Portal field news

Portal field news

in ,

💴 | Recommended for beginners of stocks What are mini stocks and stocks less than one unit?


写真 

Recommended for beginners of stocks What are mini stocks and stocks less than one unit?

 
If you write the contents roughly
Of course, it doesn't always keep going up, but for those who have been interested in stock investment but haven't been able to get started, mini-stocks and stocks less than one unit are perfect products.
 

What are mini shares and less than one unit shares?Mini shares and shares less than one unit are financial products that can be bought and sold with a smaller number of shares than ordinary stock trading ... → Continue reading

 Financial field

Financial Field publishes articles every day with the motto of "Solutions for questions and concerns about money are easy to understand." Financial fields can solve problems that are difficult to discuss, such as tuition, inheritance, loans, investment, insurance, etc.
Professionals such as financial planners, lawyers, certified public accountants, and tax accountants provide easy-to-understand news about user questions and the latest trends related to money.


Wikipedia related words

If there is no explanation, there is no corresponding item on Wikipedia.

Share unit

Share unitWhat is (tangen turnip)?Company lawupperLegal termso,General meeting of shareholdersAtVoting rightsThe number of shares in a certain number (one unit) required to facilitate exercise and stock trading (Article 188 of the Companies Act).Stock issuer is the minimum trading unitUnitCan be set freely, but the number corresponding to the smaller of 1,000 and 1/200 of the total number of issued shares is set as the upper limit of one unit.[1](Article 34 of the Companies Act Enforcement Regulations).100 listed domestic stocks in Japan[2]..Also, for shares that are less than the number of shares constituting one unitShares less than one unit(Company Law Article 189).

Company lawIn the following, only the number of articles will be described.

Unit share system

  • The unit share system itself is derived from the history of the old reforms and can be said to be a system unique to Japan.
  • The current system is oldUnit stock systemEnforced in October 13 insteadCommercial lawIn the system introduced by the revision,Where shareholders who originally have only one share should recognize all shareholder rights, from the viewpoint of economic rationality, a certain number of shares or more are collectively called "one unit", and one unit shareholder has all the rights originally granted to shareholders. While admitting, a system that restricts rights such as voting rights at the general meeting of shareholders to shareholders who are "less than one unit" (189 article)Say
  • As at the time of the revision of the Commercial Code in 56, "Forcibly raise the face value of 50 yen to the face value of 50,000 yen to reduce the shareholder management cost of the company (instead, a unit share system with 1,000 shares as one unit was introduced). There is no era background to stipulate such things (for economic rationality)ShareholderBecause it is a system that limits the rights ofShareholder equality principleAlthough there is some suspicion that it is contrary to the above, the idea that each company should decide the shareholder management cost by itself is well established.
  • For shares less than one unitRight to claim purchase(192 article), The property value of shareholders is protected as the company purchases it. Therefore, the Companies Act makes the unit share system a rule along with a clear statement of the principle of shareholder equality.
  • The conventional unit share system is stipulated in the Supplementary Provisions of the Commercial Code, and all companiesFractional stock systemAlthough it was supposed to be a transitional measure until the transition to, the odd lot system was abolished at the timing of the enforcement of the Companies Act, considering that the adoption did not proceed.
  • The articles of incorporation may be amended by a decision of the directors or, in the case of a company with a board of directors, a resolution of the board of directors to reduce the number of shares constituting one unit or abolish the provisions of the articles of incorporation regarding the number of shares constituting one unit (195 article).Originally, the amendment of the Articles of Incorporation was a special resolution of the general meeting of shareholders, but the reduction or abolition of the number of shares constituting one unit is treated as such because it is one of the few exceptions that does not damage the rights of shareholders. There is.

