation of assets. Stocks were often regarded as the high inflation during the first option to the investment. (4) liquidity. The liquidity of the stock means stock investors in different between the tradability of. Usually the liquidity of the amount of shares in circulation may, stock turnover on the stock trading volume and the degree of sensitivity to measure. Few can be more shares outstanding, the greater the volume, the more price sensitive on turnover (turnover together with the price will not change), the liquidity of the stock, the better, the worse the contrary. Shares of circulation so that investors can be sold in the market of shares owned by, in cash. The flow through and the stock price changes, we can see that people for related industries and the development prospects of listed companies and the profit potential judgment. Those in the market circulation attract a large number of investors, stock prices rising industries and companies through issuing additional shares, constantly absorbing large amounts of capital into the production and business activities, received the effect of optimizing the allocation of resources. (5) price fluctuations and risks. In trading on the stock market as trading partners, the same merchandise, have their own markets and the market price. As stock prices should be such as companies operating conditions, supply and demand, interest rates, the mass psychological, and other factors, its fluctuations have great uncertainty. It is this uncertainty, stock investors are likely to suffer losses. Fluctuations in the price of greater uncertainty, the greater the investment risk. Therefore, the stock is a high-risk financial products. For example, the computer industry in the world dominating the International Business Machines Corporation (IBM), when its performance out of the ordinary, share prices have been as high as 170 US dollars, but their status was in the challenge of operating losses incurred unwise, and shares fell to 40 US dollars. If not in the high-priced opportunity to buy the stock, it will lead to serious losses. 【Rose跌停板system: Rose跌停板system stems from the early stock markets abroad, is the stock market in order to prevent the skyrocketing prices plummeted transactions, inhibiting excessive speculation in the securities per day price to be appropriate restrictions on price movements of a trading system whereby transaction price in a trading days fluctuations of the largest previous closing price for the upper and lower percentage than after the transaction. China's existing securities market rose跌停板system is December 13, 1996 release, December 26, 1996 came into operation, aimed at protecting the interests of investors and maintain market stability, and further promote the standardization of the market. The system provides that, except the first day of listing, the stock (including A and B shares), a fund securities transactions in the trading day closing price上一交易日prices relative price movements of not more than 10 percent, exceeding涨跌jawboning commissioned by the commission invalid. China's foreign rose跌停板system and the main difference is that the system reached shares rose跌停板, is not the complete cessation of trade, price or in涨跌parked within the transaction price will continue to be carried out until the close of the day so far. [Stock prices] The stock itself has no value, but it can sell as merchandise, and have a certain price. The stock price is also called the stock行市, it is not equal to the amount of unsold stock. Shares of votes on behalf of investment shares of the denomination currency amount of capital, it is fixed and the change in stock price is, it is often greater than or less than the nominal amount of stock. The sale of stock was actually trading the right to dividends, stock prices are not it represents the actual performance of the capital value of the currency, but a capitalization of income. Stock prices generally from dividends and interest rate determined by two factors. For example, with a nominal amount of 100 yuan shares annually to achieve 10 yuan dividends, or 10% of the dividend, and at that time the interest rate is only 5%, then the price of this stock is 10 yuan ÷ 5% = 200 yuan . Calculation formula is: Stock prices = dividends / interest rates Clearly, the stock price and dividends directly proportional changes, and changes in interest rates in inverse proportion. If a particular stake in the business of good companies, dividends or increased dividend will be expected to increase, the shares of company stock price will rise; on the contrary, will be dropped. 【Stock transaction time -- Trading hours are: Mondays to Fridays 9:30 to 11 slightest, 13:00 to 3:00. Two days of rest and Exchange announced Rest Day holiday. 9.15 am ~ 9:25 into call auction time, the investor can under single-commissioned limited to the price of a business day before the closing price Modified 10%, that is the day up跌停板between 9:30 ago commissioned sheet, 9:30 pm bring together, drawn by the call auction price is the so-called "Dow Jones." If you can not entrust the price when trading in the contract, then separated from trading day must be re-挂单. 