Основна информация
Значение
Short-sellingisacommonoperationmethodinthestockfuturesmarket.TheoperationisexpectedtobeInadownwardtrend,theoperatorsellsthechipsinhishandatthemarketprice,andwaitsforthestockfuturestofallbeforebuyingtoearntheintermediateprice.Shortingisthereverseoperationoflonging.Intheory,itisfirstborrowedandsold,andthenboughtandreturned.
Generally,aformalshort-sellingmarkethasaplatformthroughwhichathird-partybrokerageprovidesborrowing.Generallyspeaking,itissimilartoacredittransaction.Thismodelcanbeprofitableinthewaveoffallingprices,whichistoborrowgoodsatahighlevelandsellthem,andthenbuyandreturnthemaftertheyfall.Inthisway,thebuyingisstilllowandthesellingisstillhigh,buttheoperatingprocedureisreversed.
Commonfunctionsofshortsellingincludespeculation,financingandhedging.Speculationmeansthatwhenthemarketisexpectedtofallinthefuture,sellinghighandbuyinglowtoobtainprofitfromthespread.Financingisshortsellinginthebondmarketandreturningitinthefuture,whichcanbeusedasawayofborrowingmoney.Hedgingmeansthatwhentheriskoftheassetsinthehandsofatraderishigh,hecanreducehisriskexposurebyshortingtheriskyassets.
Съдържание
Shortisaninvestmenttermsuchasstockfutures:forexample,whenyouexpectastocktofallinthefuture,sellyourstockwhenthecurrentpriceishigh.Thenbuywhenthestockpricedropstoacertainlevel,sothatthedifferenceisyourprofit.Itscharacteristicisthetradingbehaviorofsellingbeforebuying
Shortisanoperationmodeinstocks,futuresandothermarkets.Pointoutthatshortingandlongingaretheopposite.Intheory,itistosellthegoodsfirst,andthenbuythemback.Generally,aformalshortmarkethasaplatformforborrowinggoodsfromaneutralwarehouse.
Внедряване на всеки пазар
Ценни книжа
Generallyspeaking,ifinvestorswanttoshort-sellsecurities,theyneedtoarrangetoborrowthesecuritiesforsettlement.Investorsneedtodepositenoughmarginascollateral,andneedtopayinteresttothelender,andneedtopaythelenderwhendividendsarereceived.Thelenderwillloseitsvotingrightswhenlendingstock.Inthepast,alargenumberofstockswerelentoutduringtheprivatizationprocess,andshortsellerssentpeopletocontrolthevotingoftheshareholdersoftheprivatization,whichledtothefailureoftheprivatizationandlargelossestotheoriginalshareholders.Therefore,manycompaniesthathavebeenproposedforprivatizationrecommendthatshareholderstakebackthesharesthathavebeenlent.
Чужда валута
Short-sellingforeigncurrenciesisnotthesameasshort-sellingsecurities.Buyingandsellingforeigncurrenciesinvolvesacurrencypair,whilesellingandbuyingdifferentcurrenciesatthesametime.Sometimes,short-sellingforeigncurrencycanevenchargeinterest.
Forexample,investorsexpecttheyentodepreciate,sotheyborrowJapaneseyenfromthebankandbuyU.S.dollars.Whentheyendepreciates,theU.S.dollarcanbeconvertedintomoreyentomakethedifference.IftheUSdollardepositinterestrateishigherthantheJapaneseyenloaninterestrate,investorscanevenearninterestmargins(carrytrades).
Theinterestrateoftheyenhasbeenataloworevennegativelevelforalongtime,soborrowingtheyentobuyhigh-interestcurrencieshasalwaysbeenapopularchoiceforspeculators.
Фючърси и опции
Фючърси и опцииcontractsarenotphysical,andshortsellingisanormaltransaction;whenthereisalongposition,theremustbethesamenumberofshortcounterparties.ForAmericanoptions,investorscanalsoestablishashortpositioninthestockbyborrowingthestockandexercisingthein-the-moneyputoptionorperformingthecalloption.
Договори за разлики
Retailinvestorscanbuyputcontractsfordifferencesinsteadofborrowingstockstosellshort.Theadvantageofthisisthatthehandlingfeeisusuallylow,andthereisnoneedtopayinterestontheborrowedstocks,butitissubjecttotrackingerrors,counterpartyrisksandhighleverage.Investorsfacethepossibilityofbeingliquidated(forcedliquidation)beforethepricemovesintheexpecteddirection.Inaddition,CFDscanalsobeusedtoshortforeigncurrencies,indices,commoditiesandpreciousmetals.
