0x01 说明缘由
最近一直有喜欢固定收益的朋友在问关于股息率的事情，以及新人在问关于前复权后复权以及不复权的区分，因此需要做一个专题来进行讲解关于股息分红的事情。那是为了解决什么问题呢：
相比于投资国债货币基金或者城投债，长期持有股息率高的股票，它的收益如何呢？
0X01 了解股票的分红派息
一般来讲，股票的获益方式有两种，一种是来自股份公司的股息和红利，另外一种是流通中的资本利得。关于股息和分红的来源在学习过基本会计实务的朋友就会了解到：
股息或者分红本质上是上市公司净利润在扣税后，缴纳完上年亏损，提取法定公积和任意资本公积之后，将盈利部分回馈给股东的股东权益再分配。通俗一点来说就是公司挣了钱，那么这笔钱如何花呢？一个是留着扩大再生产，一个是按照份额分给股东。二分红有两种，一种是现金分红一种是转送。近些年证监会也一直鼓励公司分红，我们可以看到2019年上市公司深、沪共有3777家，分红共有2672家，具体可参见下图：
当我们以分红金额作为排序会如下图发现，大部分分红金额高的是国有资产例如银行电力
旁边【股息率】就是现金分红与目前股价的比例，基本上是在百分之五到百分之六。而【转送】则是将准备分红的现金转成股票的形式发放给股东，保有现金，以便于扩大再生产。本质上对于二级市场的交易者来说，性质其实一样。
0X03 课后答疑
Q1：购买银行国有电力等股票以获得利息的方式会亏损么？
A1:会的，但是风险不高。银行电力等市值高，不易被操纵，波动幅度不高，我以年分红6%的农业银行为例：
从2017年开始到至今，波动幅度有限，均摊持有降低成本后，年度分红后，依旧能取得不低于6%的收益。但是不代表不会亏损，例如追高在4.29进行全仓买入，很难获得解套出来的机会。所以期待获取股息也要注意入场机会，耐心持有。
Q2：分红派股后股价注定降低么？
A2:是的。简单来说今天买10股农业银行，可以获得1.5，而明天购买10股农业银行，则需要再等一年获得分红，这对于明天买的投资者是不公平的，因而当今天完成分红后，股价就相应降低或者被吃息投资人抛售。从财会角度来说，总市值不变，股票增发（派股），那么股价就会降低；或者股票份额不变，但总市值减少（因为分红，现金分给其他投资人）,因而股价降低。这个过程也叫除权，为什么叫除权，因为后来投资人是没有派股分红权利的。
Q3：假定股息率为5%,如果去年买A股票的10/股，到分红派息日还是10/股，我是否赚钱呢？
A3:这取决于分红后的股价是10/股还是分红前交易日，如果是分红前，根据Q2问题，股价必然下跌，如果在10元/股市分红前，分红当天如果股票跌超过5%,则因股息不敌交易性亏损而损失利得，如果跌小于百分之5%,则再第二天平开基础上取得0-5%收益，一般来说分红当天会跌超过5%，因此想通过头一天买第二天买吃股息的方式是不太能行得通的，一般是长期持有，网格交易持仓降低成本。
重要提示：通过陆亿资本网站发布的观点和信息仅供专业投资人进行交易参考，完整的投资观点应以宜瑞投资咨询公司内部的完整报告为准。由于外汇、期权、股指等交易具有高杠杆高风险性质，若您并非积极性（风险偏好评级C4以上）投资者，为控制投资风险，请审慎阅读或关闭浏览页签。本网站不会因文章浏览、阅读或评论而视相关人员为我司内部客户；市场有风险，投资需谨慎。
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