Let's take banking stocks as an example. Because the bank's performance is relatively stable, there will be dividends every year. The annual net profit growth rate of most banks is around 5%, and the annual dividend rate of banks is also 5%, which is equivalent to paying out all the money earned this year compared with last year. Let's take the Agricultural Bank as an example. The net profit of ICBC 18 was 202.8 billion yuan, and ICBC has announced 19. The net profit of 65438+2009 was 2 12 1 100 million yuan, but in its profit distribution plan, the company paid dividends of 63.662 billion yuan. For more information, please refer to the following announcement:
30% of the net profit is used for dividends. If the money is divided, is the company still worth investing? Let's talk about why listed companies should pay dividends, and why they should pay dividends after dividends. Reasons for dividends If a listed company can continue to pay dividends, it shows that the company has good profitability, stable income from various businesses and stable industry position. Sustained dividends have the following benefits:
First, increase the confidence of investors. Many investors, including some major shareholders, are concerned about changing the company's annual rate of return. For example, if the dividend yield of the bank is still calculated, the dividend yield is about 5%. For example, if you buy 6,543,800+shares, you can get dividends around 500 yuan, which is far stronger than the wealth management and fixed rate of return of some banks, although the dividend funds obtained on the ex-dividend date need to appear in the stock price.
However, the company's performance is stable and its profits are good. In the medium and long term, the share prices of most companies are gradually rising. In the case of dividend income, the rise of stock price can also bring good income. Therefore, for value investors, the continuous differentiation of listed companies can get better returns, but for some short-term investors, there is no advantage, and the corresponding taxes should be deducted when selling.
Second, continuous dividends can win the favor of the market for funds, especially the large-scale funds of some institutions. The greater the amount of funds, the more stable the return on investment. If this part of the capital is involved, it can stabilize the stock price and promote the gradual upward trend of the stock price. The steady rise of the company's share price is what the major shareholders and executives of listed companies want to see. The gradual upward trend of the stock price brings about the appreciation of shareholders' wealth and the promotion of the company's industry status. The brand effect and influence of the company have also been greatly improved, and the stock price of many listed companies is the best business card of listed companies in the usual business operation process.
If listed companies continue to make profits but are unwilling to pay dividends, this is the so-called "iron cock" in the market. Many investors even doubt whether the company has financial problems, especially when the company's share price is still in a downward trend, investors lose confidence and other institutions dare not intervene, which is very unfavorable to the company's market value management. After all, listed companies can only get cash dividends if they make money. Even if the company doesn't pay dividends, its profits are very strong. Let's put a question mark.
Third, in order to facilitate the refinancing and rights issue in the later period, and to make more listed companies make profits and dividends, the state management stipulates that listed companies can only make rights issue and rights issue in the next year if they make year-end distribution.
The reason for ex-dividend is to deduct the stock price according to the dividend situation on the ex-dividend date. For example, 10 shares should be given to 1.8 yuan, and the ex-dividend date and dividend date are the same day. According to the number of shares held, transfer the corresponding funds to our securities account, and deduct 0. 18 yuan from the original share price. For example, the stock price on the trading day before dividends is 5.6655. The reference benchmark price for the day's price increase and decrease is 5.6 1-0. 18=5.43 yuan. Why do you want to carry out ex-dividend, mainly because of the following factors:
First, in order to ensure the interests of investors who buy stocks later, because dividends are part of the company's net profit, the company's balance sheet will change after the money is given out. If the stock price is not deducted accordingly, it is obviously unfair for investors who buy stocks later to bear this part of the dividend. Therefore, in order to maintain the balance of assets at this price, the corresponding stock price must be deducted.
Second, the company's continuous dividends represent the improvement of the company's operating ability. Although the price has been temporarily lowered after ex-dividend, most companies can go out of the right-filling behavior in the later period, and will not affect value investors in the medium and long term. For example, after deducting the stock price, the funds obtained from dividends can be bought at a lower price after ex-dividend, and investors can enjoy shareholder rights mainly according to the number of shares held rather than the amount of shares held.
To sum up, we analyzed the reasons for dividends and ex-dividend of listed companies. These dividends and ex-dividends have no advantages for short-term investors, but dividends are a good reference index for truly choosing whether a company is suitable for value investment, and also an important reference data for company valuation calculation.
Therefore, we should look at this problem from different angles. The national management gradually encourages everyone to invest and do less speculation, which can also make the China stock market mature gradually, make more high-quality enterprises get the favor of funds, and make the later development more and more tired. Under the market economy system, let enterprises survive the fittest and let some stocks with poor performance return to reasonable valuation prices.
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