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book value：definition、meaning、Formulas and examples

What is book value? For value investors，Book value is the sum of the amounts of all items on the stockholders' equity portion of a company's balance sheet。You can also calculate book value by subtracting a business's total liabilities from its total assets.。 Accountants also use book value to evaluate the assets a company owns。This is not the same as the investor's book value，Because it is used internally for management accounting purposes。 KEY POINTS A company's book value is the sum of all items in the shareholders' equity section of the balance sheet。 Book value is often different from the market value of the company。 Using book value per share in fundamental analysis (BVPS) and price-to-book ratio (P/B)。 Understanding Book Value Shareholders’ Equity is the portion of a company’s balance sheet，It explains where their money is going。The chart below is Amazon’s consolidated balance sheet for fiscal 2022。Note liabilities and stockholders' equity (in the red box，Also called stockholders' equity) section。1 on the balance sheet，You'll see "Total Stockholders' Equity"，Value is 1,382 billion US dollars。This figure is calculated by converting preferred shares、common stock、national debt、Paid-in capital、Calculated by adding the value of additional comprehensive income and retained earnings。Some companies include unrealized gains and losses、Capital surplus or accumulated adjustments and many other items，Depends on the industry the company operates in and its internal accounting procedures。 The chart below shows that Coca-Cola has an "Equity attributable to Shareholders" line。in this case，This would be how investors assess Coca-Cola's book value。2 Since the company's book value represents the equity value，So when trying to determine whether a stock is fairly priced， Comparing book value to a stock's market value can be an effective valuation technique。 Purposes of Book Value There are two main investor uses of book value.： It is used among other financial ratios to help investors evaluate a company as a comparison to a company's market capitalization，Book value can indicate whether a stock is underpriced or overpriced。 Book value is also included in some financial ratios，Can help investors understand more about a company’s financial health。 book value per share (BVPS) book value per share (BVPS)It is a fast calculation method，Used to determine a company's per-share value based on the amount of its common stockholders' equity.。To get BVPS，Divide total stockholders' equity by the total number of shares of common stock outstanding。 therefore，If a company has 2100 million in stockholders’ equity and 200 10,000 common shares outstanding，Then its book value per share will be 10.50 Dollar。please remember，This calculation does not include any other line items that may be included in the stockholders' equity section，Includes only outstanding common shares。 There is a difference between outstanding shares and issued shares，However, some companies may refer to outstanding common stock as "outstanding" stock in their reports。 price to book ratio (P/B) Ratio When similar companies in the same industry use a uniform accounting method for asset valuation，The price-to-book ratio (P/B) is a valuation multiple that can be used to compare their values.。When comparing companies across different industries and industries，This ratio may not serve as a valid basis for valuation，Because companies record their assets differently。 therefore，A high price-to-book ratio is not necessarily a premium valuation，反之，A low price-to-book ratio is not necessarily a discounted valuation。 Calculating the price-to-book ratio is simple - divide the market price per share by the book value per share。In the previous example，The book value per share is…
2023-10-19
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convertible preferred stock：definition、Common terms and examples

What is convertible preferred stock? Convertible preferred stock is preferred stock that the holder may elect to convert into a fixed number of common shares after a predetermined date。 Most convertible preferred stock is exchangeable at the request of shareholders，But sometimes there is a provision that allows a company or issuer to force conversion。The value of convertible preferred stock ultimately depends on the performance of the company's common stock。 Key Points Convertible preferred stock is a dividend-paying preferred stock，Can be converted into common stock after a specified date at a fixed conversion ratio。 Convertible preferred stock is a hybrid security that has characteristics of both debt and equity。 If the common stock trades above the conversion price，Preferred stockholders may find it worthwhile to convert their shares into common stock。 Preferred shareholders who convert their shares give up the rights of preferred shareholders (no fixed dividends or higher claims on assets)，Become an ordinary shareholder (with voting rights and the ability to participate in stock price appreciation)。 Understanding Convertible Preferred Stock Companies Use Convertible Preferred Stock to Raise Capital。These securities are particularly useful as a financing vehicle for early-stage companies，Because they can provide investors with greater flexibility，making it an attractive option。That is, investors have the promise of regular dividends and the potential for future stock price appreciation.。 Preferred stock is a type of equity capital issued by a company，Higher asset and income requirements than common stocks。Preferred stocks typically pay a steady dividend，Dividends on common stock will only be paid if approved by the board of directors based on the company's recent financial performance.。 Preferred shares generally do not have voting rights like common shares。therefore，Preferred stock is often thought of as a hybrid of corporate bonds and common stock。 Convertible Option A characteristic feature of convertible preferred stock is that it contains embedded options，Allows the holder to trade them for a specified number of common shares at some time in the future。This conversion option offers holders potential upside，Because the value of common stock may increase over time。at the same time，It also has the advantages of preferred shares。 However，This advantage comes at a price。Convertible preferred stock generally trades at a higher price than common preferred stock，And the dividend yield may also be relatively low。 Convertible Preferred Stock Terms Terms commonly used when referring to convertible preferred stock are as follows:： face value：par value of preferred stock，or the dollar amount payable to holders in the event of bankruptcy。 conversion ratio：The number of common shares an investor receives upon conversion of convertible preferred stock。The ratio is set by the company when it issues convertible preferred stock。 conversion price：The price at which convertible preferred stock can be converted into common stock。The conversion price can be calculated by dividing the par value of the convertible preferred stock by the stated conversion ratio.。 conversion premium：The dollar amount by which the market price of convertible preferred stock exceeds the current market value of the common stock into which it is convertible. It may also be expressed as a percentage of the market price of convertible preferred stock.。 Example of Convertible Preferred Stock Consider the hypothetical company ABC Inc. Convertible Preferred Stock Issued，The price is 1,000 Dollar，conversion rate 10，The fixed dividend is 5%。therefore，The conversion price is 100 Dollar，and ABC's common stock must trade above this threshold，It’s worth it for investors to make the switch。Even though the common stock is trading close to 100 Dollar，Also probably not worth converting，Because preferred shareholders will give up 5% fixed dividends and a higher claim on the company's assets in the event of liquidation。 If the convertible preferred stock trades at 1,000 Dollar，ABC common stock trades at…
2023-10-19
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什么是跨式期权策略以及如何创建它