How to determine the number of shares constituting one unit

  • When introducing the unit share system, please indicate soArticles of IncorporationSet in (Article 188 paragraph 1),DirectorMust explain the reason at the shareholders' meeting. (190 article)
  • If class shares are issued, the number of shares constituting one unit can be determined for each class. (188 article3)
  • The lower limit of the number of shares constituting one unit is considered to be two shares.This is because, in the case of one share, there is no point in stipulating the number of shares constituting one unit in the articles of incorporation. (72 articleetc·308 article)
  • Regarding the upper limit, if the number of issued shares of the company is less than 20 shares, the number of issued shares divided by 200 is the upper limit of one unit, and if it is 20 shares or more, 1,000 shares is the upper limit of one unit. And. (188 articleItem 2,Corporate law enforcement regulationsArticle 34)
  • If the number of shares constituting one unit is reduced, it can be changed flexibly and flexibly by a resolution of the Board of Directors, etc. However, if the number of shares constituting one unit is increased, there is a risk that shareholders who can exercise voting rights will become shareholders less than one unit. Because there isMatters to be resolved at the general meeting of shareholdersWill be. (191 article)
  • By the way, the number 200 was stipulated by the old Commercial Code.Minimum capital systemIt is said to be the number obtained by dividing the minimum capital amount of 2 million yen (18-1,000) by the minimum face value of 32 yen stipulated in the old par value stock system (Meiji 13-5).
  • The 1,000 million yen and 5 yen that appear here are both amounts that were estimated to be appropriate when examining the legal system, and there is no definite basis, so it can be said that the value of 200 is meaningless, but both systems are It is thought that these backgrounds were taken into consideration when the Companies Act was revised because there were times when they coexisted.
  • For listed companiesAggregation of trading unitsIs carried out and unified with 100 shares[2][3].

How to check the number of shares constituting one unit

The number of shares constituting one unit is a registered item of the company.Commercial registerAnyone can look it up by browsing the company's commercial register.

Aggregation of trading units of listed companies

Digitization of stock certificatesAs a result, it can be said that there are no restrictions on the number of shares in one unit, other than for the convenience of shareholders' calculations.In the past, one unit was linked to the company's share issuance unit, so many listed companies have stipulated 3,000 shares, 1,000 shares, 500 shares, 200 shares, 100 shares, 50 shares, 20 shares, and 10 shares. It was.It has been pointed out that such a market where one unit = multiple trading units exists is a minority internationally, and the existence of multiple trading units is a factor that reduces the convenience of investors.Therefore, in 2007, stock exchanges nationwide set up an "action plan for the consolidation of trading units" with the goal of consolidating the current trading units into 1000 shares or 100 shares, and then finally consolidating them into 100 shares. Moved to consolidate fixed trading units[4].

Initially, it was planned to complete the consolidation to 2012 or 4 shares in April 1000,Great East Japan EarthquakeI was forced to postpone it due to the influence of.

2012年1月19日に1000株又は100株への集約期限を2014年4月1日とすることが決まった。2014年4月1日をもって1000株又は100株への移行期間を終了し今後は100株への統一のための移行期間に入ったことを発表したが、一部に遅れがあり[5], May 2014, 11NoahWas delisted, and all listed companies now have 1000 or 100 shares as a unit.

2018As of December 10,Mitsui HomeAll listed companies have completed the switch to the 100-share unit[2]However, Mitsui Home, which was a unit of 1000 shares,Mitsui FudosanBecause it was decided to make it a wholly owned subsidiaryMay 9At that time, it is a stock[6],May 10 OfDelistedUntil 1000 shares are retained as a unit[2]After that, all became 100 shares.

Tokyo Stock ExchangeAccording to Article 427-2 of the Securities Listing Regulations, it is prohibited to make only 100 shares.On the Tokyo Stock Exchange, the desirable investment unit is 445 yen or more and less than 5 yen according to Article 50 of the Securities Listing Regulations, so the desirable stock price is 500 yen or more and less than 5000 yen.[7].

