What is a share on the stock market?

What is a share?

A share is a financial security that represents a fraction of a company's capital and gives its holder, the shareholder, rights in that company.

What is capital? Capital, or share capital, is an amount set out in the articles of association, the founding document that lays down the company's operating rules. When the company is created, it is made up of the contributions in cash or in kind that the partners (whether founders, managers or investors) make to the company in exchange for its shares. It can then change: it can increase, through new contributions or profits kept in reserve, or on the contrary decrease. This capital is what is divided into shares.

To illustrate what a share is, let's take a numerical example. Imagine a company whose capital is divided into 10,000 so-called "ordinary" shares, meaning shares with no special rights.

Holding 100 of these shares means owning 1% of its capital. That gives 1% of the voting rights at the general meeting (the meeting of shareholders that takes the company's major decisions). And if the company decides to pay out part of its profits to shareholders as dividends, the shareholder receives 1% of them. The shareholder thus becomes a partner in the company, in proportion to their stake.

Companies can issue different classes of shares. On the stock market, the vast majority of securities traded are ordinary shares, which carry standard voting and dividend rights. There are also preference shares, which carry special rights, such as priority or increased dividends, sometimes in exchange for having no voting rights, as well as shares with double voting rights, which reward long-term holding.

Nominal value or share price: what is the difference?

The nominal value is the portion of capital that a share represents, expressed in euros. It is calculated by dividing the capital by the number of shares. If the company in our example has capital of €100,000 divided into 10,000 shares, each share has a nominal value of €10.

The share price is the price at which the share trades on the stock market. It depends on supply and demand, that is, on what investors are willing to pay in light of the company's results and prospects. It therefore has no direct link with the nominal value: a share with a nominal value of €10 may trade at €3 or at €300.

What is the legal definition of a share?

Under French law, a share is defined by several specific characteristics. Be warned, this part is a little technical.

• Shares are issued by joint-stock companies (French Commercial Code, Article L. 228-1). These are mainly the société anonyme (SA), the simplified joint-stock company (SAS) and the partnership limited by shares (SCA). Limited liability companies (SARL), for example, cannot issue shares: their capital is divided into parts sociales (French Commercial Code, Article L. 223-2).
• A share is a financial security, and more precisely an equity security (French Monetary and Financial Code, Article L. 211-1). It represents a portion of the company's capital, not a debt. Unlike a loan, the money contributed is therefore not meant to be repaid, and no income is guaranteed.
• A share is transferable. It moves from one securities account to another, and it is its registration in the buyer's account that transfers ownership (Article L. 211-17).
• A share must be registered in its owner's name, either in a securities account held by a financial intermediary (bank, broker) or by the company itself, or on a blockchain (French Commercial Code, Article L. 228-1).
• All shares in the same class carry the same rights (French Commercial Code, Article L. 228-1). The law distinguishes between ordinary shares and preference shares, which may be issued with or without voting rights and may carry special rights, such as a higher dividend (Article L. 228-11). On the stock market, the shares traded are, in the vast majority of cases, ordinary shares. Preference shares are mostly found in unlisted companies.
• Shareholders bear the company's losses only up to the amount of their contributions (French Commercial Code, Article L. 225-1, for the SA). If the company goes bankrupt, a shareholder can lose everything they invested, but no more. Unless they have given a personal commitment, such as a guarantee, the company's creditors cannot pursue the shareholder's personal assets.

Why do companies issue shares?

A company issues shares to finance its projects (building a factory, launching a new product, expanding internationally…) without taking on debt. By opening its capital to new shareholders, it raises money that it will not have to repay and on which it pays no interest.

This is known as equity financing: the money comes from investors who become shareholders, not from lenders. It is the exact opposite of a loan, whether from a bank or in the form of bonds, which the company must repay with interest, whatever its results.

How does a capital increase work on the stock market?

Issuing new shares to raise funds means carrying out a capital increase: the company creates new shares and sells them to investors. This can happen at three points in its life:

• Before any listing: the company sells its new shares without going through the stock market, for example to investment funds or via crowdfunding platforms.
• When it goes public: its shares become tradable on a stock market for the first time. The company often takes the opportunity to issue new shares. The operation may also consist, in whole or in part, of selling existing shares, for example those held by the founders.
• Once listed: the company can carry out further capital increases, open, depending on the case, to its existing shareholders and to new investors. Being listed makes these operations easier, since the company already has access to a wide investor base.

The price of these new shares, called the issue price, is set at the time of the operation. It reflects what the company is worth at that point, not the nominal value set when it was created. The difference between this price and the nominal value is called the share premium (French Commercial Code, Article L. 225-128).

