What exactly is ex rights and dividends?

Listed companies distribute dividends to shareholders, that is, when the company's earnings are converted into capital increases, or when allotments are carried out, the stock price must be ex-righteous. When a listed company distributes its surplus to shareholders in cash, the stock price goes ex-dividend. To put it simply:

A downward adjustment of the stock price in response to the payment of ** dividends or a cash increase is ex-rights, and a downward adjustment of the stock price in response to the payment of cash dividends is an ex-dividend. The ex-rights or ex-dividends arise because the investors buy the same company's ** before the ex-rights or ex-dividend date and the purchaser on the same day, but the underlying rights and interests are different, which is obviously quite unfair. Therefore, the stock price must be adjusted downwards on the ex-rights or ex-dividend date to become the ex-rights or ex-dividend reference price.

The occurrence of ex-rights is caused by the behavior of the listed company to send allotments, and the reference ** announced by the ** exchange at the opening of the ex-rights trading date of ** is used to remind the trading market that the intrinsic value of ** has been diluted due to the increase in the issued share capital. The calculation of ex-rights** is based on the proportion of allotment (or allotment) in the announcement of the capital increase allotment (or allotment of shares) of the listed company: Allotment ex-rights**xr(ex-rights) = (**price before ex-rights + allotment rate) (1+allotment ratio) xr(ex-rights) = (**price before ex-rights + allotment rate) (1 + allotment rate + allotment rate) For type A** The so-called transfer of the part of the shares held by the state or legal person that has not yet been listed and circulated to the holders of the listed and tradable shares for compensation"Migration issues"Because it only causes the loss of tradable shares and non-tradable shares, and does not involve changes in the total number of shares, after consultation with many parties, from now on in the calculation of ex-rights, right"Transfer"will not be considered.

But take into account"Transfer"There is a special impact on the fluctuation of ****, which will still be used by the Department of Statistics"Withdrawal"with"Restoration"The approach to the Shanghai Composite Index is necessary.

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10 distributions of 10 yuan to send 5 shares, the current market **** is 20 yuan, the example is as follows: (****20 - ex-dividend rate or dividend amount per share of 1 yuan) (1 + share rate 1) = ex-rights** (20-1) (1 + 1) = yuan.

**The opening of the first day after the dividend is given, we generally call it ex-dividend or ex-rights, after the dividend is ex-dividend, and after the share is ex-rights.

To put it simply, you hold the company's ** before the day of equity registration, then you will definitely get a free ** on the day of ex-rights.

1. Ex-dividend price The closing price of the day before the ex-dividend date The company should find the dividend. For example, if the equity registration is 10 blocks and the dividends are blocks, then the ** price of the previous trading day on the ex-rights date is the block as a reference. 2. The ex-rights price is also divided into ex-rights of shares, ex-rights and shares of allotment, dividends, and ex-rights of allotments at the same time.

For example, if 10 get 3 free, and the previous transaction** is 13 yuan, it should be adjusted to 13 (10+3)=10 yuan.

Ex-rights and dividends are dividends distributed by listed companies to shareholders or in cash. It is often necessary to **, but it will be filled in the days to come!

Ex-rights and ex-dividends are dividends distributed to shareholders by listed companies, that is, when the company's earnings are converted into capital increases, or when allotments are carried out, the stock price must be ex-rights (XR), XR is the abbreviation of Exclude (remove) right (right). When a listed company distributes its earnings to shareholders in cash, the stock price is ex-dividend (xd), which is the abbreviation for exclude (exclude) dividend. Shareholders who purchase the company** on the ex-dividend date are not entitled to this dividend or allotment.

For *** enterprises, the rights and interests of the first on the registration date of the share transfer are not enjoyed, and the rights and interests of those who are sold are not. Basis: After the official implementation of the "National Small and Medium-sized Enterprise Share Transfer System ** Transfer Rules (Trial)", the delivery mode has been changed from "T+1 full non-guaranteed delivery" to "T+1 full guaranteed delivery". ）

Ex-rights is to give away shares, and ex-dividend is to give money.

"Ex-rights" means that it no longer contains certain powers, such as: giving bonus shares, converting provident fund into share capital, allotment of shares, and participating in shareholders' meetings. "Ex-dividend" means that it no longer contains the right to receive dividends.

There is no essential difference in the meaning of the two, only the power to be "removed" is different.

Ex-dividend. When the word xd appears before the name of **, it means that the day is the ex-dividend date of this **, and xd is the abbreviation of English exclud (remove) dividend. On the day of the ex-dividend date, the benchmark price of the stock price is lower than the ** price of the previous trading day, because the difference in the interest part is deducted from it.

Ex-dividend (xd), xd is the abbreviation of the English exclude (remove) dividend. **When issuing dividends or bonuses, the issuer needs to check the register of shares and hail in advance, convene a general meeting of shareholders and other preparations, so it is stipulated that the list of registered shareholders of Hegao on a certain day shall prevail, and it is announced that the period after this date is the period for the cessation of shareholder transfer. During the transfer period, dividends are still paid to the old shareholders of record, and the holders of the new purchase** cannot enjoy the right to receive dividends because they have not transferred, which is called ex-dividend.

At the same time, the number of dividends payable during this period should be deducted, which is the ex-dividend transaction.

Ex-dividend price ** price on the dividend record date The cash amount of dividends distributed per share.

Meddlesome.

If the stock price is filled in after the ex-rights and dividends, it is a good thing, and if the rights are discounted after the ex-rights and dividends, it is a bad thing. Generally speaking, after the equity registration date, the market deteriorates, or there is major negative news, investors will throw out their hands for risk considerations, resulting in the stock price, that is, the situation of discounting.

If the market is better after the registration date and attracts more investors to chain the stock, or the stock performs better and can support the stock price, then there will be a situation where the rights will be filled.

Precautions for ex-rights and dividends.

If an investor wants to participate in the ex-rights and dividends, he must hold the first interest on the trading day before the ex-rights or ex-dividend date at the latest, so that = he has the right to distribute the dividends. On the contrary, if you don't want to participate in the ex-rights and dividends, you can sell ** before the ex-rights and ex-dividend date.

In China, most of the ex-rights and ex-dividends are regarded as too much, and there is often the so-called ex-rights, which is actually an illusion caused by the increase in the number of shares. If you want to participate in ex-rights and dividends, you should choose companies with small share capital, good industrial prospects, and rich profits, and adopt medium and long-term investment strategies, which are more likely to fill in the rights and minimize the risk of participating in ex-rights and dividends.

The above inner paragraph calls the number of references to Encyclopedia - Ex-rights and Ex-dividends.