



現金股利,就是合夥做生意的「分紅」!
如果今天我和另外四個好友每人出一百萬,總共湊了五百萬想要開餐廳。我們很辛苦的找了場地、設計裝潢、買廚具、請廚師,終於讓餐廳開張了。此時,我們五個人就是「股東」,每個人總共持有這間餐廳的股份20%;但是餐廳不是開張了以後就沒事了對嗎?
我們還需要付員工費、場租費、水電瓦斯費、食材費用等等,這些費用就是所謂的「營業費用」,也就是公司開門就要花掉的錢。假設這間餐廳每個月營業費用都要燒掉50萬,是又因為剛開幕、客人不多,只能收進來剛好50萬,這間餐廳有賺錢嗎?
沒有。那當然就沒錢分紅了。
但如果我們五個人繼續努力,餐廳生意變好、客人變多了,每個月能收進來100萬了!這邊先假設不考慮設備折舊等成本,扣除掉水電瓦斯、食材等營業費用後,我們每個月就有50萬的利潤,此時就可以分紅了!這個分紅,也就是「現金股利」。
因為「股東」,就是跟公司合夥做生意。
雖然對大立光來說我們大部份人都是小小小股東,可能沒什麼跟公司合夥的感覺,但事實上,我們買大立光的股票,就是拿自己的錢跟他們合夥,讓他們去做生意。因此如果大立光有賺錢,那我們身為股東就可以領到分紅啦!
所以,如果您有一張大立光,而一張股票是1,000股,那依據這次股東會說「每股現金股利79元」來計算的話,您就可以領到79,000塊!那或許有朋友會想:這個報酬率如何呢?
這,就是「殖利率」的概念….
英文小貼士
stock profits 股票獲利
shareholders 股東
cash dividend 現金股利
- He made significant stock profits by selling his shares when the market was at its peak.(他在市場達到巔峰時賣出股票,賺取了可觀的股票獲利。)
- Large institutional investors often have significant influence as shareholders in major corporations.(大型機構投資者通常在主要企業中擁有重要的股東地位,擁有顯著的影響力。)
- The company announced a generous cash dividend of $0.50 per share for the last quarter.(公司宣布上季度每股派發0.50美元的慷慨現金股利。)
如果我今天自掏腰包拿100萬買房子,然後出租出去當包租公,每個月扣掉給銀行的房貸等費用後,還能夠淨賺5,000塊!
這樣算下來,一年我能賺6萬塊 (5,000 x 12),而我當初是拿100萬來買房,所以報酬率是6% (6萬/100萬);但如果這房子很貴、要200萬,可是薪水不漲租金沒辦法跟著漲,每個月靠收租還是只能淨賺5,000塊,那這樣算下來,雖然一年我還是能賺 6 萬塊,但報酬率就變成3%了…. (6萬/200萬)。
就像這次大立光現金股利一樣,雖然一股79塊錢看起來很開心,但是大立光的股價很貴,就跟當包租公買到很貴的房子一樣。
依據2020年6月10日大立光的收盤價4,400元來計算,殖利率是1.79%….(79/4400 = 1.79%)。也就是說,如果我拿100萬,在6月10日收盤時買大立光的股票的話,(這邊暫時忽略掉100萬買不起一張大立光的殘酷現實….)那我能領的現金股利是17,900元。
瞬間看起來沒那麼好了。
或許會有朋友問:那股票股利呢?現金股利跟股票股利差在哪裡?