Back to our example: the company issues 2,000 new shares with a nominal value of €10, at a price of €30 each. It therefore raises €60,000. Its capital increases by €20,000 (2,000 × €10), and the remaining €40,000 is recorded as share premium. Both amounts stay in the company and are used to finance its projects.

This sale of new shares takes place on the primary market. Subsequent trading between investors takes place on the secondary market. Both concepts are explained in detail in our article on the stock market and how it works. The counterpart of a capital increase is sharing, with an effect known as dilution.

What is dilution?

Dilution is the reduction in a shareholder's stake in the capital when the company issues new shares and the shareholder does not buy enough of them to maintain it.

It is easy to explain. New shareholders obtain, in principle, the same rights as holders of existing shares, including the right to vote at the general meeting and the right to receive part of the dividends, that is, the profits the company decides to distribute. This decision is taken by the general meeting that approves the accounts, in principle once a year (French Commercial Code, Article L. 232-12).

For existing shareholders who do not buy new shares, or not enough, the consequence is direct: their share of the capital mechanically decreases, and with it their share of the voting rights and of the dividends paid out.

In our example, the company goes from 10,000 to 12,000 shares. The shareholder holding 100 no longer owns 1% of the capital, but around 0.83%. To keep their 1%, they would need to buy 20 of the new shares, so as to hold 120 out of 12,000. The law even allows them to buy these shares first, thanks to the preferential subscription right.

Shares, bonds and ETFs: what are the differences?

On the stock market, shares are not the only thing you can buy. Two other financial securities come up often, bonds and ETFs, and they work very differently. They are also even less well understood than shares: 18% of French people say they understand bonds well enough to invest, and only 10% say the same of ETFs (Lise × poll&roll study, June 2026).

What is a bond?

A bond is a loan. By buying a bond, you lend money to a company or a government for a period set in advance. In return, the borrower pays interest, usually every year, then repays the amount borrowed at the end of the loan, on the maturity date.

The difference with a share is fundamental. A shareholder is a partner in the company: they share in its profits, but also in its risks, with no guaranteed income. A bondholder is a creditor: their interest and repayment are set out in the contract. They mainly lose money if the borrower can no longer pay, or if they sell the bond before maturity at a lower price. And if the company goes bankrupt, bondholders are repaid before shareholders.

What is an ETF?

An ETF (exchange-traded fund), or listed index fund, is an investment fund that is bought and sold on the stock market and that usually tracks the performance of a stock market index.

A stock market index measures the performance of a set of shares selected according to precise rules: for example, the largest companies in a country. The CAC 40, for instance, tracks 40 of the largest companies listed in Paris.

There are many others, such as the S&P 500, which covers 500 of the largest US companies, the Nasdaq-100, which brings together the 100 largest non-financial companies listed on the Nasdaq (a US stock exchange where many tech giants are listed), and the MSCI World, which covers large and mid-sized companies in developed countries.

Back to our ETF, which is in practice a kind of basket of shares. By buying a CAC 40 ETF, for example, you invest in one go in the 40 companies that make up this index. You are therefore not buying one company, but a small piece of all the companies in the index. This lets you spread your money across many companies in a single transaction. On the other hand, you do not choose the companies one by one, and you have no voting rights in them.

What rights does a share give you?

A share gives four main rights: to vote, to receive a share of the profits, to be informed, and to be protected as a minority shareholder.

Does a share give you the right to vote?

Yes, but there may be exceptions. In principle, each share gives the right to vote at the general meeting, with at least one vote per share (French Commercial Code, Article L. 225-122). Each shareholder's weight is therefore proportional to the share of capital they hold. And any shareholder may attend the meeting, whatever the number of shares they own.

The general meeting votes in particular on approving the accounts, distributing dividends, appointing directors and amending the articles of association.

As for exceptions, the law allows certain arrangements, which each company chooses whether or not to apply in its articles of association. Some shares therefore carry double voting rights when they have been held in registered form for at least two years by the same shareholder (French Commercial Code, Article L. 225-123). It is a way of rewarding loyal shareholders. Conversely, some preference shares carry no voting rights at all (Article L. 228-11).

Does a share always pay a dividend?

No. The dividend is the share of profits that the company decides to pay out to its shareholders, in proportion to the number of shares held. The general meeting decides each year whether or not to pay a dividend and sets its amount. A company may choose to distribute nothing, to reinvest its profits or simply because it makes none.

What information can a shareholder obtain?