什么是跨式？ 跨式期权是一种中性期权策略，涉及同时购买具有相同行使价和相同到期日的标的证券的看跌期权和看涨期权。 当证券价格从行使价上涨或下跌的金额超过支付的溢价总成本时，交易者将从多头跨式期权中获利。只要基础证券的价格波动非常剧烈，获利潜力几乎是无限的。 关键要点 Straddle 是一种期权策略，涉及购买看跌期权和看涨期权。 两种期权均以相同标的证券的相同到期日和行使价购买。 只有当股票从行使价上涨或下跌超过支付的总溢价时，该策略才有利可图。 跨式表示到期日证券的预期波动率和交易范围。 在考虑剧烈波动的投资时，该策略最有效；如果没有剧烈的价格变动，为多个期权支付的权利金可能很容易超过任何潜在利润。 0 seconds of 1 minute, 48 seconds, 音量 75%1:48 跨界学院 了解跨式 更广泛地说，金融中的跨式交易策略是指两个独立的交易，它们都涉及相同的基础证券，并且两个相应的交易相互抵消。当投资者预计股票价格将大幅波动但不确定价格是上涨还是下跌时，他们往往会采用跨式交易。 Investopedia /朱莉邦 跨式期权可以为交易者提供两条关于期权市场对股票的看法的重要线索。首先是市场对证券的预期波动性。其次是到期日股票的预期交易范围。 练习使用虚拟货币进行交易 找出假设的投资在今天的价值。 选择一只股票特斯拉特斯拉公司美国航空航天局苹果公司的耐克公司亚马逊亚马逊公司WMT沃尔玛公司选择投资金额$选择购买日期 2年前 5年前 …
2022-11-25
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什么是市场风险与股票风险溢价

市场风险溢价与股权风险溢价之间唯一有意义的差异是范围。这两个术语指的是相同的概念，并以相同的方式计算。However，股票风险溢价仅指股票，而市场风险溢价则指所有金融工具。标准股权风险溢价通常高于非权益工具的标准市场风险溢价。一般而言，股权比许多其他类型的投资风险更大。 由于它们的相似性，金融出版物或权威人士可互换地使用市场风险溢价和股权风险溢价的情况并不少见。这些概念不应与历史市场风险溢价（对所有投资者相同）以及不同投资者的预期或所需市场风险溢价相混淆。 风险溢价 一般而言，风险溢价是指投资或投资组合的增量回报超过无风险回报率。国债通常作为无风险回报的标准。 举例来说，假设一个人有10,000美元可以投资。她可以把钱存入美国国债，收益率相对较低，比如每年2％。如果她选择国债，她几乎没有机会失去她的本金。 不过，财政部并不是唯一想要她钱的机构。公司提供债券和股票以筹集资金，但它们不能提供与国债相同的安全性。他们必须增加其工具的报酬回报，以吸引投资者将钱存入其中。 无风险利率与非财务产品利率之间的差异是风险溢价。当非财务工具是股票时，保费被称为股权风险溢价。任何工具都可能具有市场风险溢价。
2018-11-20
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股票溢价发行是什么意思？有何优缺点