Shares less than one unit

Overview

Shareholder rights, including voting rights, are restricted for shares less than one unit.However, there are some rights that cannot be restricted by the articles of incorporation, and they are as follows. (189 article2)

  1. Right to receive consideration for acquisition of class shares with all acquisition clauses
  2. Right to receive money, etc. in exchange for acquisition of shares with acquisition clause by a joint-stock company
  3. Right to receive gratis allotment of shares
  4. Right to request the purchase of shares less than one unit
  5. Right to receive distribution of residual property
  6. In addition to the items listed in the preceding items, the rights specified by the Ordinance of the Ministry of Justice
    1. Right of the founder, etc. to request inspection of the articles of incorporation (31 article)
    2. Delivery of a document stating the matters to be entered in the shareholder list (including the fact that the shares held by the shareholder belong to the trust property when requesting the entry in the trust property) or provision of an electromagnetic record recording the matters to be entered in the shareholder list. Right to claim (122 article1)
    3. Right to request a copy of the shareholder list
    4. Right to request entry or record in the shareholder registry (limited to requests when acquired for the following reasons)
      1. Inheritance and other general succession
      2. Succession of rights and obligations of other companies regarding their business through absorption-type split or new establishment split
      3. Acquisition of all issued shares of other stock companies through share exchange or share transfer
      4. Sale of shares of unknown shareholders by auction, etc.
      5. Sale in case of odd lots
      6. Auction
    5. Right to request company approval for acquisition of restricted shares
    6. Right to receive money, etc. by the following acts performed by a joint-stock company
      1. Reverse stock split
      2. Share split
      3. Gratis allotment of stock acquisition rights
      4. Dividend of surplus
      5. Organization change
    7. Right to receive money, etc. delivered by a person specified by the following acts performed by a joint-stock company
      1. Absorption-type merger (including mergers conducted with persons other than the company, and only when the stock company is extinguished due to the merger.) Those that survive the absorption-type merger
      2. New merger (including merger with a person other than the company) Established by the new merger
      3. Stock swap Full parent company
      4. Stock transfer Established stock transfer Full parent company

Stock certificate

The Articles of Incorporation may stipulate that a company that issues share certificates may not issue share certificates for shares less than one unit. (189 article3)

In the case of a share certificate issuing company, the rights of shareholders less than one unit cannot be restricted, as follows.

  1. The following rights
    1. Right of founders to request inspection of articles of incorporation
    2. Right to request a copy of the shareholder list
    3. Right to receive money, etc. by the following acts performed by a joint-stock company
      1. Reverse stock split
      2. Share split
      3. Gratis allotment of stock acquisition rights
      4. Dividend of surplus
      5. Organization change
    4. Right to receive money, etc. delivered by a person specified by the following acts performed by a joint-stock company
      1. Absorption-type merger (including mergers conducted with persons other than the company, and only when the stock company is extinguished due to the merger.) Those that survive the absorption-type merger
      2. New merger (including merger with a person other than the company) Established by the new merger
      3. Stock swap Full parent company
      4. Stock transfer Established stock transfer Full parent company
  2. Right to request entry or record on shareholder registry
  3. Right to request company approval for acquisition of restricted shares
  4. Right to request issuance of share certificates in cases other than those provided in the articles of incorporation for non-issuance of share certificates less than one unit
  5. Right to make an offer not to possess share certificates except when the articles of incorporation stipulate that share certificates not issued less than one unit

Request for purchase of shares less than one unit

Shareholders with less than one unit may request a stock company to purchase their own shares with less than one unit (192 article).

Request for sale of shares less than one unit (additional purchase system)

For companies that have introduced the unit share system, a purchase request system by shareholders less than one unit (a system that allows the company to request additional purchases of the number of shares that will be one unit together with the shares less than one unit owned;194 article) Can be introduced by stipulating the articles of incorporation.