英文小貼士
dividend yield 殖利率
landlord 包租公
purchase price 進價
return rate 報酬率
stock dividend 股票股利
- The dividend yield of Company X is 4%, making it an attractive investment for income-seeking investors.(X 公司的殖利率為 4%,對尋求收入的投資者來說,這是一個吸引人的投資機會。)
- The landlord increased the monthly rent due to rising property taxes.(由於不斷上漲的房產稅,包租公提高了每月租金。)
- Investors should consider the purchase price of stocks when making investment decisions.(投資者在做投資決策時應考慮股票的購買價格。)
- To calculate the return rate, divide the total earnings by the initial investment.(要計算報酬率,將總收益除以初始投資。)
- Stock dividends are a way for companies to reward shareholders without using cash.(股票股利是公司以非現金方式回報股東的一種方式。)
股票股利,不發現金,改發所有權

「現金股利」很好懂,就是領股東分紅;「股票股利」則是我手上多了一些股份。
但是,「股票」是「公司的所有權」,而股票股利不是只有我領到,是所有股東一起領到,所以,並不是我的股份變多、別人的股份變少,而是大家的股份一起變多了。
這樣講或許有些朋友開始昏頭了,沒關係,我們來用個比喻:今天我跟朋友一起分個大蛋糕,本來是切三大塊,每人可以拿三分之一;結果現在改成切六大塊,我們現在就能一人拿兩塊蛋糕了。但是拿到的蛋糕有變多嗎?沒有,還是三分之一!
因為蛋糕還是那麼大啊。
現在,蛋糕就是公司,「股票股利」就是讓每個人手上的一塊大蛋糕變成了兩塊小蛋糕,因為雖然我們的股數變多了,但每一股的價值卻變少了。
或許您會問:「那這樣有什麼差?」其實還真沒什麼差,就算是現金股利也是一樣。身為股東,我們要關注的並不是現金股利還是股票股利,我們應該關注的是….
你需要關注真正的重點 – 公司會不會持續賺錢!
「股票」是「公司的所有權」,只要公司持續賺錢,那不管是股票股利、現金股利,還是沒有股利,我的股票都會更值錢;但萬一公司不賺錢了,那蛋糕就還是同樣的大小,此時不管怎麼切、怎麼分,也都只是左手換右手而已了。
或許您看到這邊,還有其他名詞想搞懂 (像是「除權息」等等…),沒問題,這邊還有另一篇講解「除權息」的文章「想拿股利嗎?先搞懂除權息三件事」,你可以看看。

I believe this investment should yield a reasonable return.
我相信這項投資會產生合理的收益。
Please yield your seat to elderly, pregnant, or disabled passengers.
請把你的座位讓給年老、懷孕、行動不便的乘客。
Carlos is a man of strong character; he never yields to threats.
卡洛士的個性堅強,他從來不會屈服於威脅。
Due to the long, dry summer, our yield of olives increased greatly this year.
由於今年漫長又乾燥的夏季,我們橄欖的產量巨幅增加。
Investing in this company involves a greater risk but should lead to a higher yield.
投資這間公司涉及很大的風險,但應該會帶來更高的收益。
I purchased some face masks and hand sanitizer at the store.
我在店裡買了些口罩和乾洗手。
I made a purchase of some face masks and hand sanitizer at the store.
我在店裡買了些口罩和乾洗手。
I bought some face masks and hand sanitizer at the store.
我在店裡買了些口罩和乾洗手。
You need proof of purchase to claim a refund.
你需要購買證明才能要求退款。
When will you return to Taiwan?
你什麼時候會回臺灣?
You should return the book to the library by Friday.
你要在星期五以前把這本書還給圖書館。
My mom told me that when someone helped me, I also had to return the favor.
我媽告訴我,當有人幫助我時,我也必須回報。
No one knows the date of Owen’s return from France.
沒人知道歐文從法國回來的日期。
All the old man wanted was the safe return of his expensive violin.
那老人只想要他那昂貴的小提琴平安歸來。
I gave Martin a watch in return for his help.
我給馬丁一隻手錶以回報他的幫忙。
On Mandy’s birthday, Tom wished her many happy returns.
在曼蒂生日當天,湯姆祝她長命百歲。
Daisy had to return the broken camera to the online store.