我们都知道股票发行价，就是新股IPO上市时所定的股票发行价格，generally，我们认为这个发行价是固定的，However，现实情况是，新股发行定价不一定和股票的票面价格相符，所以根据不同情况，股票的发行价格分成了不同的类型，通常会有平价发行、溢价发行、折价发行。本文今天着重讲一下溢价发行。 首先我们得明确股票发行价时如何制定的 股票的发行价格（也称行市）是指在一级市场中，股份有限公司出售新股票时的价格。股票的票面价值确定后，股票的发行价格将依据市场利率、证券的利率水平、发行者的信誉及发行公司资金供应情况来确定。 什么是溢价发行 那么在了解了发行价格的由来后，溢价发行就很好理解了，即指股票的发行价格高于票面价值。同理，当于发行价格与票面价值相等时，为平价发行，而与发行价格低于票面价值时，为折价发行。 in recent years，溢价发行项目的数量分布，目前市场上溢价发行的项目占整体5.61%；2016年以来溢价发行呈现增多的趋势，倒挂项目占今年发行项目的7.60%。 从收益率和盈利概率上来看，溢价发行项目的平均收益率仅15.12%，低于定增市场的平均收益；同时盈利概率也低于定增市场。 从整体上看，溢价发行的定增项目收益水平低于市场平均，风险高于市场平均，劣势明显。 溢价发行溢价多少有限制么？ 通常溢价金额的多少，则由发行人与承销的证券公司协商确定，报国务院证券监督管理机构核准。这种决定股票发行价格的体制，发挥了市场作用，由市场决定价格，但是受证券监管机构的监督。 溢价发行又可分为时价发行和中间价发行两种方式。 时价发行 时价发行也称市价发行，是指以同种或同类股票的流通价格为基准，来确定股票发行价格。股票公开发行通常采用这种形式。在发达的证券市场中，当一家公司首次发行股票时，通常会根据同类公司（产业相同，经营状况相似）股票在流通市场上的价格表现来确定自己的发行价格；而当一家公司增发新股时，则会按已发行股票在流通市场上的价格水平来确定发行价格。 中间价发行 即股票的发行价格取票面额和市场价格的中间值。这种价格通常在时价高于面额，公司需要增资但又需要照顾原有股东的情况下采用。中间价格发行对象一般为原股东，在时价和面额之间采取一个折中的价格发行，实际上是将差价收益一部分归原股东所有，一部分归公司所有用于扩大经营。therefore，在进行股东分摊时要按比例配股，不改变原来的股东构成，我国股份公司对老股东配股时，基本上都采用中间价发行。 优缺点 对发行人来说，溢价发行可以用较少的股份筹集到较多的资金，降低筹资成本。它不仅让发行者获得按票面金额计算的资金，而且给发行者带来额外的溢价收入。but，对投资者来说，发行价太高，则意味着投资成本增大，有可能影响投资者的购买热情。对承销商来说，发行价过高也增大了承销商的发行风险和发行成本。
2018-10-03
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为什么同一只股票A股和H股股价存在价差

很多炒港股的朋友一定知道，一个公司可以同时在A股和H股上市，然而细心的朋友一定会发现，该公司A股股价一般比H股的高，而且永远存在差价。So，这是为什么呢？ 首先我们简单了解一下H股的概念，H股就是注册地在内地，而在香港上市的公司股票。香港的英文是HongKong，取其字首，所以在港上市外资股就叫做H股。 我们都知道，股票是公司的所有权凭证，持有一股H股，和持有一股同一个公司的A股，可以得到的分红是一样的，对应的投票权也是一样的。从理论上来说，它们应该是同股同权的，但因为存在价差，造成了实质上的同股不同权。从根本上讲，因为两地市场还未接轨，差价的情况仍然存在，理论上如果沪港通有效操作，是可以令到差价缩少的，因为如果其中一种股票溢价高的话，就会引发抛售，投资者宁愿去买另外一种较平宜的。 在实际操作上，因为A股和H股是两种不同的股票，技术上不可以卖出H股换为A股，亦不可以卖出A股换为H股，结果都不会是完全兑换。所以永远存在溢价。 存在溢价的原因 A股上市是核准制，审核严格，属于明显的僧多粥少，外面一大堆公司排队等着上市。已经上市的公司，本身具有“壳价值”，所以价格也就更贵。 H股是港币交易，A股是人民币交易。虽然AH股之间存在价差，但是资金往返两地投资需要兑换币种，这中间存在外汇的价差，以及汇率波动的风险。而且中国是有外汇管制的，会有额度的限制，并不是资金想进来就能进来，也不是想出去就能出去。 港股有做空机制，负面消息会很快反映到股价上。而A股的做空被限制较多。 港股以机构投资者为主，更看重长期价值，给行业龙头、蓝筹股的估价会更高。 A股以个人投资者为主，注重短期收益，波动较大，给题材股的估值更高。 还有其他一些因素，这里就不一一列举了。 随着沪港通、深港通额度的扩大，未来AH股的价差可能会逐步收窄，但是想彻底消除几乎是不可能的。因为上面分析的很多因素都是长久存在的，短期不会改变。 这里我们科普一下，什么是AH溢价指数。恒生AH股溢价指数是由香港恒生指数服务公司于2007年7月9日正式对外发布的数据，该指数追踪在内地和香港两地同时上市的股票（内地称A股，香港称H股）的价格差异。恒生AH股溢价指数根据纳入指数计算的成份股的A股及H股的流通市值，计算出A股相对H股的加权平均溢价（或折让）。指数越高，代表A股相对H股越贵（溢价越高），反之，指数越低，代表A股相对H股越便宜。 结束语 A股相对H股溢价是常态，长期看溢价会逐步减小。 我们可以逆向思考，去关注那些A股相对H股折价的公司，思考其中的原因。因为香港的机构投资者更看好该公司，而在大陆却被散户抛弃，也许里面有黄金。
2018-08-09
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