【編者(zhe)按】 “跟風”、“炒(chao)小”、“炒(chao)新(xin)”、“炒(chao)差”……我國資(zi)(zi)本市場長期(qi)存在“投(tou)(tou)資(zi)(zi)者(zhe)非理(li)性”問題。為(wei)加強投(tou)(tou)資(zi)(zi)者(zhe)教育(yu)，培育(yu)長期(qi)投(tou)(tou)資(zi)(zi)、價(jia)值投(tou)(tou)資(zi)(zi)文化，持(chi)續提高中小投(tou)(tou)資(zi)(zi)者(zhe)的專業知(zhi)識水(shui)平(ping)和風險防范意識，證(zheng)監會(hui)日前宣布將以“理(li)性投(tou)(tou)資(zi)(zi) 從(cong)我做起”為(wei)主題，組(zu)織開(kai)展一(yi)次(ci)投(tou)(tou)資(zi)(zi)者(zhe)教育(yu)專項(xiang)活(huo)動。

　　“從我(wo)做起”，一方面，投資(zi)(zi)者自覺(jue)樹立(li)理性投資(zi)(zi)意(yi)識，不(bu)斷(duan)加(jia)(jia)深對證券投資(zi)(zi)知識、法規政策的學習，正確認識各種(zhong)市場(chang)風險(xian)，遠(yuan)離非理性投資(zi)(zi)行(xing)為(wei)；另一方面，市場(chang)經(jing)營主(zhu)體要在履(lv)行(xing)適(shi)當性管理義務的基(ji)礎上，主(zhu)動承擔(dan)加(jia)(jia)強風險(xian)提(ti)(ti)示和投資(zi)(zi)者教育(yu)的主(zhu)體責任(ren)，不(bu)斷(duan)提(ti)(ti)高投資(zi)(zi)者教育(yu)和保護效(xiao)果。

　　持續(xu)提(ti)高中(zhong)(zhong)小投資者(zhe)(zhe)的專業(ye)知(zhi)識水平和風(feng)險防范(fan)意識，是一(yi)個長期過程。市場(chang)建設(she)(she)也需要群(qun)策群(qun)力，期待投資者(zhe)(zhe)和市場(chang)各方共同(tong)努力，“從我做(zuo)起”，共同(tong)營造良好的投資文化和理(li)念(nian)，努力建設(she)(she)富有國(guo)際(ji)競(jing)爭力的中(zhong)(zhong)國(guo)特色資本(ben)市場(chang)。

　　1. 債券有哪(na)些品種？

　　答：債(zhai)券一般可(ke)以(yi)分為利率債(zhai)和信用債(zhai)。

　　（1）利率債

　　利(li)率債(zhai)(zhai)是(shi)指直(zhi)接以政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)信用為(wei)(wei)基礎或是(shi)以政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)提供償(chang)(chang)債(zhai)(zhai)支持為(wei)(wei)基礎而發行(xing)的(de)(de)(de)債(zhai)(zhai)券(quan)。由于有(you)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)信用背(bei)書，正常情況下利(li)率債(zhai)(zhai)的(de)(de)(de)信用風險很小，影響其(qi)內在價(jia)值(zhi)的(de)(de)(de)因素(su)主要(yao)是(shi)市(shi)(shi)場(chang)利(li)率或資(zi)(zi)金的(de)(de)(de)機會成本，故名“利(li)率債(zhai)(zhai)”。在我(wo)國(guo)(guo)(guo)，狹(xia)義的(de)(de)(de)利(li)率債(zhai)(zhai)包括國(guo)(guo)(guo)債(zhai)(zhai)和(he)地(di)方(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)債(zhai)(zhai)券(quan)。國(guo)(guo)(guo)債(zhai)(zhai)由財(cai)政(zheng)(zheng)(zheng)(zheng)(zheng)部(bu)代表(biao)中(zhong)央政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)發行(xing)，以中(zhong)央財(cai)政(zheng)(zheng)(zheng)(zheng)(zheng)收(shou)(shou)入作為(wei)(wei)償(chang)(chang)債(zhai)(zhai)保(bao)障，其(qi)主要(yao)目的(de)(de)(de)是(shi)解(jie)決由政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)投資(zi)(zi)的(de)(de)(de)公(gong)共設施或重點建設項目的(de)(de)(de)資(zi)(zi)金需要(yao)和(he)彌(mi)補(bu)國(guo)(guo)(guo)家(jia)財(cai)政(zheng)(zheng)(zheng)(zheng)(zheng)赤字，其(qi)特征(zheng)是(shi)安全性(xing)高、流(liu)動性(xing)強(qiang)、收(shou)(shou)益穩定、享受免稅待遇；地(di)方(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)債(zhai)(zhai)是(shi)指地(di)方(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)發行(xing)的(de)(de)(de)債(zhai)(zhai)券(quan)，以地(di)方(fang)(fang)(fang)財(cai)政(zheng)(zheng)(zheng)(zheng)(zheng)收(shou)(shou)入為(wei)(wei)本息(xi)償(chang)(chang)還資(zi)(zi)金來源，目前只有(you)省級政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)和(he)計劃單列市(shi)(shi)可發行(xing)地(di)方(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)債(zhai)(zhai)券(quan)。市(shi)(shi)場(chang)機構一(yi)般認為(wei)(wei)，廣(guang)義的(de)(de)(de)利(li)率債(zhai)(zhai)除(chu)了國(guo)(guo)(guo)債(zhai)(zhai)、地(di)方(fang)(fang)(fang)政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)債(zhai)(zhai)，還可包括中(zhong)央銀(yin)(yin)(yin)行(xing)發行(xing)的(de)(de)(de)票據、國(guo)(guo)(guo)家(jia)開(kai)發銀(yin)(yin)(yin)行(xing)等政(zheng)(zheng)(zheng)(zheng)(zheng)策性(xing)銀(yin)(yin)(yin)行(xing)發行(xing)的(de)(de)(de)金融債(zhai)(zhai)、鐵路總公(gong)司等政(zheng)(zheng)(zheng)(zheng)(zheng)府(fu)(fu)(fu)支持機構發行(xing)的(de)(de)(de)債(zhai)(zhai)券(quan)。