Under the Companies Act, these rights that can be exercised by shareholders of less than one unit of a company that has adopted the system for purchasing additional shares of less than one unit are called "requests for sale of shares of less than one unit", but this is when the shareholders are the main constituents. It means that the company can request the sale of its own shares, and the company does not request the shareholders to sell the shares (the company can make such a request).Private companyWhen shares are inherited108 articleIssued byShares with acquisition clause(It is limited when it occurs).

A stock company that has received a request for sale of shares less than one unit may not respond to the request if it does not have the number of shares equivalent to the number of shares less than one unit at the time of receiving the request for sale of shares less than one unit (194). Article 3).

Trading of shares less than one unit

It is not possible to trade shares less than one unit on the stock market, but it is possible to trade less than one unit outside the market.Securities companyDepending on the unit, 10/1 of the unit was used as the unitStock mini investmentThere are also examples of (mini-stock) and one-share trading services.For shares less than one unitSecurities custody transfer mechanismIt is subject to (Hofuri) management, and it is possible to rewrite the name.[8].

Misunderstanding of listed stock price and trading stock price

Displayed as a market price when buying or selling stocks of listed companies in JapanStock priceIs per share, exchangeListed stock priceToNumber of shares constituting one unitThe amount multiplied by is the actual amountTrading stock priceWill be.This point is likely to cause misunderstandings by general investors in the stock market and is frequently indicated as a caution in stock investment manuals, etc.Stock exchangeHas emphasized that the old Commercial Code regarded the unit stock system as a transitional system, and because it is a business practice that the displayed stock price and the transaction stock price are different, special measures have been taken regarding the double display of the stock price. This attitude has not changed even after the unit share price system was made into the main rule by the Companies Act.

footnote

  1. ^ "What is a unit stock?"  Financial / Economic Glossary
  2. ^ a b c d Unification of trading units Japan Exchange Group, viewed October 2018, 10
  3. ^ Securities listing rules(2015年1月3日閲覧)、第205条第9号(東証一部・二部)、マザーズは第212条第7号で準用、JASDAQは第216条の3第5号で準用
  4. ^ Aggregation of trading units Tokyo Stock Exchange Homepage
  5. ^ About the end of the consolidation period to two types of trading units (2 shares, 100 shares) and the start of the transition period for unifying 1000 shares News from TSE (March 2014, 3)
  6. ^ Delisting decision: Mitsui Home Co., Ltd. Japan Exchange Group, September 2018, 9 (viewed October 26, 2018).
  7. ^ Q & A about unification --Unification of trading units | Japan Exchange Group
  8. ^ Digitization of stock certificates and shares less than one unit (PDF) Daiwa Institute of Research, July 2006, 7 (viewed March 28, 2014).

Related item

investment

investment(FinallyBritish: investment) Is mainlyEconomyIn the futurecapitalRefers to activities that invest current capital to increase (capacity) (in modern times, this does not include commercial activities that do not increase production capacity).In a broad sense, it is also used in self-improvement and relationships.

Uncertainty in any form of investmentrisk) Is accompanied.In general, the higher the expected rate of return on an investment, the higher the uncertainty.If a transaction that violates this general rule is possibleArbitrageWill occur, resulting in a decrease in the rate of return or an increase in risk.

Investment in finance

Investment in finance is to invest financial capital in risky investment targets through economic and management activities.There are various types of investment assets to invest in, with different risk and return profiles.Investment is required because the economy or management entity can invest in larger investment opportunities by raising additional capital in addition to equity capital.By reducing investment opportunities with low return on investment and focusing on higher return on investment, the return on investment of the economy as a whole grows faster, which in turn grows the total financial capital of society as a whole.This serves as the cornerstone of a cycle of sustainable reproduction of investable financial capital.

