成长型股票和价值型股票有何不同?
Investors are often confused about the differences between growth stocks and value stocks. The main way in which they differ is not in how they are bought and sold, nor is it how much ownership they represent in a company. 而, the difference lies mainly in the way in which they are perceived by the 市场 and, 最终, 投资者.
Growth stocks are associated with high-quality, successful companies whose 收益 are expected to continue growing at an above-average rate relative to the 市场. Growth stocks generally have high price-to-收益 (P/E) ratios and high price-to-book ratios. The P/E ratio is the 市场 value per share divided by the current year’s 收益 per share. 例如, if the stock is currently trading at $52 per share and its 收益 over the last 12 months have been $2 per share, 那么它的市盈率是26. The price-to-book ratio is the share price divided by the book value per share. The open 市场 often places a high value on growth stocks; therefore, growth stock investors also may see these stocks as having great worth and may be willing to pay more to own shares.
Investors who purchase growth stocks receive returns from future capital appreciation (the difference between the amount paid for a stock and its current value), 而不是分红. Although dividends are sometimes paid to shareholders of growth stocks, it has historically been more common for growth companies to reinvest retained 收益 in capital projects. 最近, 然而, because of tax-law changes lowering the tax rate on corporate dividends, even growth companies have been offering dividends.
有时, growth stocks may be seen as expensive and overvalued, which is why some investors may prefer value stocks, which are considered undervalued by the 市场. Value stocks are those that tend to trade at a lower price relative to their fundamentals (including dividends, 收益, 和销售). Value stocks generally have good fundamentals, but they may have fallen out of favor in the 市场 and are considered bargain priced compared with their competitors. They may have prices that are below the stocks’ historic levels or may be associated with new companies that aren’t recognized by investors. It’s possible that these companies have been affected by a problem that raises some concerns about their long-term prospects.
Value stocks generally have low current price-to-收益 ratios and low price-to-book ratios. Investors buy these stocks in the hope that they will increase in value when the broader 市场 recognizes their full potential, which should result in rising share prices. 因此, investors hope that if they buy these stocks at bargain prices and the stocks eventually increase in value, they could potentially make more money than if they had invested in higher-priced stocks that increased modestly in value.
Growth and value are styles of investing in stocks. Neither approach is guaranteed to provide appreciation in stock 市场 value; both carry 投资 risk. The return and principal value of stocks fluctuate with changes in 市场 conditions. Shares, when sold, may be worth more or less than their original cost. Investments seeking to achieve higher rates of return also involve a greater degree of risk.
Growth and value 投资s tend to run in cycles. Understanding the differences between them may help you decide which may be appropriate to help you pursue your specific goals. Regardless of which type of investor you are, there may be a place for both growth and value stocks in your portfolio. This strategy may help you manage risk and potentially enhance your returns over time.
Note:The amount of a company’s dividend can fluctuate with 收益, 哪些受经济影响, 市场, 政治事件. Dividends are typically not guaranteed and could be changed or eliminated.
The information in this newsletter is not intended as tax, 法律, 投资, 或退休建议或建议, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or 法律 professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2024 Broadridge Financial Solutions, Inc.