　　利率(lv)債信用風險小，但不一定是對于信用違(wei)約(yue)絕對“免疫”，也有可能出(chu)現(xian)本息兌(dui)付延期乃(nai)至實質性違(wei)約(yue)的情(qing)況(kuang)。例如(ru)，歐洲(zhou)債務危(wei)機期間(jian)，希臘等(deng)國家的主(zhu)權債務就曾出(chu)現(xian)過違(wei)約(yue)。

　　（2）信用債

　　信(xin)用(yong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)是指以企(qi)(qi)業(ye)(ye)的(de)(de)(de)商(shang)業(ye)(ye)信(xin)用(yong)為(wei)(wei)基礎而發(fa)(fa)(fa)行的(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)，除了利率，發(fa)(fa)(fa)行人的(de)(de)(de)信(xin)用(yong)是影響該類(lei)(lei)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)的(de)(de)(de)重要因素(su)，故名“信(xin)用(yong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)”。我國(guo)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)市(shi)場上的(de)(de)(de)信(xin)用(yong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)包括非(fei)(fei)金(jin)融(rong)(rong)企(qi)(qi)業(ye)(ye)發(fa)(fa)(fa)行的(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)和商(shang)業(ye)(ye)性金(jin)融(rong)(rong)機(ji)構發(fa)(fa)(fa)行的(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)。非(fei)(fei)金(jin)融(rong)(rong)企(qi)(qi)業(ye)(ye)發(fa)(fa)(fa)行的(de)(de)(de)信(xin)用(yong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)主要有(you)(you)(you)三大類(lei)(lei)：一是銀行間交(jiao)易(yi)商(shang)協會注冊的(de)(de)(de)非(fei)(fei)金(jin)融(rong)(rong)企(qi)(qi)業(ye)(ye)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)融(rong)(rong)資(zi)(zi)工(gong)具(ju)(ju)，具(ju)(ju)體(ti)品種有(you)(you)(you)中(zhong)期(qi)(qi)票(piao)據、非(fei)(fei)公(gong)(gong)(gong)(gong)(gong)開(kai)(kai)定向債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)融(rong)(rong)資(zi)(zi)工(gong)具(ju)(ju)、短(duan)期(qi)(qi)融(rong)(rong)資(zi)(zi)券(quan)(quan)(quan)、超(chao)(chao)短(duan)期(qi)(qi)融(rong)(rong)資(zi)(zi)券(quan)(quan)(quan)等(deng)；二是國(guo)家發(fa)(fa)(fa)展改革委審批的(de)(de)(de)企(qi)(qi)業(ye)(ye)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)，具(ju)(ju)體(ti)品種有(you)(you)(you)中(zhong)小(xiao)企(qi)(qi)業(ye)(ye)集合(he)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)、項目收益債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)和普(pu)通企(qi)(qi)業(ye)(ye)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)等(deng)；三是證(zheng)監會核準(zhun)或(huo)證(zheng)券(quan)(quan)(quan)自律(lv)組織備案的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)，具(ju)(ju)體(ti)品種有(you)(you)(you)普(pu)通公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)（包括可交(jiao)換(huan)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)）、可轉換(huan)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)等(deng)。其中(zhong)普(pu)通公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)按照發(fa)(fa)(fa)行對象的(de)(de)(de)范(fan)圍不同，又(you)可細分(fen)為(wei)(wei)面(mian)(mian)向所有(you)(you)(you)投(tou)資(zi)(zi)者公(gong)(gong)(gong)(gong)(gong)開(kai)(kai)發(fa)(fa)(fa)行的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)（俗(su)稱(cheng)“大公(gong)(gong)(gong)(gong)(gong)募(mu)”），面(mian)(mian)向合(he)格(ge)投(tou)資(zi)(zi)者公(gong)(gong)(gong)(gong)(gong)開(kai)(kai)發(fa)(fa)(fa)行、人數沒有(you)(you)(you)上限的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)（俗(su)稱(cheng)“小(xiao)公(gong)(gong)(gong)(gong)(gong)募(mu)”），面(mian)(mian)向合(he)格(ge)投(tou)資(zi)(zi)者非(fei)(fei)公(gong)(gong)(gong)(gong)(gong)開(kai)(kai)發(fa)(fa)(fa)行、人數不超(chao)(chao)過200人的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)（俗(su)稱(cheng)“私募(mu)公(gong)(gong)(gong)(gong)(gong)司(si)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)”）。金(jin)融(rong)(rong)類(lei)(lei)信(xin)用(yong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)包括商(shang)業(ye)(ye)銀行、保險公(gong)(gong)(gong)(gong)(gong)司(si)、證(zheng)券(quan)(quan)(quan)公(gong)(gong)(gong)(gong)(gong)司(si)等(deng)金(jin)融(rong)(rong)機(ji)構發(fa)(fa)(fa)行的(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)券(quan)(quan)(quan)。

