Securities are certificates of ownership or creditor's rights with par value, which prove that the holder has the right to obtain certain income on schedule and can be freely transferred and traded. Portfolio is a form of virtual capital, which has no value in itself, but has a price. According to the different nature of property rights, marketable securities can be divided into three categories: commodity securities, currency securities and capital security. Bank drafts are bank bills, not securities. Securities are the product of the development of commodity economy and socialized mass production, and their meanings are very extensive. Securities in the legal sense refer to all kinds of legal documents that record and show certain rights, which prove that the holder has the right to obtain due rights according to the contents recorded in the securities he holds. Generally speaking, securities refer to written documents used to prove or create rights, indicating that the holder of the securities or a third party has the right to obtain specific rights and interests of the securities or to prove that it has acted. Securities are marked with par value, which proves that the holder has the right to obtain certain income on schedule and can be freely transferred and traded. This kind of securities itself has no value, but because it represents a certain amount of property rights, the holder can directly obtain a certain amount of goods, currency, interest, dividends and other benefits, so it can be bought, sold and circulated in the securities market, and objectively has a transaction price. There are many factors that affect the price of securities, mainly expected returns and market interest rates. Therefore, the price of securities is actually capitalized income. Therefore, the value in the value here is an expected value, not an actual value. Since it seems to be expected, there are risks and variables. There are two concepts of marketable securities: broad sense and narrow sense. Broad sense securities include commodity securities, currency securities and capital security. Commodity securities Commodity securities are documents that prove that the holder has the ownership or right to use the goods. Obtaining these securities is equivalent to obtaining the ownership of these commodities, and the owner's ownership of the commodities represented by these securities is protected by law. Commodity securities include bills of lading, waybills and warehouse receipts. Monetary securities Monetary securities refer to securities that enable the holder or a third party to obtain the right to claim money. Currency securities mainly include two types: one is commercial securities, mainly including commercial bills and commercial promissory notes; The other is bank securities, mainly including bank drafts, cashier's checks and checks. Capital security Capital security refers to securities generated by financial investment or activities directly related to financial investment. The bondholders have the right to claim certain benefits from the issuer, including stocks, bonds and their derivatives such as fund securities and convertible securities. Capital security is the main form of securities, and securities in a narrow sense refer to capital security. In daily life, people usually refer to the narrow sense of securities-capital security directly as securities or even securities. This book uses this concept in this sense. This security has the following basic characteristics: 1. The property right of property right securities means that securities record the property rights of the obligee, representing certain property ownership, and owning securities means the right to possess, use, benefit and dispose of property. In modern economic society, property rights and securities are inseparable and integrated, and rights are securitized. Although the holder of securities does not actually possess the property, he can legally own the ownership or creditor's rights of the property by holding the securities. 2 profitability refers to a certain income from holding securities, which is the return of investors' transfer of the right to use funds. Securities represent the ownership or creditor's rights of a certain amount of assets, and assets are a special kind of value, which will continue to increase in value in social and economic operation and eventually form a value higher than the original input value. Because the ownership or creditor's rights of such assets belong to securities investors, investors have the right to obtain the value-added income of these assets at the same time, so the securities themselves are profitable. The income of securities is represented by interest income, dividend income and the price difference between buying and selling securities. The amount of income usually depends on the appreciation of assets and the supply and demand of the securities market. 3. Liquidity of securities, also known as liquidity, means that securities holders can flexibly transfer securities according to their own needs in exchange for cash. Liquidity is the vitality of securities. The maturity of securities limits investors' flexible preferences, but its liquidity meets investors' random demand for funds in a flexible way. The circulation of securities is realized by acceptance, discount and transaction. The strength of securities liquidity is restricted by many factors, such as the duration of securities, interest rate level and interest-bearing method, credit, popularity, market convenience and so on. 4. The risk of risky securities refers to the possibility that the securities holder will not realize the expected investment income or even the loss of principal. This is caused by the maturity of securities and the uncertainty of future economic situation. Under the existing social production conditions, some investors can predict the future economic development and changes, and some investors can't predict them. Therefore, it is difficult for investors to determine whether and how much income they can get from the securities they hold in the future, which makes holding securities risky. 5. Term bonds generally have a clear repayment period to meet the needs of different investors and fundraisers for financing period and related rate of return. The term of the bond is legally binding, protecting the financing rights of both parties. Stocks have no term and can be regarded as indefinite securities. Securities can be classified according to different standards from different angles: 1. According to the classification of securities issuers, securities can be divided into government securities and marketable securities. Government bonds are usually bonds issued by the central government or local governments. Central government bonds, also known as national debt, are usually issued by the Ministry of Finance of a country. Local government bonds are issued by local governments and repaid with local taxes or other income. At present, except for special administrative regions, local governments at all levels in China are not allowed to issue bonds. Government agency securities are securities issued by approved government agencies. At present, government agencies are not allowed to issue bonds in China. Corporate securities are securities issued by companies to raise funds, which cover a wide range, including stocks, corporate bonds and commercial paper. In addition, among corporate bonds, securities issued by banks and non-bank financial institutions are usually called financial securities, among which financial bonds are particularly common. 