Къс

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.

Short

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.

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