For example, in the case of securities (stocks, bonds, etc.) investment, if a company makes a profit by expanding factories, strengthening sales channels, strengthening research and development, acquiring companies, etc. with the funds provided, the risk A certain percentage of the profits obtained as a result of the above are usually returned to investors who have taken the risk of the initial capital contribution as capital gains and dividends due to the increase in corporate value.In the case of stocks, there is great uncertainty about the amount that will be returned in the future.It can be negative from big profits.In the case of bonds, it is often promised that a certain amount of interest will be returned.

Investing in real estate is also considered an investment because it poses a risk to investors if they expect to make a profit from the use of purchased assets in terms of capital gains or rent yields and the cost of procuring rental assets.

In addition, short-term news flows rather than long-term returns based on investment decisions on fundamental values ​​created by fundamentals, such as capital gains and dividends created by medium- to long-term trends in structural profitability of the industries and businesses to be invested. Make price judgments in the near future from the direction of price formation materials and anticipate returns due to price fluctuationsriskStrictly speaking, the activities to take are separated from investment.SpeculationCall.

On the other hand, the act on the target whose total return of the trading entity is always 0 or negativegamblingIs called.As an exampleLottery,Public competition,pachinkoAnd so on.However, of the investmentStock trading,Futures tradingFor investments with a strong speculative character such asMoney gameIt is sometimes said that it is included in gambling in a broad sense.

Investment target

stock
Value is formed based on the company's future (dividendable) profits and cash flows.In the case of public stocks, the transaction price in the market fluctuates depending on supply and demand factors, market sentiment, and the financial market environment including interest rates.
Bond
Value is formed by the future interest / principal solvency of a company or other bond-issuing economic entity, financial market conditions such as the yield curve, and inflation trends.In the actual market, transaction prices fluctuate reflecting changes in expectations for these conditions, supply and demand trends, and liquidity.
Products
Commodities reflect each unique supply and demand trend.Gold is a special investment target, and it has a unique price formation that does not depend only on the actual supply and demand.
Real estate
land,Apartment,ApartmentSuch.Real capital with strong peculiarity.
Financial derivatives(Derivative)
Investing in assets derived from more basic assets and commodities.
exchange
Virtually bilateral short-term interest investment.

Investment in economics

Investment in economicsCapital stockRefers to the increase in.Capital formation[1]Also called.There are three main types: capital investment, housing investment, and inventory investment.

For example,Capital investment,public investmentHayaSocial capitalTo increase the productivity of the economy.また同時に生産設備などの投資財(財を生み出すための財)を需要することでもあり、合わせてAt the same time, it also demands investment goods (goods for producing goods) such as production equipment.Multiplier effectIt also has the effect of expanding demand by (investment multiplier).In other words, investment increases supply capacity and at the same time increases demand (investment duality).Closed economyIn, this balance of supply and demand is difficult due to the harsh conditions of walking on a "knife blade" (proposed by Harrod).

Investment, consumption and capital

Consider the following case.

消费
At first Mr. A has $ 100. Mr. B borrows $ 100 from Mr. A. Mr. C, who received an order from Mr. B, will produce $ 100 worth of consumer goods. Mr. B consumes the consumer goods he bought. Mr. C uses this cash as savings.After a series of activities, Mr. A's $ 100 debt, Mr. B's $ 100 debt, and Mr. C's $ 100 savings, the total capital stock of the entire economy remains the same as the original economy.
investment
At first Mr. A has $ 100. Mr. B borrows $ 100 from Mr. A. Mr. C, who received an order from Mr. B, will produce $ 100 worth of investment goods. Mr. B buys this investment good (factory / machine). Mr. C uses the cash he receives as savings.After a series of activities, Mr. A's $ 100 bond, Mr. B's $ 100 debt and $ 100 factory / machinery, and Mr. C's $ 100 savings will initially bring the total capital stock of the entire economy to total. Compared to that, it has increased by 100 dollars (for factories and machinery).

In this way, investment activities not only increase the transaction volume (flow) of the produced goods, but also accumulate capital (stock) in the economy to increase the goods, even when an equal amount of money circulates.

