WSJ嘅Moneybeat專欄有篇新嘅文章,討論瑞士央行股價一年升1.5倍,為之前同大家講解過嘅「瑞士央行賺錢多過Apple」文章再作一啲補充。

瑞士央行盈利仲多過Apple (BTW佢係間上市公司……) | 央行及貨幣政策觀察 | Econ記者

WSJ新嘅呢篇《Why the Swiss Central Bank’s Stock Is Up 150% in a Year》係篇Q&A形式嘅解釋文,當中就提到瑞士央行的股東是甚麼人。文章指瑞士央行共有10萬股股份,截至2016年底5.2萬股係由瑞士各個邦(Cantons)及它們管有的銀行所持有;但這批股份的股東投票權較其他為高,因此所有行政分區及銀行手上的股份共代表75%的投票權。餘下的4.8萬股則由私人投資者持有,他們的總投票權只有25%。

報道指2016年底時最大單一持股的私人投資者,為一名德國人;另一個有趣資訊,是瑞士央行的理事當中,只有一名輪替理事持有一股瑞士央行股權,其餘所有理事都沒有持有該行股份。

Who owns its shares?
There are 100,000 shares of the SNB. At the end of 2016, Swiss states, known as Cantons, and Cantonal banks owned a combined 52,000 shares and 75% of voting shares. Private shareholders owned 48,000 shares but only 25% of voting shares. The largest single shareholder at the end of 2016 was a German investor. Just as interesting is who doesn’t own shares: the SNB’s own governing council, according to the last annual report. An alternate board member owned one share.

從上述的持股分配,相信讀者都可能估到該行股權的交投較少,流動性偏低。報道指,每日大約只有200股交投,亦因此股價頗為波動。

另外,其實瑞士央行受規條限制,股息不可以超過每股15瑞郎,現價計約只有0.3%的股息率。這令近一年股價急升的情況,變得有少許奇怪;唔通投資者真係看準盈利急升的因素,炒高股價來獲利?

詳細報道:

Swiss Central Bank’s Profits and Stock Are at Records. Here’s Why

Shares of the Swiss National Bank have been on a tear this week after the central bank said it expected to report a 2017 profit of 54 billion francs ($55 billion). SNB shares were up 5% midday Friday at 4,800 francs, a record, capping a three-day surge of 17%.


Also published on Medium.

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