著名投资大师巴菲特曾说过：如果你不愿意持有一只股票10年，那么你连10分钟都不要持有。10年是一段漫长的时间，可以算得上是长期投资。问题是究竟可以长期持有的股票有什么特性？经历漫长时间的洗礼，许多因素使巴菲特在投资上获得了非凡的成就。他独具慧眼地识别具有竞争优势的公司，以及耐心地看到他的投资发挥作用，这些都是关键。
但最大的长期优势是巴菲特对派息股的喜爱。参照巴菲特旗下的伯克希尔哈撒韦公司（Berkshire Hathaway Inc）的投资组合，超过60%是派息股（dividend stock）。该公司预计在今年将收到38亿美元／156亿令吉的股息，足见股息在其投资组合贡献绝非一般。
众所周知，任何的等待都需要时间。投资者需要注意时间成本。时间成本指的不只是时间本身的流失，也是指在等待时间内造成错过的投资机会。
举例而言，投资者买了某公司的股票面临账面损失却不愿意止损离场，以致于资金被套牢，无法投资在可以提供更高回报的另一家公司的股票。以上例子的投资者面临不只是账面损失，该投资者还因此错过了另一家公司股价上升带来的回报。派息股有助于解决时间成本的问题。如果投资者把获得的股息再用于购买同一支股票，有机会在未来以更多的股票赚取更多股息，有助于强化复利（compound interest），从而达到滚雪球效应（snowball effect）。
自2008年起，马来西亚采用了单一税制（single-tier tax system）以取代归集抵免制（imputation system）。单一税制不再向公司和股东两方征税，解决了双重征税的问题。
换句话说，股东所获得的股息是免税的。股息是一种被动收入，使投资者在买入优质股票后不需要因著股价波动频繁地进行交易，只需耐心等待就可以享受时间带来的红利。股息更适合希望获得收益分配的投资者尤其是退休人士。然而，投资者不应该把派息股与定期存款相提并论，毕竟后者是无风险的。把钱投资在股市的投资者必须要有较高的风险偏好，即能承受股价波动。
股息是公司回馈股东最直接的方式。当一间公司董事持有大量该公司股票时，股息派发的最大受惠人就是该董事。除了本益比，投资者必须关注的股价估值指标是股息收益率（dividend yield）。
股息收益率的计算法为每股股息与股价的比率。举例而言，一间上市公司在一年内总共派发5仙的股息。如果公司的闭市价格为50仙，将股息除以每股股价50仙，股息收益率就是10%。当股价保持不变，公司派发越多的股息，股息收益率会提高。另一种情况则是当股价下跌，股息保持不变时，股息收益率也会提高，进而形成“高股息收益率陷阱”。
因此，投资者不能单凭股息收益率来买股，投资者必须留意股价走势以及股息派发的多寡和频密度是否稳定。投资者也可以留意所投资的公司是否有制定股息政策。有股息政策的公司会按照所制定比率将盈利派发给股东。
另一方面，倘若高股息收益率是由于股价持续下跌，投资者就必须三思而后行，避免“徒手接飞刀”（catching the falling knife)。
此外，投资者必须留意公司派发股息的原因是否出于公司经营业务得当而获得盈利抑或者是出售资产后一次性的获利。譬如，一家在大马交易所上市的廉价航空公司在2019年出售部分业务后宣布派发高达90仙的特别股息，该公司当时的股价大约为3令吉，换算成的股息收益率高达30%。在派发股息后，股价却一蹶不振，形成许多投资者因为一次性特别股息购入股票后却面临账面亏损，到头来得不偿失。
因此，投资者毋须贸贸然购买高股息收益率的股票。反之，投资者应该反复斟酌有良好派息记录，且股息不断增长的公司。毕竟，股息收益率视乎买入股票时的股价而定。哪怕当前只有2%的股息收益率，但只要公司未来的盈利持续增加，股息随之增加，投资者的股息收益率肯定会改善。
《股市被动收入──股息》（Passive income from the stock market -- dividends）原文：
Warren Buffett once said, "If you're not willing to hold a stock for 10 years, don't hold it for 10 minutes." Ten years is a long time and any investment for such period can be considered a long-term investment. The question is what are the characteristics of stocks that can be held for the long term? Over a long period of time, many factors have enabled Buffett to achieve extraordinary success in investing. His acumen to identify companies with competitive advantages and patience to see his investments work were key.
But the greatest long-term advantage has been Buffett's affinity for dividend stocks. More than 60% of Mr. Buffett's Berkshire Hathaway Inc.'s portfolio is made up of dividend stocks. The company expects to receive $3.8 billion in dividends this year, a sign that dividends make a significant contribution to the portfolio.
