股票投资的收益根源及其投资启示

The Root of Stock Investment Gains and Its Revelation

股票交易本身并不产生收益,在扣除交易成本后,股票投机在整体上是负和博弈。股票投资是一种间接的生意参与方式,与实业投资具有相同的商业本质。投资者购买股票,本质上是购买公司的资产,成为公司的资产所有者和生意合伙人。企业的经营能力和经营业绩最终决定了投资者的股票投资业绩。股票投资的收益包括股息和资本增值收益,但二者都根源于企业本身的盈利。

Stock transaction itself does not generate revenue. After removing transaction costs, stock speculation is a negative-sum game on the whole. Stock investment is a business involved in indirect ways, and has the same commercial nature as industrial investment. Buying stocks is essentially to buy the company＇s assets, and to be one of asset owner and business partner. The management capabilities and results of the interprise operations determines the investors＇ final stock performance. Stock investment gains include dividends and capital gains, but both are derived from the earnings of the enterprise itself. Therefore, the core risk of stock investment is the worsening of business performance,and investors should think about stock investment from the perspective of business and focus on studying and tracking the operation of enterprises.