Принцип
Short-sellingisusuallyanoperationwhenitispredictedthatthemarketwillfall.Whenthepriceofthesecurityishigh,itisborrowedfromthebrokerandthensold,andthenwhenthepriceofthesecurityislow.Thesecuritiesareboughtbackfromthemarketandreturnedtothebrokerstoearnthespread.However,ifthemarketpricedoesnotfallbutrises,moremoneywillbepaidtorepurchasethesecuritiestobereturned,therebycausinglosses.Thetraditionalstockmarketrisesandinvestorscanprofit,andshortsellingisaspecialoperationmethodthatinvestorscanalsoprofitwhenthemarketfalls.Ifthemarketdeclinesasexpected,thedifferencecanbeearnedwhenthelowpricecovers.Ifthemarketdoesnotfallbutrisesinstead,thereisnolimittopriceincreaseintheory,andheavylosseswillbecausedwhencovering,sotheriskishighandthespeculationishigh.Becauseofitshighspeculativenature,noteverystockexchangeallowsshortselling;evenifitisallowed,thereareoftenmorerestrictions.
Becauseshort-sellingprofitsfrommarketdeclines,itgivespeopleanegativeimpressionof“profitfromlossesofothers”,butshort-sellingstocksandotherassetsstillhaveapositivemeaning,whichhelpstofindbusinessfraudearlyExaggeratedenterprisescanmaketheexcessivelyhighmarketpricesreturntoareasonablelevelfaster,andcanalsorecoverthewealthevaporatedbytheburstingofthebubble.
NakedShortSelling(NakedShortSelling)referstothefactthatinvestorsdonotborrowsecuritiesbutdirectlysellsecuritiesthatdonotexistinthemarket,andthenbuythemwhenthemarketpricedropsfurtherTheinvestmentmethodofreturningsecuritiestoobtainprofits.Traderswhoconduct"nakedshortsales"aslongastheybuysecuritiesbeforethedeliverydate,thetransactionwillbesuccessful.Since“nakedshortselling”sellsnon-existentsecurities,thevolumemaybeverylarge,soitwillhaveasevereimpactonmarketprices.Inmostmarkets,nakedshortsellingisillegal.
Въздействие
TherearemanyscammersintheA-sharemarket,andtheycannotbemanagedbytheinspectionsoftheregulatoryauthorities.Theshort-sellingmechanismisaself-purificationmechanismofthemarket.Drivenbytheirowninterests,theshortsidewillfocusondiscoveringdoubtsaboutlistedcompanies'fraudandprofittransfer.Violationsoflawsandregulationswillbeplacedunderthesupervisionofmarketentities,whichisofimmensesignificanceforcurbingviolationsoflawsandregulations..
Thebenefitsoftheshort-sellingmechanismaremanifold.Theshort-sellingreporthasattractedgreatattentionfrombanks,anditishelpfultocontroltheriskofloansthroughauditinvestigationtounderstandtheriskpointsoftheenterprise'sproductionandoperation,capitalchainandotheraspects.Shortsellingincreasesthetoolsforinvestorstoexpresstheirviewsonstockpricesandincreasesthechoiceofinvestmentstrategies.Shortsellingisconducivetoimprovingmarketliquidityandpromotingpricediscovery.Shortsellingisconducivetocheckingandbalancingunilateraltransactionsandcorrectingexcessivelyhighvaluations.Inamarketthathasbeenrepeatedlyquestionedandbombarded,thebubblethatshouldbeeliminatedhasbasicallydisappeared.Intrinsicvaluehasbecomethemostimportantfactorsupportingstockprices,andtheprobabilityofsustainedsharpdeclinesandstockmarketcrasheshasalsobeengreatlyreduced.
Ofcourse,inordertoachieveprofitability,someshortpartiesmayalsoreleasefalseinformationtopromoteanirrationaldeclineinthemarket,therebycausingrumorstobreedorspread.Thestatementisthesame,exceptthatthegoalanddirectionareopposite.Theseshort-sellingsideeffectsneedtobecurbedbystrengtheningsupervision.Butgenerallyspeaking,theshort-sellingmechanismhasmoreadvantagesthandisadvantagesonthemarket,andshort-sellingcannotberestrictedbecauseofconcernsaboutitssideeffects.
ThebiggestgapbetweenthecurrentA-sharemarketandthematuremarketmaybethattheshort-sellingmechanismisnotperfect.Althoughshort-sellingmechanismssuchasstockindexfuturesandmargintradinghavebeenlaunched,andalthoughthe"NoticeonPromotingtheDevelopmentofЦенни книжаLendingBusiness"andothersystemshavebeenintroducedin2015,theshort-sellingmechanismhasnotreallydeveloped.Forexample,asofMay11,ShanghaiThebalanceofmarginfinancingandsecuritieslendinginShenzhenandShenzhenis887.7billionyuan,ofwhichthebalanceofsecuritieslendingisonly5billionyuan,andshortpositionsarealmostnegligible.Suchashort-sellingmechanismmakesitfarfromplayingitsroleinimprovingmarketfunctions.
Notonlythat,stockindexfutures,margintradingandsecuritieslendinghavesetathresholdof500,000yuan.Generally,smallinvestorsarenoteligibletoshort.Thismakesthecurrentshort-sellingmechanismnaturallystandontheoppositesideofsmallandmediuminvestors.Retailinvestorshaveextremehatredforshorts.
