股利收益率又称获利率,指股份公司以现金形式派发股息与股票买入价格(每股原市价)的比率。该收益率可用于计算已得的股利收益率,也可用于预测未来可能的股利收益率;持有期收益率指投资者持有股票期间的股息收入与买卖差价之和与股票买入价的比率。 股利收益率是挑选收益型股票的重要参考标准,如果连续多年年度股利收益率超过1年期银行存款利率,则这支股票基本可以视为收益型股票,股利收益率越高越吸引人。
但是如果投资者更偏重于股利偿付的话,就会发现这支股票并非如此具有吸引力,因为它的股利和股息收益率明显地低于同行。
But funds requiring investments to pay dividends will not find this stock attractive as their dividends and yield are significantly lower than their peers in the industry.
该方法不需要估计未来的现金股利和投资者的预期收益率,在一定程度上克服了传统股票定价方法的缺陷。
This approach is not in need of determining the future cash dividend, thus, to a certain extent, overcoming the shortcoming of the traditional method.
本文利用累计超常收益率方法,从实证角度分析了上市公司派发现金股利和股票股利对股票价格的影响。
This paper empirically analyzed the effect of the cash dividend and stock dividend on stock price through Cumulative Abnormal Return (CAR) method.
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