As the company's share capital increases or dividends are distributed to shareholders, the actual value of the enterprise (net assets per share) represented by each share is reduced, this factor needs to be removed from the stock market price after this fact occurs. The removal actions due to the increase in the share capital are called permission removal, and the removal actions caused by the distribution of profits are called interest removal.
For example, if the original share capital of the company is 0.1 billion shares and the market price per share is 10 yuan, the actual value of the company has not changed after the fact is completed, however, the total share capital has increased to 0.2 billion shares. That is to say, the two shares after the stock increase are equivalent to the enterprise value represented by a previous stock. The profit per share is changed to 0.5 yuan, and the market price should be de-authority accordingly, adjusted to 5 RMB. In this way, the total market price of enterprises before and after permission assignment remains unchanged, all of which are 1 billion yuan. If an enterprise decides not to change the stock increment, but to distribute all earnings of 1 yuan per share as a bonus, the actual value of each share will be reduced by 1 yuan after the dividend is delivered, and the market price should be adjusted, adjusted to 9 RMB.
When a listed company sends shares, sends or distributes shares, it must determine the stock registration date. On the stock registration date and the previous shareholder holding or buying shares, it shall enjoy the right to send shares, send interest or distribute shares, it is a weighted (interest-bearing) stock. The next trading day of the equity registration day is the date of the permission-based ex-dividend. At this time, you will not be entitled to the aforementioned right to buy a new stock. Therefore, in general, the share price on the ex-dividend date is lower than the share price on the equity registration day.
The difference between dividend-based (dividend-based) shares and weighted (interest-based) shares lies in the ability to enjoy dividends and dividends, which also determines the difference between the two market values. Before the expiry date, a price affected by the removal of permission and interest should be calculated based on the actual situation of the removal of permission and interest as the guiding price for the opening. This is also called the benchmark price for the removal of permission (interest). The calculation method is as follows:
(1) The calculation method of the benchmark interest price is as follows:
Benchmark price of interest addition = closing price of the equity registration day-cash per share
(2) The calculation of the benchmark price for permission assignment is divided into the stock offering and stock allotment:
Closing price of the equity registration day
Benchmark price for stock transfer + permission = ---------
1 + shares per share
Stock registration day closing price + stock allotment × stock allotment Ratio
Base price of allotment right removal = -----------------
1 + shares per share
(3) The calculation method of the base price for dividend distribution, interest dispatch, and allotment is as follows:
Closing Price + allotment ratio X stock price-cash per share
Benchmark price of permission removal = -------------------
1 + Stock sending ratio + Stock Distribution Ratio
For a period of time after the dividend removal, if most people are optimistic about the stock, the trading market price of the stock is higher than the benchmark price of the dividend (interest removal), that is, the stock price is higher than the ex-dividend, this kind of market is called Power filling. If the stock price rises to the price level before the dividend removal, the change is called full filling. On the contrary, if most people are not optimistic about the stock, the market price of the transaction is lower than the benchmark price of the dividend (dividend), that is, the stock price is decreased compared with the previous value of the dividend. Whether a stock can exit the filling market is generally related to the market environment, the industry prospects of the issuing company, the company's profitability, and the company's image.
A warrant is a type of marketable securities. After an investor pays the right to purchase the securities, the investor has the right (rather than the obligation) to purchase or sell the underlying securities to the issuer at the agreed price during a specific period (or at a specific time. Where:
The issuer refers to a listed company or a securities company;
A royalty refers to the price paid when a warrant is purchased;
The underlying securities can be individual stocks, funds, bonds, a basket of stocks or other securities, and are the securities that the issuer undertakes to purchase or sell to the warrants holder as agreed.
After the permission is revoked, if the stock price exceeds the permission to quote, it is called filling; otherwise, it is called posting right.
Warrants are one of the financial derivatives emerging in the west in recent years, that is, the option certificate issued by a joint stock company limited to purchase a certain number of general stocks of the company at a specific price within a specific period of time. In essence, it is a call option for general stocks.
A warrant is actually a stock option issued by the issuer of a securities index or a third party other than it. The holder shall, within the specified time or upon a specific expiration date, you have the right to purchase or sell the underlying securities to the issuer at the agreed price, or collect the right certificates for settlement in cash settlement. A warrant can be divided into a warrant and a warrant. You can purchase the target stock from the issuer within the specified time or the specific expiration date. The target stock can be sold at the agreed price.