Shareholders have the right to know the situation of the company in which they hold shares. Before the annual general meeting, they can consult in particular the annual accounts, the reports presented to the meeting and the text of the resolutions put to the vote (French Commercial Code, Article L. 225-115). In a société anonyme, they can also submit written questions, which the directors are required to answer during the meeting (Article L. 225-108).

Listed companies have additional obligations. They must publish their results regularly and promptly inform the public of any significant event likely to affect their share price.

How are small shareholders protected?

A shareholder who holds a small stake in the capital, known as a minority shareholder, benefits from specific protections.

The main one is the mandatory takeover bid. In a listed company, when an investor crosses a certain ownership threshold, they must offer to buy the shares of all the other shareholders, on terms overseen by the French financial markets authority (Autorité des marchés financiers, AMF). Each small shareholder can then choose to sell rather than remain in a company that has come under new control.

This threshold is 30% of the capital or voting rights on a regulated market such as Euronext Paris (AMF General Regulation, Article 234-2). It rises to 50% on certain markets designed for smaller companies, such as Euronext Growth, which have the status of an organised multilateral trading facility (Article 235-2).

Another protection is the preferential subscription right. In a cash capital increase, existing shareholders can buy the new shares first, in proportion to the shares they already hold (French Commercial Code, Article L. 225-132). This allows them to avoid dilution. However, the general meeting may decide to waive this right.

How do you make (or lose) money with shares?

You can make money from a share in two ways: through dividends and through a capital gain when you sell it on the secondary market. You can also lose money, up to the full amount invested. This is known as the risk of capital loss.

A dividend is income paid by the company, when it decides to do so. A capital gain is the positive difference between the share's selling price and its purchase price. It is only realised at the time of sale: as long as the share has not been sold, it is called an unrealised gain.

A capital loss is the opposite. If the share is sold for less than it was bought for, the investor loses the difference. And if the company goes bankrupt, the share may lose all its value, because shareholders are only paid after all creditors have been repaid.

A share's price changes as trading takes place, according to supply and demand. These in turn depend on the company's results, its prospects, the economic climate and general investor sentiment.

On top of this comes liquidity risk: to sell a share, you need to find a buyer. For thinly traded securities, this can take time or force you to accept a lower price.

Finally, two things reduce what you actually earn: fees and taxes. First, fees. Buying and selling shares involves commissions, known as brokerage fees, and sometimes custody fees, which pay for holding the securities. Their amount depends on the intermediary chosen (BoursoBank, Fortuneo, Trade Republic…).

Then there are taxes. In an ordinary securities account (CTO), dividends and capital gains are taxed by default at 31.4% since 1 January 2026 (12.8% income tax and 18.6% social security contributions). This is known as the single flat-rate levy (prélèvement forfaitaire unique, PFU), or flat tax (Service Public, 2026). In an equity savings plan (PEA) held for at least 5 years, only social security contributions of 18.6% remain payable (impots.gouv.fr, 2026).

Where and how can you hold shares?

Today, a share is no longer a paper document. It is an entry in an account, held by the company itself or by a financial intermediary.

Since when have shares no longer existed on paper?

For a long time, shares took the form of printed certificates, kept at home or in a safe. So-called "bearer" securities changed hands like banknotes, and the issuing company did not know who held its shares.

France's 1982 Finance Act put an end to this system. A decree of 2 May 1983 organised its implementation, with a first phase completed in November 1984. Holders then had until 2 May 1988 to deposit their old paper certificates into an account (French National Assembly). Since then, a French share exists only as an entry in an account or, today, on a blockchain.

Bearer or registered shares: what is the difference?

There are three ways of holding a share:

Whatever the form chosen, the shareholder remains free to sell their shares at any time.

Which account should you hold your shares in?

To buy shares in France, individuals generally open an account with a financial intermediary (bank, online broker…). They mainly have a choice between two types of account.

The ordinary securities account (CTO) is the simplest. It allows you to buy any type of security (French or foreign shares, bonds, ETFs…), with no cap on deposits.

The PEA is reserved for shares in European companies and certain funds, with a deposit cap of €150,000 (French Ministry of the Economy, 2025). In return for these limits, it offers a tax advantage: after 5 years, gains are exempt from income tax, but remain subject to social security contributions.

There is also a version dedicated to small and medium-sized enterprises (SMEs) and mid-sized companies: the PEA-PME-ETI. It works like a standard PEA, with two differences. It is reserved for securities issued by these companies, and its deposit cap is higher, at €225,000 (French Ministry of the Economy, 2025). The two plans can be combined, but total deposits cannot exceed €225,000, including a maximum of €150,000 in the standard PEA.

How do you buy a share?

Buying a share involves three steps.