【Closing price determined manner: SMEs plate to close the final three minutes before the call auction returned, such as closing call auction unable to produce the closing price to the final day were sold for a closing price, closing call auction in a closed manner; shares to the Main Board the day before the final transaction in all transactions in one minute turnover加权平均价(including the last transaction). Public disclosure of information systems for the SME board in the stock market, where the following conditions, the largest transaction amount released five members of the marketing department or the name of seats and buying, selling Payment: the closing price decreases deviate from the value reached up ± 7% of the first three stocks, the price reached 15 percent of the amplitude first three stocks,换手率reach 20 percent of the first three stocks, and the motherboard stock, daily rose decreases ratio exceeds 7% ( with 7%) of the former five shares, announced its largest transaction amount of five members of the marketing department or the names and seat transaction amount. The suspension system for abnormal fluctuations in the stock SMEs plate, the situation appeared following the suspension: three consecutive trading days on or deviate from the closing price was up to a total value of ± 20%, ST and ST shares ★ three consecutive trading days on or deviate from the closing price was up value totaled ± 15%, three consecutive trading days average daily换手率with a five-day average daily换手率ratio reached 30 times, and three consecutive trading days the stock of accumulated换手率20 %, or by the China Securities Regulatory Commission considered to be abnormal fluctuations in other cases, and the board shares, are abnormal fluctuations suspension is: price reached three consecutive trading days or decreases or restrictions included in the five consecutive trading days open information, amplitude three consecutive trading days to reach 15%, average daily transaction volume of five consecutive trading days gradually increase 50 percent, the China Securities Regulatory Commission or by the unusual fluctuations that belong to the other cases. 【Stock transaction costs: Shares sold to buy admission fee increases. Buy and sell the commission for 0.3%, Shanghai is less than or equal to 3 ‰ starting point: five yuan Shenzhen is less than or equal to 3 ‰ starting point: five yuan Stamp duty: 3 ‰ countries to VAT. Another Shanghai per 1000 shares charged one yuan in transfer fees. Less than 1 yuan, or one yuan. No admission fee Shenzhen Shanghai commissioned costs five yuan (at each fee) Shenzhen No commission fees 【Stock basic terminology: Commissioned than: A measure of a certain period of time orders relative strength index. It is the formula for calculating the ratio = Commission (IPCC buyer few - commissioned to sell a few hands) / + appointed buyer commissioned to sell a few hands several × 100%. Commissioned than "value range from -100% to +100%. If" than appointed, "when, at the strong buying, and the greater the value, the more strong buying. Contrary, if" than appointed " for the negative, then the market weaker. Commissioned worse: A certain amount of current to buy and sell quantities and less. Reflect the balance of forces on both sides. A positive number for the buyer strong, negative for selling heavier. Ratio Turnover is a measure of relative indicators, it is a minute after the market opened, the average turnover in the past five trading days the average turnover per minute ratio. Its formula is: turnover ratio = total hands now / (past five daily average turnover per minute × opening day cumulative time (minutes)) When the ratio is greater than 1, the day every minute that the average turnover is greater than the past on the 5th, the average value transactions than in the past on the 5th popular, and equivalence ratio of less than 1:00, that the transactions now than the past five on average. The Dow Jones 9.15 am - 9: 25 for the call auction time, call auction period, the Stock Exchange of storage automatically bring together not only matching system, a time when the declaration of the end of bidding, the system will be under the auspices of Call principle, produce the same day in the stock the Dow Jones. According to the Shanghai Stock Exchange, as a half-hour after the market opened with a securities transaction, the previous day's closing price for the day the Dow Jones. Sometimes several days in a row without a securities transaction by the Stock Exchange under the securities trading commissioned by the customer the price, the price guidance, as to its turnover after the Dow Jones. The first day of trading of listed securities listed by the day before the transfer counters average price or average selling price for the Dow Jones. Closing price Refers to a closing price of the securities trading activities on the Stock Exchange before the end of the day the final bid price of a deal. If the same day, there was no transaction, using the most recent transaction prices as a closing price, as is the closing price on the market standards, but also under the trading day the Dow Jones basis, according to predict future stock market prices, so investors in the market analysis, generally use the closing price as the basis for calculation. Price Price is traded on the securities market in a certain time on a certain securities at the highest进价or minimum bid, the offer represented the seller and the buyer willing to pay the highest price,进价for the buyer is willing to buy certain securities The price bids for sellers willing to sell prices. Price habit of the order is reportedly first into the price, at a price in the latter. Stock Exchange, Price Four: First, I shout, and the second is that gesture, and the third is filled on the record to declare that the Fourth