Гледна точка
Thefirstistosolvetheissueoftherightsofretailinvestorstoshort-selling.Forfinancialproductssuchasstockindexfuturesandmargintrading,ofcourse,aninvestorsuitabilitysystemshouldbeestablished,buttheinvestorsuitabilitysystemmustnotsimplybemeasuredbytheamountoffunds.Aretailinvestorwhohasbeenoperatinginthemarketfordecades,itsriskidentificationandpreventioncapabilitiesmaybefarbetterthanalargenewentrantwithtensofmillionsofyuan.Mini-stockindexfuturesshouldbedevelopedtogreatlyreducethethresholdformargintradingandsecuritieslendingsothatthemajorityofretailinvestorshavetherighttoparticipate.Ifretailinvestorsarenoteligibletoshort,itwillmakesmallandmediuminvestorsnaturallystandontheoppositesideofshortsellers.
Secondly,themethodfordeterminingthefalsestatementoftheairpartyshouldalsobeimproved.Atpresent,thedeterminationoffalsestatementsismostlybasedontheinformationdisclosureoflistedcompanies.However,someoftheshortpartieshavedoubtsthattheircommunicationchannelsareobviouslynotthechannelsoflistedcompanies’letterdisclosure,butareoftengossipsandinformalchannels.Theevilwayistosetupachannelforthedisclosureofquestioninginformationfortheshortpartytopreventthespreadofmarketrumors,andatthesametime,usethisinformationdisclosureasthebasisforidentifyingtheshortparty'sfalsestatement.
Thethirdistosolvethesourceofsecuritieslending.Themarket-orientedsecuritieslendingmechanismshouldbebroadened,andsecuritiescompanies’securitieslendingsourcesmayberegulated.Inadditiontotheirownsecuritiesandrefinancingfromsecuritiescompanies,theycanalsoborrowfromlong-terminvestmentinstitutionsandindividualinvestors.
Fourth,tosafeguardthelegitimaterightsandinterestsoftheemptyparty.Sincethestockmarketoflistedcompaniesisfixed,theshortsidemayfaceashortsqueezeaslongasmultiplepartiesimplementmanipulation.Forthisreason,marketmanipulationshouldbeeffectivelycombated.Inaddition,manylistedcompanieshaveencounteredshortselling.Iftradingissuspendedindefinitely,theshortsidecannotbeclosed.However,itisnecessarytobeartheinterestexpensesaccordingtothesecuritieslendingtime.Therefore,thesuspensionoftradingoflistedcompaniesshouldalsobestrictlyregulated.
Препоръка
Цените на стоките няма да бъдат "0"
Investorsknowthatifthelistedcompanycorrespondingtothestockismismanaged,Itmayfacetheriskofdelisting,anditsstockpricemayreturnto“0”.Atpresent,exceptforstockindexfutures,allthefutureslistedonmycountry’sfuturesmarketarecommodityfutures.Exist,sothatthepricewillnotfallto"0"whenitfalls.
Whenthecostdrops,producersfacelossesandreducesupply.Undertheconditionofconstantdemand,thesupplyofgoodsgraduallyexceedsdemand.Thismarketforcewillgraduallyreturnpricestoabovethecost.Willfallto"0",therefore,itisnotappropriatetogoshortwhencommoditypricesfallnearthecostline.Forexample,inthefinancialcrisisof2008,thepriceofsteelplummeted,thelowestfelltoaround3300yuan/ton,whichhasalreadyfallenbelowthecost,anditisnotadvisabletogoshortatthistime.
Следвайте голямата тенденция
Themostimportantthingtoinvestinistofollowthetrend,buyondipsinanupwardtrend,andmeetinadownwardtrend.Highselling,whichrequiresinvestorstohavetheabilitytostudyandjudgetheoveralltrendofthemarket.Becauseshortsellingisonlyapplicablewhenthemarketisinadownwardtrendchannel,thisoperationtechniquecannotbeusedinotherperiods,suchasthemarketinahorizontalconsolidationphaseorabullmarketphase.Therefore,investorsarerequiredtorecognizethegeneraldirectionoffuturetrends.Andyoucannotgoagainstthemarket,andyoucannot"short"forthesakeof"shorting".Onceyoumakethewrongdirection,youcanonlylosethewatermelonandpicksesameseeds.
Точки за изпълнение
Thepointsthatshouldbepaidattentiontowhenimplementingshort-sellingare:
First,havetheabilitytostudyandjudgetheoverallmarkettrend.
Becauseshortsellingisonlyapplicablewhenthemarketisinadowntrendchannel,othertimes,suchasthemarketinahorizontalconsolidationphaseorabullmarketphase,thisoperationtechniquecannotbeused.Therefore,investorsarerequiredtorecognizethegeneraldirectionoffuturetrends.
Second,short-sellingmustgrasptherhythmofthestockpricemovement,sellwhenthestockpricerebounds,andbuywhenthestockpriceplummets.
Inthecourseofaweakmarket,therewilloftenbeshort-termreboundsandplungesinthemarket.Investorsshouldmakefulluseoftheirrationalchangesinthemarketandmakethemostofthewidefluctuationsinstockprices.Thepricedifferencecreatedbytheopportunitytogainprofit.