• Open an account: an ordinary securities account or a PEA, with a bank or an online broker. Before placing a first order, it is advisable to read the account agreement, which sets out the fees charged, as well as how stock market orders are transmitted and executed: the types of order available, how they can be placed (online, by phone…) and processing times.
• Fund the account: the money deposited will be used to pay for the shares bought and for brokerage fees.
• Place a stock market order: this is the instruction given to the intermediary, usually online. The order specifies the direction of the transaction (buy or sell), the share chosen, the number of shares, the type of order and how long it remains valid.

There are several types of order, and the three most common are:

• The market order: it is executed immediately, as soon as a seller comes forward, but with no control over the price paid. For a thinly traded share, it may also be only partly executed.
• The "best limit" order: it is executed at the best price offered by sellers when it reaches the market. It offers no price guarantee and may be only partly executed.
• The limit order: the investor sets the maximum price they are willing to pay. They thus control the price, but the order is only executed if the share price falls to that level.

By default, an order is valid only for the current trading session. It can also remain active until a chosen date or until the investor cancels it (AMF, 2021).

Who keeps the register of shares?

There are two levels. The shareholder's account is held by their financial intermediary (online broker or bank), or by the company itself in the case of shares held in pure registered form.

Then, particularly for listed shares, a central body keeps the overall record: the central securities depository (CSD). In France, this role has historically been performed by Euroclear France. Since 21 September 2026, transactions in Euronext Paris shares have been settled by default at Euronext Securities, the Euronext group's CSD, with Euroclear France remaining an alternative (PostTrade360, 2026).

The CSD does not directly know individual investors: it holds the accounts of financial intermediaries, which group together their clients' securities. It also organises settlement, the final stage of a transaction: the securities are delivered to the buyer and the money is paid to the seller at the same time.

Can you buy a share at its IPO?

Yes. During an initial public offering (IPO), private investors can buy shares before they are even listed, at the price set for the offering. You simply place an order with your broker during the offer period. The price is either known from the start or set at the end of the offer within a range announced in advance. When demand exceeds the number of shares offered, investors may receive fewer shares than they asked for.

What is a tokenised share?

A tokenised share is a share whose registration is recorded on a blockchain rather than in a traditional database. Its legal nature does not change. It is still a share, with the same rights.

Under French law, a share can be registered in its owner's name either in a traditional account or in a "shared electronic recording device", such as a blockchain (French Commercial Code, Article L. 228-1).

Note: although blockchain and tokens (digital tokens) are involved, a tokenised share is not a cryptocurrency. It remains subject to financial instruments regulation, like any other share (AMF, 2025).

At European level, Regulation (EU) 2022/858, known as the "DLT Pilot Regime" (DLT standing for distributed ledger technology), has allowed market infrastructures to use this technology since 2023, under the supervision of regulators.

Above all, it allows a single entity to combine two roles that are usually separate: that of a stock exchange, which organises trading, and that of a central securities depository, which keeps the register of securities and settles transactions. A single infrastructure can thus cover a security's entire journey, from trading through to settlement and custody.

In short, the move from paper to book entries in 1984 and the move from book entries to blockchain follow the same logic. Only the medium of the register changes.

What are the benefits of a tokenised share?

The main benefit is speed. On traditional markets, the exchange of securities for payment currently takes place no later than two days after the transaction (T+2), and will move to one day (T+1) on 11 October 2027 (Regulation (EU) 2025/2075). When an authorised market infrastructure keeps the register of securities on a blockchain and organises their exchange for cash, delivery of the securities and payment can be synchronised, and a transaction settled almost instantly.

The second benefit is fewer intermediaries. On a traditional market, a transaction passes through several players: the buyer's bank or broker, the seller's, often a clearing house, then the central securities depository. Each steps in at its own stage, with its own timescales and its own fees.

When a single infrastructure handles both trading and settlement, this chain is shortened, which can simplify operations and reduce their cost. Investors can even hold their securities directly, registered in their own name on the register, without going through a financial intermediary: this is an option, not an obligation.

The third benefit is the traceability and security of the register. Every movement of securities is recorded in a shared register, which keeps the full history of transactions and is practically impossible to falsify.

This is still a new technology, in the process of being rolled out, but one on which European authorities are clearly placing their bets. Its use on financial markets has been governed since 2023 by the Pilot Regime, which for now limits the shares concerned to those of companies with a market capitalisation (the total value of their shares on the stock market) below €500 million (European Securities and Markets Authority, ESMA, 2026).

In December 2025, the European Commission proposed making this framework permanent and significantly widening its scope, with the aim of moving from an experimental phase to a genuinely regulated market at European level.

