除息为何导致股价变动：中英文双语解析

中文段落

在股票市场中，除息是一个重要的概念，也是投资者经常关注的焦点。除息是指公司从股东应得的股息或红利中，扣除已宣布但未发放的股息或红利，以调整股价的过程。这一过程常常导致股价的变动，那么，除息为何会导致股价变动呢？

首先，从市场心理角度看，除息往往被视为公司盈利能力和未来发展前景的信号。当公司宣布除息时，投资者会根据公司过去的业绩和未来的盈利预期重新评估股票的价值。如果投资者对公司的前景持乐观态度，他们可能会继续持有或增加对该股票的购买，从而推动股价上涨；反之，若投资者对公司前景感到悲观，则可能选择除卖出股票，导致股价下跌。

其次，从供求关系角度看，息会影响股票的供求平衡。在除息日之前，投资者为了获取即将发放的股息或红利，可能会增加对该股票的购买，从而推高股价。而在除息日后，由于股息或红利的发放，股票的实际收益减少，部分投资者可能会选择卖出，导致股价下跌。

此外，除息还可能影响公司的资本结构和融资能力，进而影响股价。除息后，公司的股本结构可能会发生变化，这可能会影响到公司的财务稳健性和市场形象，从而影响投资者的决策和股价的变动。

综上所述，除息作为公司调整股价的一种方式，其背后的市场心理、供求关系以及公司资本结构的变化都是导致股价变动的重要因素。

英文段落

In the stock market, dividend ex-date is an important concept and a focal point for investors. Dividend ex-date refers to the process of adjusting the stock price by deducting the announced but unpaid dividends or bonuses from the shareholders' entitlements. This process often leads to changes in the stock price. So, why does dividend ex-date cause stock price fluctuations?

Firstly, from the perspective of market psychology, dividend ex-date is often seen as a signal of a company's profitability and future development prospects. When a company announces its dividend ex-date, investors will re-evaluate the stock's value based on the company's past performance and future earnings expectations. If investors are optimistic about the company's prospects, they may continue to hold or increase their purchases of the stock, thereby driving up the stock price. Conversely, if investors are pessimistic about the company's prospects, they may choose to sell their shares, leading to a decline in the stock price.

Secondly, from the perspective of supply and demand, dividend ex-date affects the balance of supply and demand for stocks. Before the ex-date, investors may increase their purchases of the stock to capture the upcoming dividends or bonuses, pushing up the stock price. However, after the ex-date, as the dividends or bonuses are paid out, the actual returns on the stock decrease, and some investors may choose to sell, leading to a decline in the stock price.

Additionally, dividend ex-date can also affect a company's capital structure and financing capabilities, further influencing the stock price. After the ex-date, the company's share capital structure may change, which could impact its financial stability and market image, thereby affecting investors' decisions and stock price movements.

In summary, dividend ex-date, as a means for companies to adjust their stock prices, involves underlying factors such as market psychology, supply and demand relationships, and changes in the company's capital structure that all contribute to stock price fluctuations.