Category: Money tips Release Date: 2006-10-16
According to statistics, as of March 16, 323 listed companies to disclose its 2005 Annual Report, which proposed a cash dividend of A-share companies have 189, pre-sent the company is now accounting for 58.51%, weighted dividend rate of 2.95%. And, in the proposed of the current company, there are 100 proposed of the current company's cash dividend rate of more than 2.25% of the yuan one-year deposit rates. To this end, some analysts believe that the investment value of these companies exceeds the value of bank deposits.
It should be said, with "dividend yield" indicators to measure the investment value of the stock is very appropriate, and its meaning is far better than the "price-earnings ratio" target. On the one hand it can lead listed companies to investors in order to focus on the real cash dividends, on the other hand it is also true investment value of listed companies embodiment.
However, the dividend yield for the investors need to correctly understand the target. As the dividend yield is the dividends and the ratio between the stock price, therefore, decided to high or low dividend yield, and not only is the number of listed companies to send, but also with the level of stock prices there are great relationships.
Not only that, I believe that that simply holding the dividend yield and interest rates compared to the practice of inappropriate. Because dividends and interest Daozhang Daozhang there is a major difference, that is, to make ex-dividend treatment, but the interest is paid without ex-dividend. Example of a depositor has 10,000 yuan one-year bank deposits, the interest due for one year is 225 yen (tax not taken into account factors), then the depositor after the expiry of the book balance of deposit will become the 10,225 yuan. But the dividends Daozhang not the case. If an investor holds 1,000 shares of a company's stock to shareholders of record on the closing price of 10 yuan per share, so that the investor's stock market value of 10,000 yuan. If the company sent to 0.225 yuan per share dividend (dividend yield of 2.25%), then the investors can get a dividend of 225 yen (tax not taken into account factors). But the next day to make the stock goes ex-dividend treatment, its stock price into a 9.775 yuan per share, so the investor's stock market into 9775 yuan, plus 225 yuan bonus, worth 10,000 yuan, or remain unchanged. And investors can finally get the corresponding bonus shares will depend on whether the Tianquan decision. Can be seen, simply take the dividend yield and interest rate for comparison to demonstrate the value of stock investment approach is far from appropriate. A company's dividend yield than if the high interest rates, of course, not worth the investment, a company because of its dividend yield is higher than interest rates, they maintain that the company's investment value is greater than bank deposits, then the same might not be able to stand firm this point of viewè„?