Is an SME share different from a large company share?

No, not legally. A share in a listed SME and a share in a large group are of the same nature and carry the same types of rights. What changes is the size of the company, the market on which it is listed and, sometimes, the level of liquidity.

French people's interest in shares has never been higher: 34% say they are interested in this type of investment, a record since the AMF barometer was launched in 2017 (AMF, 2025).

Yet in the public mind, the stock market is still seen as the preserve of large companies. When asked what can be bought on the stock market, nearly 45% of French people spontaneously mention large European companies and 37% US giants. SMEs and mid-sized companies account for only 24% of answers, and 26% of French people admit they have no idea at all what can be invested in on the stock market (Lise × poll&roll study, June 2026).

SME shares generally have a few specific features. They are often listed on dedicated markets, with adapted rules. On some of these markets, such as Euronext Growth, the mandatory takeover bid is triggered at 50% of the capital or voting rights, compared with 30% on a regulated market such as Euronext Paris. And like all small caps, their price can fluctuate more sharply and they may be harder to sell. To buy SME shares, you use the same accounts as for large companies, but some schemes, such as the PEA-PME, are reserved for them.

Can you buy shares on Lise?

Yes, because Lise is a stock exchange. And like any stock exchange, it allows companies to raise funds by issuing shares, and investors to buy and sell them.

But it is a new kind of stock exchange. It runs entirely on a distributed ledger, of the blockchain type, within the framework of the European Pilot Regime (Regulation (EU) 2022/858). The shares listed on it are natively tokenised shares.

In practice, Lise operates an equity market, an organised multilateral trading facility (SMNO under French regulations) registered as an SME growth market. It also handles the settlement of securities through its distributed ledger.

It thus combines two functions that are usually separate, those of a stock exchange and of a central securities depository, under the supervision of the AMF and the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudentiel et de résolution, ACPR), which granted its authorisation.

Shares listed on Lise are of the same nature and carry the same types of rights as those listed on traditional markets. What changes is that transactions are settled instantly, the market is open 24/7, and investors can open a securities account directly with Lise, without going through a broker.

On the tax side, securities listed on Lise are not eligible for the PEA. They may, however, qualify, subject to conditions, for the French income tax reduction for subscriptions to SME capital, known as IR-PME, whose standard rate is 18% in 2026 (LégiFiscal, 2026). This reduction applies only to subscriptions to capital, for example during an IPO, and in particular requires the shares to be held for at least 5 years.

The first IPO on Lise was that of ST Group, an SME based in Toulouse specialising in composite materials for the aerospace, defence and space sectors. It raised €2.07 million in April 2026 (Tout sur mes finances, 2026). The operation was presented as a world first on an infrastructure designed from the outset on a blockchain.

Frequently asked questions

How much is a share worth?

There is no standard price. The price of a listed share is its market price, which changes as trading takes place, according to supply and demand. It can range from a few cents to more than €1,000 depending on the company. On top of this price come the fees of the intermediary or platform used to buy it.

What is a share's dividend yield?

It is the ratio between the dividend paid over one year and the share price. For example, a share priced at €50 that pays a €2 dividend has a yield of 4%. This figure makes it possible to compare dividends between companies, but it says nothing about how the share price will change in future, or about the company's ability to maintain that dividend.

Can you hold shares in an unlisted company?

Yes. Every joint-stock company has capital divided into shares, whether it is listed or not. Being listed simply allows the shares to be traded on an organised market, which makes buying and selling easier. Shares in an unlisted company are generally much harder to sell.

Do you pay tax if you do not sell your shares?

On capital gains, no. As long as the share has not been sold, the gain remains unrealised and is not taxed. However, in a French ordinary securities account, selling is enough to make the capital gain taxable, even if the money stays in the account or is reinvested. Dividends, on the other hand, are taxed as soon as they are paid, even if you keep your shares. In a PEA, by contrast, you can sell and buy shares within the plan without being taxed: gains are only taxed when you make a withdrawal.

Can you buy a fraction of a share?

Not in the legal sense. Under French law, a share is indivisible with respect to the company that issued it (French Commercial Code, Article L. 228-5). Some platforms nonetheless offer investment in "fractional shares". Depending on the offer, the investor may hold a portion of a share held by the platform, a simple contractual right or a derivative, and not always the share itself.

Sources

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• AMF: summary of the public consultation on takeover bids (30% mandatory bid threshold, 2011, in French), amf-france.org
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• Tout sur mes finances: closing of ST Group's IPO (€2.07 million raised, April 2026, in French), toutsurmesfinances.com/bourse/?p=50083