What is ex rights and ex dividend? 5. What is ex rights and ex dividends?

Exclude dividend is exclude dividend, abbreviated as XD. Exclude Right is exclude right, abbreviated as XR. If it is ex-dividend and ex-rights, it is abbreviated as DR in English.

When a listed company sends shares, allotments and dividends, it must remove the "equity and dividend amount" from the stock price. Therefore, it is necessary to determine the ex-dividend date. Such as:

Kweichow Moutai (600519) in 2001 distributed 6 yuan in cash for every 10 shares (10 yuan after tax deduction), and the provident fund was converted into 1 share for every 10 shares, the equity registration date: July 24, 2002, and the ex-dividend date: July 25, 2002.

On July 25, Kweichow Moutai's stock price will produce a "**" gap, that is, the ** price of the stock on July 24 will be yuan. As soon as the market opened on July 25, the stock price went directly to the yuan. This is because of the ex-rights and dividends.

According to the regulations, the theoretical calculation formula of ex-rights and ex-dividends is: (the previous day's ** price - dividend amount + allotment price allotment rate) (1 + allotment rate + transfer rate). From this, the ex-rights and ex-dividend theory of Kweichow Moutai is calculated as follows:

Yuan. In fact, the stock opened at RMB, and the error was small. Since the stock price has a "**" gap of ex-rights and dividends, shareholders should pay attention to this phenomenon when distributing dividends.

If a ** is ex-dividend today, xd is indicated before the name of the **; If a ** is ex-entitlement today, XR is indicated before the name of the **; If a ** is ex-dividend and ex-rights today, the DR should be indicated before the name of the **. Remind investors in a timely manner. Such as:

On July 25, 2002, Kweichow Moutai was going to go ex-dividend and ex-rights, so its ** name was marked with DR.

The ex-rights ex-dividend price is not equal to the opening price of the company's dividends, transfer shares, and allotments, and there is a theory of ex-rights and ex-dividends**, which can only be referred to, and the opening price is never equal to the ex-rights and ex-dividend price, but there are coincidences. For example, Shengdao Packaging (000769), on November 11, 1998, 10 shares were converted into 8 shares, and they were ex-rights on November 12. According to the ex-rights formula, the ex-rights price is yuan (.

On November 12, the ex-rights, the opening price is exactly yuan, which is a complete coincidence, and it cannot be considered that the ex-rights price is the opening price. Fenghua Yuanzhu (600615) on November 11, 1998 on the ex-rights date of the allotment (10 allotment 3, allotment price yuan) calculated as the ex-rights price of yuan (19+. However, the opening price on November 11 was yuan.

Therefore, the ex-right price is not equal to the opening price.

For example, I am a listed company, the stock price is 100 yuan a share, you like me, buy me 100 shares, and then I found that many people also like me, but they just don't buy my **, it's too expensive, so I split 1 share into 2 shares to sell, so that 1 share becomes 50, so that more people who like me can buy my **, this is ex-rights.

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Legal first hail analysis: ex-rights and dividends refer to a kind of adjustment made by deducting the weight of the dividends received by shareholders contained in the market price when a listed company pays cash dividends or bonus dividends. Shareholders who purchase shares in the company on the ex-dividend date may not be entitled to dividend distributions or distributions.

Ex-rights are the price of the previous day minus the difference between the price of the previous day and the day of the allotment, which is the ex-right.

Legal basis: Article 83 of the Company Law of the People's Republic of China Procedures for initiation and establishment If a share is established by way of initiation and establishment, the promoter shall subscribe in writing to the shares subscribed by the articles of association of the company and pay the capital contribution in accordance with the provisions of the articles of association. Where non-monetary assets are used to make capital contributions, the formalities for the transfer of property rights shall be completed in accordance with law.

If the initiator does not pay in accordance with the provisions of the preceding paragraph, it shall bear the liability for breach of contract in accordance with the initiator agreement. After the promoter has fully subscribed to the capital contribution stipulated in the articles of association, the board of directors and the board of supervisors shall be elected, and the board of directors shall submit the articles of association and other documents prescribed by laws and administrative regulations to the company registration authority, and apply for the establishment and registration of Hengpai.

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-rights (XR), XR is the abbreviation of exclude (exclude) 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 (minus dividen). Shareholders who purchase the company** on the ex-dividend date are not entitled to this dividend or allotment.

Ex-dividend and ex-rights means that the company distributes its surplus funds to investors in the form of equity increase.

Ex-dividend and ex-rights means that the company distributes its surplus funds to investors in the form of equity increase. If you explain it more profoundly, it is that when the surplus is converted into capital or surplus, it needs to be ex-rights and dividends. This method of operation is more common in some listed companies with better performance, in order to repay the trust of shareholders in the company.

So what are the advantages of doing this?

First of all, it can increase shareholder confidence in the company. Dividends are proof that the company's performance is good, and investors are rewarded. This will undoubtedly increase investors' confidence in holding their shares**.

Second, it can enhance the company's image, and there are relatively few companies that can carry out ex-rights and dividends in the ** market. If a company does this at this time, then its image will be much better and its reputation will also rise. This is of great help to improve the company's performance, to put it bluntly, the higher the dividend means that the company's operating conditions are better and the profitability is stronger, which conveys a kind of information and signal to the outside world to boost the stock price, which is very helpful for the further development of the company; On the contrary, if the number of dividends of the company is small or even non-dividend, it means that the company's use may be in trouble, at least stagnant, which makes investors doubt the company's development prospects, which in turn affects the company's development prospects, and even leads to the company's development.