Agree in advance to pay the interest rate of corporate bonds or dividends paid to preferred stocks. If the profit obtained by the enterprise's operation is higher than this fixed interest rate, after paying the corporate bond interest rate or preferred stock dividend, the residual profit enjoyed by ordinary shareholders will be greatly increased. For example, a company runs a business with a capital of 300 million yuan and an annual profit of 60 million yuan.
Assuming that this 300 million yuan capital belongs to ordinary shareholders, its return on investment is 20%. Assuming that half of the 300 million yuan capital is corporate bonds and preferred shares, the interest rate is 65,438+00%. After paying the debt interest and the dividend of preferred shares of 654,380+05 million yuan, the return on investment of common shares is 30%.
Extended data:
How far can the stock market go with leverage?
From the start of the rising market on July 22nd to the closing of1October 28th 165438+, the Shanghai Composite Index rose by more than 600 points, an increase of more than 30%. As far as A shares are concerned, it has been a rare market since 20 10.
Different from the past, this round of market is obviously biased-the economic fundamentals are weakening, the property market is deleveraging, and A shares and bond markets are adding leverage.
There is a direct data-the balance of margin financing and securities lending in the two cities keeps rising, reaching a new high after breaking through the 800 billion yuan mark for the first time last Thursday, reaching 825.3 billion yuan last Friday.
It has more than doubled from 347.4 billion yuan at the beginning of the year, and the balance of margin financing and securities lending has reached the sum of the growth in the past four years. In the total balance of margin financing and securities lending of 825.3 billion yuan, financing is the absolute main force.
The so-called financing means that investors borrow money from brokers to buy stocks and make money by rising stocks; Securities lending is to borrow stocks from brokers and make money by falling stocks.
In other words, more than 800 billion market funds have been borrowed. This means that the borrower has been leveraged. If these investors also buy more than one order in stock index futures, it means greater leverage.
In addition, the structured private placement products of banks are also one of the driving forces for this round of stock market rise. Of the 342 secondary market trust private placement products issued this year, 6 1 product is structured, accounting for 17.84%.
In September and June this year, 12 and 9 structured trust private placements were issued respectively. Where does the financing money and trust money come from? Mainly due to the downturn in the property market, the ability to absorb funds has declined. The industrial and commercial debt burden is heavy, the profitability is poor, and the banking industry is reluctant to lend.
These funds need to find a place to go, it is inconvenient to go overseas, and there is generally no profit when they go. The domestic stock market has become an important direction. The previous stock market was relatively undervalued. More importantly, the stock market is quick to realize and has a large trading volume, so it can be short-hedged.
The recent policies of the decision-making departments are also boosting, such as the targeted reduction of the deposit reserve ratio and interest rate cuts, including the newly promulgated deposit insurance regulations, and the deposits of more than 500,000 in the same bank are not insured.
According to experts, wealth management products are not covered by insurance. This objectively forces large deposits to find investment places, and the stock market benefits.
Baidu Encyclopedia-Leveraged Stock
People's Daily Online-How far can the stock market go with leverage?