In addition, this investment has reduced consumption and saved money, and saving the economy as a whole is important in that sense.

Investment and interest rate

In general,interestrate(interest rate) Decreases, investment increases.In an environment where the rate of decline in future investment profitability is kept lower than the rate of decline in interest rates, it is expected that the rate of return (marginal efficiency of investment) will be low by raising funds at low cost due to the decline in interest rates. This is because the expectation that the profitability of making such an investment will improve is generally formed.In addition, in an environment where the impact of expectations on future investment profitability due to increased economic uncertainty that leads to inflation remains below a certain level, the real interest rate may decline due to the rise in the expected price rate. It becomes an expansion factor.

It is considered that the central bank, which is a money issuer, can induce the interest rate to a certain extent by manipulating the relative money supply to the currencies of other countries as long as the market price of money stays within a certain range. ing.As a result, there may be options to implement monetary policy aimed at stable economic development, such as encouraging private investment and curbing price increases.On the other hand, the nominal interest rate has historically usually been positive, so if the low nominal interest rate continues, the degree of freedom and marginal impact of such interest rate policy will decrease.

Investment and profit rate

In Keynes, investment is said to be made until the rate of profit (marginal efficiency of capital) expected for additional investment matches the rate of interest.

Productivity and investment

ProductivityInvesting to raise money is not just about physical capitalHuman capitalIt is also done for.将来自分の利益になるようにお金をかけるSpending money for your own benefit in the futureEducation investmentIs an example.In addition, investment in education for children is a special investment in which the beneficiaries and bearers are different.Others include investment in technology development.

Investment history

The history of investment is the history of risk and expectation.

时Event
1700 BCCode of HammurabiGave a legal framework for the means of pledged collateral.It legislated debit and credit rights with respect to mortgage land and penalized those who violated their financial obligations.
18st centuryChief retainer of the Edo ShogunateTanumaInvested in Nitta development to increase productivity.
Early 19th centuryRothschild family TheBattle of WaterlooUtilizing information in, made a huge profit in financial investment.
After the mid-19th centuryAgainst the backdrop of the rising nations in the United StatesTranscontinental railroadThere was a construction boom.This caused the United States to record a current account deficit.After that, the railway company was reorganized, but it had the effect of strongly connecting the east and west banks.
Late 19 centuryJapan isSchool systemStarted to spread primary education.In a blink of an eye, an educational network covering the whole country was created, which greatly contributed to catching up with the great powers.
Early 20th centuryThe great powers actively built battleships to maintain and expand their command of the sea.

Other

problem

AmericaThen, when the investor suffers damage due to false informationSecurities and Exchange Commission(SEC) Was the main cause of the damageCompany,Securities companyHas the authority to order compensation for (a system that relieves individuals in order from the smallest investment amount).

Establishing an investment company in JapanbankruptcyThere are cases where the investment is repeated, and a large amount of investment collected from about 100 investors nationwide cannot be repaid.出資者が経緯を知らされていないケースが多いためであるとされており、法整備の必要性が指摘されているIt is said that this is because there are many cases where the investor is not informed of the circumstances, and the need for legislation has been pointed out.[2].

Investment education

Japan scheduled to be revised in 2022Course of StudyThen.high school OfHome economicsIn the class, it is stipulated to touch the viewpoint of "asset formation", and while teaching the characteristics of basic financial products such as stocks, bonds, investment trusts, etc., investment that also goes into the importance of asset formation for the future Education is to be introduced[3].

Footnote/Source

[How to use footnotes]
  1. ^ British: capital formation
  2. ^ Bankruptcy of an investment company ... A man in Osaka Yomiuri Shimbun 2015th of February 5
  3. ^ ""Investment Trust" class in high school home economics from April 22". Nihon Keizai Shimbun (September 2019, 11). 2021th of February 1Browse.

Related item


 

Back to Top
Close