1. What is ex dividend?
Ex dividend refers to a kind of price adjustment by deducting the weight of dividend received by shareholders in the stock market price when the listed company distributes cash dividend or bonus stock dividend.
2. Why do we need to get rid of the right and interest?
When the listed companies distribute profits, they often pay dividends and dividends. The so-called dividend is to give bonus shares and free shares to shareholders. For example, if a company gives bonus shares at the ratio of 10 to 10, investors hold 10000 shares before dividends, and 20000 shares after dividends. At this time, in order to keep the total value of the stock unchanged, the stock price will be adjusted to 1 / 2 of the dividend before, which is called ex right. After ex right, it is often distinguished by adding "XR" before the stock name.
Dividend distribution of listed companies refers to the company's distribution of profits to shareholders in the form of cash. After the dividend payment, the stock needs to be ex dividend, and the specific operation is to reduce the stock price. "XD" appears in front of the name of the stock, indicating that the stock has been ex dividend.
If a stock is ex dividend and ex dividend, it is represented by "Dr".
3. How to carry out ex right and ex dividend?
After deciding on the profit distribution plan of the previous year, the listed company will announce a time called "equity registration date". All shareholders who still hold the shares of the company at the close of the day shall have the right to participate in the dividend payment. In general, on the second day of equity registration date, ex right and ex dividend will be carried out, which is called ex right ex dividend date.
According to the provisions of the trading rules of Shenzhen Stock Exchange, "in case of rights and interests distribution of listed securities, conversion of accumulation fund into share capital, allotment of shares, etc., the Shenzhen Stock Exchange shall carry out ex right and ex dividend treatment for the securities on the trading day next to the equity registration date (B share is the last trading day)
4. How to calculate ex dividend price?
(1) Calculation of ex dividend price: ex dividend price = closing price on the dividend registration date - cash dividend amount per share.
(2) Calculation of ex right price: ex right price after giving bonus shares = closing price on equity registration date × (1 + number of bonus shares per share)
Ex right price after allotment = (closing price on the date of equity registration + allotment price × number of shares allotted per share) / (1 + number of allotments per share)
(3) Calculation of ex right ex dividend price: ex right ex dividend price = (closing price on the date of equity registration - cash dividends per share + allotment price × number of allotment shares per share) / (1 + bonus shares per share + allotment shares per share)
5. What is the impact of ex dividend on investors?
On the day of ex right ex dividend, the opening price often "falls sharply", which is a normal performance, because the shareholders who buy the company's shares the next day after the equity registration date can no longer enjoy the company's dividend, so there will be a ex right price on the ex right day. Compared with the shareholders who buy stocks at a "low price" but have no right to share dividends after ex right, the shareholders who buy at "high price" but have the right to share dividends have equal interests and opportunities, and the latter has no "loss".
Ex right and ex dividend is an embodiment of the equity and justice principle of the stock market. On the one hand, it can more accurately reflect the corresponding value of the stock price of listed companies, on the other hand, it can also facilitate shareholders to adjust the cost of holding shares and analyze the change of profit and loss.
6. How should investors view ex right and ex dividend?
After the stock price of listed companies is ex right, investors tend to have optimistic expectation on filling in rights. In fact, filling in the right is not inevitable. Whether the stock price of listed companies after ex right can make up for the gap of ex right depends on whether the value of per share is improved and the overall market factors.
Therefore, investors should rationally analyze the reasons for the ex right and ex dividend of listed companies, as well as the impact on the stock price. They should not be too superstitious about the right filling market, but should pay more attention to the investment value of listed companies.