黛西必須將這臺壞掉的相機退貨給網路商店。
The rate of unemployment has been rising in recent years.
近年來的失業率逐漸上升。
This resort is rated as the most beautiful place in the country.
這個觀光勝地被評為該國最美的地方。
At any rate, their performance did not live up to our expectations.
無論如何,他們的表現並不如我們所預期。
The country's population is growing at a slow rate.
該國的人口以緩慢的速度成長。
The doctor checked Gary's heart rate.
醫生檢查了蓋瑞的心率。
Stock prices fell due to rumors of a company merger.
因為公司合併的傳聞甚囂塵上,股價便下跌了。
I’m sorry, but we no longer have that book in stock.
很抱歉,那本書我們現在沒有貨。
We have a huge stock of quality sportswear on sale.
我們庫存了許多質料不錯的運動休閒服來賣。
We have a good stock of snacks in the cupboard― please help yourself.
我們的櫥櫃裡儲備了很多零食 ⸺ 請自取。
This shop stocks a wide range of outdoor equipment.
這家店備有多種的戶外用品。
There’s a typhoon coming, so we should stock up on bottled water.
颱風要來了,所以我們要多囤積些瓶裝水。
Paul’s initial effort was a failure, but he kept trying and finally succeeded.
保羅最初的努力失敗了,但他繼續嘗試最後終於成功。
The picture was signed with the initials“J.B.,”which stood for James Brown.
這幅畫落款的姓名縮寫是 J.B.,代表詹姆士•布朗。
Please read the contract carefully and then initial here.
請仔細閱讀合約後,接著在這裡簽下你姓名的開頭字母。
I gave Vincent a watch as a reward for his help.
我送文森一只手錶以回報他的幫忙。
The young mom rewards her children with cookies when they do well in school.
孩子在學校表現良好時,這位年輕媽媽會給他們餅乾作為獎勵。
Jack received a reward for finding the lost dog.
傑克因為找到那隻走失的狗而獲得報酬。
The young man climbed to the peak of the mountain in record time.
這位年輕人以破紀錄的時間攀上山峰。
Sam’s business was at its peak when he was in his mid-40s.
山姆在 45 歲左右時事業到達顛峰。
Traffic in Taipei reaches its peak at about 8 a.m.
臺北的交通大約在早上 8 點達到巔峰。
The temperature in this area may peak at thirty seven degrees Celsius tomorrow.
明天這地區的溫度可能會達到攝氏 37 度。
December is one of the peak periods for our business.
十二月是我們業務的高峰期之一。
A quarter of the population voted for Tony.
有四分之一的人投票給湯尼。
You can easily get there in a quarter of an hour.
你可以很輕易地在 15 分鐘內抵達該地。
The company reaped huge profits in the first quarter of the year.
該公司本年第一季獲利很多。
Tom quartered the sandwiches and gave them to the kids.
湯姆把這些三明治分成四份,然後分給小朋友們。
Roger usually spends his monthly allowance on clothes.
羅傑通常把他每個月的零用錢都拿去買衣服。
I pay my phone bill monthly.
我每個月付一次電話費。
I pay my phone bill on a monthly basis.
我每個月付一次電話費。
National Geographic is a famous monthly that is published in many languages.
《國家地理雜誌》是一份以多種語言出版的著名月刊。
I rent an apartment from Mr. Wang for NT$6,000 a month.
我向王先生租了一間公寓,每月新臺幣 6,000 元。
Becky was still considering buying or renting an apartment in this city.
貝琪還在考慮要在這城市買還是租公寓。
Mr. Brown makes ends meet by renting rooms (out) to students.
布朗先生把房間租給學生,以維持收支平衡。
How much is your monthly rent for your apartment?
你每月公寓租金是多少錢?
That rich landlord has five apartments for rent.
那個有錢的房東有 5 棟公寓要出租。
Jim was absent from work yesterday due to illness.
吉姆昨天因生病而沒來上班。