　　2.什(shen)么是(shi)可交換公(gong)司(si)債券，什(shen)么是(shi)可轉換公(gong)司(si)債券？兩者有何(he)區別？

　　答：可交(jiao)換(huan)(huan)公(gong)司(si)債(zhai)(zhai)券是(shi)指上(shang)(shang)市(shi)(shi)公(gong)司(si)的股(gu)(gu)(gu)東依(yi)法發行(xing)、在一(yi)定期(qi)限內依(yi)據約定的條(tiao)件(jian)可以交(jiao)換(huan)(huan)成該(gai)股(gu)(gu)(gu)東所持(chi)有的上(shang)(shang)市(shi)(shi)公(gong)司(si)股(gu)(gu)(gu)份(fen)的公(gong)司(si)債(zhai)(zhai)券。可轉換(huan)(huan)公(gong)司(si)債(zhai)(zhai)券是(shi)指上(shang)(shang)市(shi)(shi)公(gong)司(si)依(yi)法發行(xing)，在一(yi)定期(qi)限內依(yi)照約定的條(tiao)件(jian)可以轉換(huan)(huan)成該(gai)上(shang)(shang)市(shi)(shi)公(gong)司(si)股(gu)(gu)(gu)份(fen)的公(gong)司(si)債(zhai)(zhai)券。兩者都是(shi)債(zhai)(zhai)券，并且都可以換(huan)(huan)成股(gu)(gu)(gu)票，兼具債(zhai)(zhai)性(xing)和股(gu)(gu)(gu)性(xing)，屬(shu)于股(gu)(gu)(gu)債(zhai)(zhai)結(jie)合型(xing)產品。

　　兩者不(bu)(bu)(bu)同之處在于：一是(shi)(shi)發(fa)行主(zhu)體不(bu)(bu)(bu)同，前者是(shi)(shi)上(shang)(shang)市公(gong)(gong)司的(de)(de)(de)(de)股東，后者是(shi)(shi)上(shang)(shang)市公(gong)(gong)司本身(shen)。二是(shi)(shi)所換(huan)股份的(de)(de)(de)(de)來源(yuan)不(bu)(bu)(bu)同，前者是(shi)(shi)發(fa)行人(ren)持有的(de)(de)(de)(de)該上(shang)(shang)市公(gong)(gong)司的(de)(de)(de)(de)股份，后者是(shi)(shi)發(fa)行人(ren)未來發(fa)行的(de)(de)(de)(de)新股。三是(shi)(shi)對標的(de)(de)(de)(de)公(gong)(gong)司總股本和盈利指標的(de)(de)(de)(de)影(ying)響不(bu)(bu)(bu)同，可(ke)轉(zhuan)換(huan)債券(quan)轉(zhuan)股會(hui)使發(fa)行人(ren)的(de)(de)(de)(de)總股本擴大(da)，攤薄(bo)每股收益；可(ke)交換(huan)公(gong)(gong)司債券(quan)換(huan)股不(bu)(bu)(bu)會(hui)導(dao)致標的(de)(de)(de)(de)公(gong)(gong)司的(de)(de)(de)(de)總股本發(fa)生變化，也無(wu)攤薄(bo)收益的(de)(de)(de)(de)影(ying)響。

