Key Difference – Right Shares vs Bonus Shares
正确的股票和奖金股份是两种类型的shares发给现有的shareholders该公司的。权利问题和奖金问题导致股份数量增加,从而降低了每股价格。正确的股票和奖金股份之间的主要区别在于虽然在新股份问题中以现有股东的折扣价提供正确的股票,但不考虑(免费)提供奖金股票,以弥补未付款dividends.
内容
1.Overview and Key Difference
2.What are Right Shares
3.What are Bonus Shares
4.Side by Side Comparison – Right Shares vs Bonus Shares
5.概括
What are Right Shares
权利股是通过权利问题发行的股票,该公司在将现有股东提供在公司中出售新股份的股票,然后再向公众提供。股东的此类权利 - 将在公众之前提供股票,称为“preemptive rights’。权利股票以折扣价向现行的市场价格提供,以激励股东认购股票。
例如。Company Q decides to issue new shares in order to raise new capital of $20m by issuing 10m shares in a 2:2 basis. This means that for every 10 shares held, the investor receives 2 new shares.
When new shares are offered, the shareholders have the following three options.
Continuing from the same example, assume that the market price of the existing shares (shares held prior to the rights issue) is $4.5 per share. The discounted price at which new shares will be issued is $3. The investor has 1000 shares
- If the investor takes up the rights in full,
现有股票的价值(1000* $ 4.5)$ 4,500
Value of the new shares (200* 3) $600
Value of total shares (1,200 shares) $5,100
配股后(每股价值5100美元/1,200) $4.25 per share
The value per share following the rights issue is referred to as the ‘theoretical ex-rights price’并且其计算受IAS 33-“每股收入”的约束。
The advantage here is that the investor can subscribe for new shares at a lower price. If 200 shares are purchased from the stock market, the shareholder has to incur a cost of $900 (200* $4.5). $300 can be saved by purchasing the shares through the rights issue. Following the rights issue, the share price will fall from $4.5 to $4.25 per share since the outstanding number of shares increase. However, this reduction is offset by the saving made through the opportunity to purchase shares at a discounted price.
- If the investor ignores the rights,
The investor may not be willing to invest further in the company or not have funds to subscribe for the rights shares. If the rights shares are ignored then the shareholding will be diluted due to the rise in the number of shares.
- If the investor sells the rights to other investors
In some cases, rights are not transferable. These are known as ‘non-renounceable rights’。但是在大多数情况下,投资者可以决定您是否要选择购买股票或将权利出售给其他投资者的选择。可以交易的权利称为“可放弃的权利’, and after they have been traded, the rights are known as ‘nil-paid rights’。
What are Bonus Shares?
Bonus shares are also referred to as ‘脚本分享’,并通过奖励问题分发。这些股份根据其股份的比例免费发给现有股东。
例如。每4股股份,投资者将有权获得1个奖金股份
奖金股票是股息支付的替代品。例如,如果该公司在财政年度造成净亏损,则将没有可用的资金来支付股息。这可能会导致股东之间的不满;因此,为了弥补无法支付股息的能力,可以提供奖金股票。股东可以出售奖金股票以满足其收入需求。
Issuing bonus shares is an attractive option for companies facing short-termliquidity问题。但是,这是现金限制的间接解决方案,因为奖金股票没有为公司产生现金,因此只能阻止以股息形式产生货币流出。
Further, as bonus shares increase the issued share capital of the company without any cash consideration, it could result in a decline in the dividends per share in the future which may not be interpreted rationally by all investors.
正确的股票和奖金股票有什么区别?
Right Shares vs Bonus Shares |
|
Right shares are offered at a discounted price for existing shareholders in a new share issue. | Bonus shares are offered free of charge. |
Impact on Cash Situation | |
发行了权利股,以筹集新的资本以供未来的投资。 | Bonus shares are issued to compensate for the prevailing cash limitations. |
Receipt of Cash | |
Rights shares result in cash receipt for the company | Bonus shares do not result in cash receipt. |
摘要 - 权利股与奖金股票
Companies consider the issue of rights shares and bonus shares when there is a need for funds for future projects or current cash deficits. Both rights shares and bonus shares increase the number of outstanding shares and reduce the price per share. The main difference between rights shares and bonus shares is that while rights shares are offered at a discount to market price, bonus shares are issued without consideration.
Reference:
1. McClure, Ben. “Understanding Rights Issues.” Investopedia. N.p., 29 Dec. 2015. Web. 01 Mar. 2017.
2.”Theoretical Ex Rights Price.” Theoretical Ex-Rights Price |Formula | Calculation | Example. N.p., n.d. Web. 01 Mar. 2017.
3.Pete. “EPS: Rights issues, Options and Warrants | IAS 33 Earnings per Share.” Chartered Education. N.p., 05 Sept. 2015. Web. 01 Mar. 2017.
4.斯塔夫,Investopedia。“奖励问题。”Investopedia。N.P.,2004年6月17日。2017年3月1日。
5.“奖金股票的优势和缺点。”efinancemangement。N.P.,2017年1月13日。2017年3月2日。
发表评论