is the importation of electronic computer screen. Highest price: The contract refers to the price of the day the highest price. Sometimes only a maximum price, and sometimes more than one. Lowest price: The date refers to the price of the transaction at the lowest price. Sometimes only a low, sometimes more than one. Bull market On the stock market to buy more than sell, as the stock market is rising after the bull market. A bull market a number of factors, including the following: ① economic factors: shares increased corporate profits and economic prosperity in the period, a decline in interest rates, the development of new industries, moderate inflation, and so the stock market could promote price increases. ② political factors: government policies, laws enacted, or a mutation in the political events can cause stock prices to rise. ③ stock market itself factors: such as the issuance of a strong start, with speculators short selling transactions, the major purchase of large amounts of stock can trigger a bull market. Bear market Contrary to the bull market and bear market. More than sold on the stock market to buy, known as the bearish stock market bear market. The bear market trigger factors and the factors triggered the bull market almost, but change is in the opposite direction. Bulls, the bull market Investors bullish on the stock market is good, the stock is expected to be bullish, so when taking advantage of low prices to buy shares when the stock rose to a certain price, then sell to obtain variance receipts. Generally speaking, people usually maintain the long-term trend of rising shares of the stock market known as the bull market. Longs changes in the market shares the main features is a series of rose was down. Shorts, shorts market Shorts investors and stock to think that the present price Although higher, but bad outlook on the stock market, share prices will fall is expected, therefore timely to sell borrowed stock, the shares fell to a certain price to buy when Progressive, for a variance receipts. After adopting this first sold to buy, thereby reaping the trading post known as the shorts. The shares are usually long-term trend of the stock market was down as bear market, bear market stock is a series of changes in the characteristics of the crash rose. Buy air Investors forecast price will rise, but not limited funds owned by buying a large quantity of stock was first pay some margin, and through bank financing to brokers to buy stocks, shares rose to a certain question again when selling prices, access variance receipts. Short selling Short selling is investors forecast stock prices will fall, then delivered to the broker mortgage payment, and pre-empt sell borrowed stock. Question fell to a certain price, then buy the stock, and then return borrowed shares, and proceeds from obtaining variances. Favorable Good refers to stimulate gained information, such as stock improved operating results of listed companies, banks lower interest rates, social ample capital, and the relaxation of bank credit funds, the market prosperity, as well as other political, economic, military, diplomatic, and other aspects of shares rose favorable information. Negative Negative refers to shares fell to the information, such as stock deteriorating operating performance of listed companies, banks tightening, banks raised interest rates, economic recession, inflation, natural and manmade disasters, as well as other political, economic, military, diplomatic, and other aspects to shares the decrease in bad news. The sky The sky is a long time to do shorts mean. Potential investors in the stock long-term prospects do bad, will be expected to stock continued to decline, after the excuse to sell shares, the shares fell has been to wait for a long time before buying, with a view to obtaining profits. Multi - Long is a long time to do more bullish mean. Potential investors optimistic about the prospects for the shares, now get ready to buy long-term stock holding, with a view to long-term stock rose after obtaining high post. More dead Death is抱定idea more than do multiple meaning. Potential investors in the stock long-term prospects of a good buy for long-term holders of stocks and抱定an idea, not to make money not to sell the preferred place for several years, until the shares rose to an ideal price to sell. Runs The stock benefit or negative implications, from top to bottom by a wide margin beating phenomenon. When share prices rose by beneficial effects, the Dow Jones Stock Exchange within the same day or the lowest price higher than the closing price the day before the declaration of the two units above. When the shares fell, the same day the Dow Jones or the maximum price below the closing price the day before the declaration of the two units above. Or in a day's trading, up or down more than one reporting unit. This significant price jumps over the phenomenon known as runs. Hanging air Stock investors do short selling stock, but the stock price has not dropped the same day, but some increases, only purchase expensive loss, which is hanging empty. It is more Investors bullish on the prospects for shares, to use its own capital strength longs, even after the stock fell phenomenon, not eager to buy the stock shots. Ex Shares issued in payment of dividends or corporate dividends, shareholders need to check in advance the roster, held shareholders meetings, and other preparatory work, so to a certain provisions in the list of shareholders, whichever