　　3.最近頻繁接到電話，對方(fang)向(xiang)我(wo)推薦能(neng)捕捉“黑(hei)馬股”的軟件，我(wo)能(neng)購買嗎(ma)？

　　答：根據國(guo)家規定(ding)，只(zhi)有(you)經中(zhong)國(guo)證(zheng)(zheng)監會(hui)許可(ke)、取(qu)得證(zheng)(zheng)券(quan)(quan)投(tou)資(zi)咨(zi)詢(xun)業務資(zi)格的(de)證(zheng)(zheng)券(quan)(quan)公(gong)司和證(zheng)(zheng)券(quan)(quan)投(tou)資(zi)咨(zi)詢(xun)機(ji)構(gou)，才(cai)可(ke)以(yi)向投(tou)資(zi)者銷售“薦(jian)股(gu)軟(ruan)(ruan)件(jian)”。投(tou)資(zi)者可(ke)以(yi)去(qu)中(zhong)國(guo)證(zheng)(zheng)監會(hui)網站（www.csrc.gov.cn）首頁(ye)“機(ji)構(gou)名錄(lu)”欄(lan)目、中(zhong)國(guo)證(zheng)(zheng)券(quan)(quan)業協會(hui)網站（www.sac.net.cn）首頁(ye)“信息公(gong)示”欄(lan)目，查詢(xun)核實向您銷售“薦(jian)股(gu)軟(ruan)(ruan)件(jian)”的(de)是不是合法的(de)證(zheng)(zheng)券(quan)(quan)經營(ying)機(ji)構(gou)。投(tou)資(zi)者在接(jie)到(dao)此類電話時，應(ying)當先對軟(ruan)(ruan)件(jian)和推薦(jian)機(ji)構(gou)進行必要了解后，謹慎購買。

　　此(ci)外，“薦股(gu)軟件”是(shi)提供(gong)證(zheng)(zheng)(zheng)券投資(zi)咨詢(xun)服務的一(yi)種方式，可(ke)以提供(gong)一(yi)些咨詢(xun)信息或投資(zi)建議，供(gong)您(nin)(nin)投資(zi)決策(ce)時參考，不可(ke)能(neng)(neng)捕(bu)捉到所謂“黑(hei)馬股(gu)”，更(geng)不能(neng)(neng)保證(zheng)(zheng)(zheng)您(nin)(nin)只賺不賠。如果有人向(xiang)您(nin)(nin)宣傳(chuan)，說他的“薦股(gu)軟件”能(neng)(neng)捕(bu)捉“黑(hei)馬股(gu)”，保證(zheng)(zheng)(zheng)您(nin)(nin)用了(le)以后一(yi)定能(neng)(neng)賺錢，那是(shi)在“忽悠”您(nin)(nin)，請您(nin)(nin)千萬(wan)不要上當受騙(pian)。

　　4. 目(mu)前一些文化類交易(yi)(yi)場(chang)所(suo)開展郵幣卡交易(yi)(yi)業務，采(cai)取連續競價(jia)交易(yi)(yi)方(fang)式，大量自然人投資(zi)者參與(yu)，這種交易(yi)(yi)方(fang)式是否合規(gui)？有什么風險？

　　答：一些(xie)(xie)文(wen)化類交(jiao)易場所(suo)開展郵幣卡交(jiao)易，采(cai)用連(lian)續競(jing)價等集中交(jiao)易方式(shi)，是(shi)違反國(guo)發(fa)［2011］38號和國(guo)辦發(fa)［2012］37號文(wen)件規(gui)定的。這(zhe)些(xie)(xie)交(jiao)易場所(suo)吸引大量自然人投資者參(can)與，甚(shen)至通過惡意炒(chao)作、操(cao)縱(zong)市(shi)場等違規(gui)行為(wei)獲取不(bu)正當收益(yi)，嚴重損(sun)害投資者的合(he)法權益(yi)。一旦這(zhe)些(xie)(xie)交(jiao)易出(chu)現崩(beng)盤現象，可能導致投資者血本無歸，風(feng)險很大。