As we all know, any waiting takes time. Therefore, investors need to pay attention to the time cost. Time cost refers not only to time loss, but also to missed investment opportunities during the waiting time.
For example, investors who buy shares of one company facing paper losses but are unwilling to cut their losses, leaving their money tied up. They might miss shares of another company that offers better returns. The investor in the example faces not only a paper loss, but also a missed return from a rise in the share price of another company. Dividend stocks help solve the time cost problem. If investors reinvest the dividends they earned in the same stock, they have an opportunity to earn more dividends in the future with more shares. This can help to enhance compound interest and thus lead to the snowball effect.
Malaysia has adopted a single-tier tax system since 2008 to replace the imputation system. Single-tier tax system no require the imposition of tax on the profit at corporate level and again at shareholders level. Hence, the system addresses the problem of double taxation.
In other words, dividends received by shareholders are tax-free. Dividend is one form of passive income that allows investors to buy good stocks without having to trade them frequently in response to price fluctuations. Instead, they simply have to be patient and reap the reward as time goes by. Dividends are more suitable for those investors who eye for income distribution, especially retirees. However, investors should not equate dividend stocks with fixed deposits as the latter are risk-free.
Investors who invest their money in the stock market must have a higher risk appetite. In other words, they must be able to tolerate price fluctuations.
Dividends are the most direct way a company rewards its shareholders. When a company director holds a large number of shares in the company, the director is the biggest beneficiary of the dividend payment. Aside from assessing PE ratio, another important valuation metric that investors must look at is the dividend yield.
The calculation of dividend yield can be divided into two parts: dividend per share and share price. For example, a listed company pays a total dividend of 5 sen in a year. If the company's closing price is 50 sen, divide the dividend by its share price will get a dividend yield of 10%. When the share price stays the same, the dividend yield rises as the company pays out more dividends.
On the other hand, when the shareprice falls and the dividend remains the same, the dividend yield will also rise, creating a "high dividend yield trap".
Investors should not buy stocks merely based on the dividend yield. Investors must pay attention to the price trend and whether the size and frequency of dividend payouts are stable. Investors should also check if the companies they invest in have any dividend policies. A company with a dividend policy pays out profits to shareholders according to the dividend payout ratio.
On the other hand, if the high dividend yield is due to falling share prices, investors will have to think twice to avoid catching the falling knife.
In addition, investors must pay attention to check whether dividends are paid due to the company's ability to do business properly or as a one-off gain from the disposal of assets.
A low-cost carrier listed on the Bursa Malaysia declared a special dividend of up to 90 sen after selling some of its businesses in 2019. Its share price was about RM3, a dividend of 90 sen would translate into a 30% dividend yield. After the dividend was paid out, the share price kept falling after the ex-date. As a result, many investors suffered paper losses after buying the stock because of the one-time special dividend.
As a result, investors should not need to flock into stocks with high dividend yields. Instead, investors should think twice whether companies have a good track record of paying dividends and at growing rates. After all, the dividend yield depends on the share price at the time of purchase. Even if the dividend yield of a company with growth potential is only 2% at the current price, the investor's dividend yield will improve as long as the company's future earnings continue to grow and the dividend payout follows suit.
【作者】
▸庄太量教授／香港中文大学经济学系副教授，著有《人生炼金术的7大抉择》一书。他也在“庄教授经济人生”YouTube频道分享经济分析，内容涉及各地经济发展、楼市股市、经济政策建议、理财、科技，经济科课程及个人成长。
▸郑荣信／毕业于赛城多媒体大学经济学分析系，曾与大学教授在国际期刊共撰《投资者情绪如何影响大马股市》。热衷于研究行为经济学的理论和实践。在大马交易所开启金融职业生涯，现在一家证券行任职。
英文版：
▸Prof Terence Chong Tai Leung／Associate professor of economics
Prof Terence is an associate professor of economics at The Chinese University of Hong Kong and author of a book entitled "Alchemy of Life". He also shares economic analysis on “Prof Terence Chong, The Economist” YouTube channel, covering local economic developments, property and stock markets, economic policy advice, financial management, technology, economics courses and personal growth.
▸Tey Eng Xin／Financial professional
He graduated with an Analytical Economics degree from Multimedia University, and he has co-authored "How Investor Sentiment Affects the Malaysian Stock Market" with his professors in an international academic journal. He is interested in studying the theory and practice of behavioral economics. He started his financial career at Bursa Malaysia and now he is working in a securities firm.