is, and in this notice after a period of time to halt the transfer of shareholders . Stop transfer period, the dividend dividend income is still registered to the old shareholders, the new holder to buy stock because of a lack of transfer will not be able to enjoy the right to receive dividends dividends, which called Ex. At the same time share trading price during the period should be deducted from dividends paid few dividends, which is trading ex-dividend. First priority Like ex-dividend and the first priority is to stop the transfer during a requirement: that the new stock holders in the period to stop the transfer of the shares would not be entitled to the right to cash replenishment. Allotment Option refers to the joint-stock companies to issue new shares to increase capital, the original shareholders have priority in the allocation of subscription rights or recognition. The value of such rights can be divided into the following two terms. ① free replenishment of the cash value of the rights = Stop closing price the day before the transfer - to stop closing price the day before the transfer ÷ (1 + cash rate) ② paid replenishment of stocks right value = Stop before the transfer of the day before closing price - (stop closing price the day before the transfer of new shares + rate cash contributions ×) ÷ (1 + cash rate). The rate cash per share which is the old stock allotment ratio of the number of new shares. The first priority after the first priority that stock trading transactions. Multiple Valuation is the ordinary shares of a certain stock price and earnings ratio. So it is also called price earnings ratio or price earning ratio. Its formula is: multiple = ordinary shares of the market price / earnings annually ordinary shares The formula refers to elements in the current share price, the most recent year available denominator profit, but also can be used the next year or several years of forecast profit. This rate is the estimated value of the ordinary shares of the most basic and important indicator. The general view that the ratio is maintained at 10-20 between normal. Note too small price low risk small, it is worth buying; too high price is illustrated, the risks are great, the purchase should be cautious, or should the holders of the stock. However, the actual situation, the stock market, valuation for the stock and more popular stocks, small stocks may be multiple unpopular stocks to buy may not be beneficial. 抢hat 抢hat is a speculation on the stock market having sex. In the stock market, speculators bought the same day a low price is expected to rise to the stock price, then wait rose to a certain price, then sold the same day by buying shares to obtain variance profits. First sold in the same day or the hands of the holders of the shares are expected to fall, then wait shares fell to a certain price, then sold at low prices by buying shares to gain the difference between the profits. 坐轿子坐轿子is on the stock market with a force up the manipulation of stock prices of speculative trading behavior. Speculators expected to be more favorable or negative information released, the shares will then jumped down, then speculators to buy or sell the stock immediately. Wait until the information released, people large buy or抢sale price was up to the charged situation, then speculators to buy or sell stock in order to obtain profits. After the first sale to buy Jiaozishan longs for the ride, known as the first land sale after buying shorts sit Jiaozishan. 抬轿son 抬轿son is profitable or after the publication of negative information is expected to be big ups and downs in stock and immediately buy or抢sell shares behavior.抢benefit of the information to buy shares as long suppressed Jiaozishan, looting negative information acts as selling stocks short lift Jiaozishan. 洗盘Stock speculators first substantial scrapping low, a large number of small stock investors (retail) panic and sell shares and then shares elevation to the opportunity to fish for profit. 回档In the stock market, share prices were rising trend, the end result of excessive speed and rose to hit a price reversal, this adjustment is called回档. Generally speaking, the stock回档rate than the small increase is usually fallen back to the previous inversion increase when about one-third of the original resume rising trend. Rebound In the stock market, share prices were continuing to decline trend, the end result fell excessively high speed and inversion recovery to a certain price adjustment phenomenon is known as rebound. Generally speaking, the stock rebounded rate of decline was smaller than is usually rebound to the previous rate of decline of about one-third, and restore the original decline. Call stalls Investors do longs, does fell, and is expected to further decline in share prices, will soon sell its holdings of stocks, and other stocks fell after buying some gaps, in order to reduce done longs fell During that period of time by the loss of such trade practices called for stalls. Finishing The shares on the stock market after the rapid rise or fall significantly after the encounter resistance lines or support lines, the original trend up or down a marked slowdown, the rate began to emerge for about 15 percent of the upper and lower beating, and continue for some time, a phenomenon known as finishing. Finishing the emergence of the phenomenon that usually pit bulls and bears arising from the fierce beating price, but also the next big price changes in the prelude.