2. Classification of marketable securities According to marketability, marketable securities are divided into marketable securities and priceless securities. Securities refer to the securities that can be sold quickly in the securities market when the holders need cash or want to convert their securities into cash. Such securities are the main investment targets of financial investors, including company stocks, corporate bonds, financial bonds, national debt, public bonds, warrants, warrants and so on. Unmarked securities refer to securities that holders of securities cannot or cannot sell quickly in the securities market when they need cash. Although this kind of securities can't or can't be sold quickly in the securities market, they all have the characteristics of less investment risk, certain investment income and being convertible into cash under certain conditions, such as time deposit certificates. 3. According to the classification of whether securities are listed or not, securities can be divided into listed securities and unlisted securities. Listed securities, also known as listed securities, refer to the securities approved by the competent securities department, registered in the stock exchange, and qualified for public trading in the exchange. Unlisted securities, also known as unlisted securities and OTC securities, refer to securities that have not applied for listing or do not meet the listing conditions of stock exchanges. 4. According to the fixed income of securities, securities can be divided into fixed income securities and variable income securities. Fixed-income securities refer to securities holders who can obtain fixed income within a specific period and know the amount and time of income in advance, such as fixed-interest bonds and preferred stocks. Variable income securities refer to securities whose income changes with the change of objective conditions. For example, the dividend income of common stock is uncertain in advance, but depends on the after-tax profit of the company. Another example is floating rate bills. Generally speaking, variable income securities have higher returns and greater risks than fixed income securities, but under the condition of inflation, the risks of fixed income securities are far greater than those of variable income securities. 5. According to the region and country where securities are issued, securities can be divided into domestic securities and international securities. Domestic securities are securities issued by a country's domestic financial institutions, companies, enterprises, other economic organizations or the government in the domestic capital market at the face value of its own currency. International securities are securities issued by a government, financial institutions, companies or international economic institutions in the international securities market with the face value of other countries' currencies, including international bonds and international stocks. 6. Classification by means of securities issuance According to different issuance methods, securities can be divided into public offerings and private placements. Public offering of securities refers to the public offering of securities by issuers to unspecified public investors through intermediaries, with strict examination and approval and publicity system. Private placement securities are securities issued to a few specific investors, and their examination conditions are relatively relaxed, and there are fewer investors, so the publicity system is not adopted. Investors in private placement securities are mostly institutional investors who have a specific relationship with the issuer, as well as internal employees of issuing companies and enterprises. 7. Classification according to the nature of securities According to the economic nature of securities, they can be divided into two categories: basic securities and financial derivative securities. Stocks, bonds and investment funds are all basic securities. They are the most active investment tools, the main trading objects in the securities market, and the focus of securities theory and practice research. Financial derivative securities refer to securities trading varieties derived from basic securities, mainly including financial futures and options, convertible securities, depositary receipts, warrants and so on. Securities held by enterprises are bills subscribed by enterprises and issued by the state, local governments or other units in accordance with legal procedures, which can be realized or finally realized. It is a part of enterprise assets and has the same nature and value as enterprise cash. It is an important form of foreign investment for enterprises to subscribe for securities with treasury bills samples. Enterprises can use surplus funds and normal retained profits after income tax to subscribe for various kinds of securities in the stock exchange market, or they can subscribe for stocks issued by various listed companies in the name of legal persons. In particular, temporarily idle funds should be invested in securities from the perspective of financial management. Generally speaking, their income is higher than the interest on bank deposits. Generally speaking, there are many kinds of securities that enterprises can subscribe for, such as government bonds, special government bonds, national key construction bonds, local bonds, financial bonds, corporate bonds, stocks and so on. But as far as specific enterprises are concerned, it is impossible to buy all the securities. Need to make a choice, try to choose securities with low investment risk and relatively high yield to invest. Judging from the duration of investment, securities investment can be divided into two categories. One is the securities investment that is ready to be realized at any time and held for no more than one year, which is called short-term investment in accounting; The other is the securities investment that is not ready to be realized within one year, which is called long-term investment in accounting. Whether an enterprise makes long-term investment or short-term investment should be analyzed and demonstrated from the aspects of capital turnover and investment income of the enterprise before making a choice. Similar securities can be used as long-term investments, and trading can be used as short-term investments. How to operate specifically is a problem of enterprise investment decision. The accounting department manages and accounts for two types of securities: long-term investment and short-term investment. The specific operation of cashier department is similar to cash management and accounting. Cashiers should not only be responsible for the management of securities, but also directly participate in the detailed accounting of securities. The characteristics of securities The price of securities depends on two factors: the expected return of securities and the interest rate of bank deposits. The former is directly proportional, while the latter is inversely proportional. In addition, changes in the relationship between supply and demand of securities, political stability, policy changes, the financial situation of the country, and the tension of market currency will all cause price fluctuations of securities. Bond issuance 1, value change: it is easy to change, and there are many kinds, mainly bonds and stocks, and its value is greatly influenced by politics, macroeconomics and monetary policies. 2. High liquidity and marketability. 3. Bond profits are relatively stable, while stock profits fluctuate greatly. 4. There will be certain transaction costs when buying and selling, such as taxes and fees.