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藍籌股是甚麼? What are blue chips? Daily Speculation

http://dailyspeculation.blogspot.com/2012/03/what-are-blue-chips.html
藍籌股是甚麼? What are blue chips?

 藍籌股票這個說法源於賭場,在賭場當中往往以藍色籌碼為最高的面額籌碼,因此在股票市場上面,就是指市值(MARKET CAPITALIZATION)最高的股票。市值就是股價乘以所有已發行的股票,在世界的股票市場上,最大市值的股票就是蘋果公司,市值 為$599.34*9.32億股,大概5400億美金,因此現時,蘋果就是藍籌中的藍籌。 The saying of blue chip originated from the casinos. In the casinos, the highest denomination chip is usually the chip in blue, therefore, blue chip stocks are stocks with the highest market capitalization. Market Capitalization is calculated by Share Price multiplied by all issued shares. As of now, the highest market capitalized stock is Apple, with an overall market cap of 540 billion. Therefore, Apple is the blue chip of blue chip.

 一般來說藍籌股是一些擁有良好聲譽,運作比較透明,相對一般公司較高的信用度和可靠性,企業比較穩定和歷史比較悠久的公司組成。 這是一個約定俗成的規則。道瓊斯工業平均指數就包含這些公司。包括大家熟悉的可口可樂,卡夫食品,波音,微軟等等。 Broadly speaking, blue chips stocks are companies that have a good reputation, a relatively transparent operation, higher level of reliability, stronger excitability and more solid company fundamentals. The definition of blue chip is very vague, yet these are the main criteria when people consider whether a stock is a blue chip or not. The very famous Dow Jones Industrial Average contains 30 of these companies, Coca Cola, Kraft, Microsoft etc...

藍籌股還有一個比較少人提及的特性,就是藍籌股普遍流通性比較大,所謂流通性就是能夠買賣的容易度。流通性高的股票主要由於有大量的買家或賣家,所以相對 的擁有權比較分散,持有的人沒有那麼集中,所以買賣的價格也比較分散,每一個價格都有人想賣一部分的股票。因此假如有資金想購入這一些沒有那麼集中的股份 也比較容易,以致每一次價格變動也比較少,因為每一個不同的價格都有一定程度的人放售,價格的波動也較少。如果擁有權相對集中的話,股票持有人的個人買賣 意願就會有更大的影響,因此股票也就波動比較大。 One of the less noted and yet significant criteria of blue chip stock is higher liquidity. Liquidity is the ease of share buying and selling. A higher liquidity signifies a large amount of buyers and sellers, as the ownership is not very concentrated and the stock ownership is more diverse, the ability and willingness of selling will be spread-ed across different prices.Therefore, it will be easier for capital to acquire such shares from the market without making a huge impact on the price, because there are sellers of the shares at different price level, therefore price fluctuation is more stable. Vice Versa, if the stocks ownership is highly consolidated, the sellers personal preference will have a higher impact on the individual stock. Therefore the stock will have higher volatility as the selling action is not as spread-ed.

一個流通性很好的例子就是夏天買聖誕燈與聖誕節買聖誕燈。在夏天買聖誕燈,由於一般地方很少有賣,由於沒有其他參考價格,也不知道有多少消費者購買聖誕 燈,也不知道他們願意付出多少錢來購買,因此不同的店鋪的標價會相差很遠,因此價格波動比較大。在這個情況下,如果我要大量購入聖誕燈,我買入的價錢也會 有大差別有些$150, 有些$300 有些$700 諸如此類。但是如果冬天買聖誕燈,店鋪的供應相對比較多,因此價格波動比較少,由於有其他店鋪的售價作為參考,因此不同店鋪的差價會比較少,在這個情況 下,如果我要大量購入聖誕燈,我買的價錢差距也會比較少,大概$250 到 $400 左右,比起在夏天買聖誕燈就更有機會以接近市價的方式購入,更少機會撿到便宜貨或被詐取金錢。
 A good example of liquidity will be buying Christmas lights in winter and buying Christmas lights in summer. When you are buying Christmas light in the summer, there are not a lot of places offering it, the price thus is relatively unstable. As there are no reference to the price provided by other competitors and the sellers are finding a hard time assessing the demand for Christmas lights at different prices therefore, Different shops will likely offer the Christmas lights at vastly different prices, therefore if I am going to buy a lot of Christmas lights, my entry price will be vastly different, from as low as $150 to as high as $700. This exhibits an example of low liquidity. Whereas in winter, the liquidity of Christmas light is higher, there will be more supply from sellers, different shops will have supply at different prices, therefore price is more stable. As there are reference from other shops, price differentiation between shops will be lower, from around $250 to $400. In this case, if I am going to purchase a lot of Christmas lights, my entry price will be very close. Compared with buying Christmas lights in the winter, I am more likely to buy Christmas light at the average price rather than the being ripped off and getting a bargain.