On the Conception and Scope of Securities

Securities have come to an age of dematerialization,while the legislation and theory still stayed in age of physical securities.Securities are deemed paper credentials or property rights by the traditional theory and legislation.Securities have no way to be deemed paper credentials in situation of dematerialization of securities,but to be defined as absolute property rights with mobility.Generally,in the broad sense,securities include gold certificate,eligible securities and negotiable securities.But this kind of classification is obviously illogical.From the function of securities,securities can be classified into two: transferable securities and performance securities.And transferable securities can be classified to asset securities and currency securities.