【英语财经】高盛推荐的十大派息型股票

As The Journal took pains to point out today, everybody's searching for yield.

There's a number of reasons why. For one thing, there's ZIRP, which makes the payback for lending to companies or socking money in savings pretty paltry.

And while, stock market investors have taken nasty beatings over the last decade, the forces of low interest rates are pushing them further and further out the risk spectrum. First to high-grade bonds. Then to junk bonds. And eventually, they're going to get back into stocks, but not necessarily growth stocks.

First they're looking for stocks that pay them to wait. And on that count, Goldman Sachs has a good note out today spotlighting one of their strategies for finding yield stocks. Take it away boys:

We leverage information from the bond market to identify equities with dividend yields that are likely to represent compelling risk/reward scenarios. Continued strength in the bond market has driven corporate bond yields to 40-year lows, especially for many high-quality dividend paying companies. Low bond yields affirm that fixed income investors see cash flow as ample to pay the debts of a firm over the next several years. This cash flow cushion observed by credit investors could be used to support future dividend increases as well.

Translation: When a company's bond yields are falling - yields move in the opposite direction of prices - that means investors seem pretty confident that the company has the cash to cough up for their coupon payments. (People usually don't like buying bonds of companies with shakier finances.) And if they've got the cash to pay coupons to bond investors, that means they likely have the cash to continue - and perhaps increase - their payouts to stock investors.

Anyway, here's the list of stocks Goldman found, screening for dividend yields that surpass bond yields.

* Altria
* CenturyLink
* Verizon Communications
* AT&T
* Philip Morris International
* Exelon Corp.
* Bristol-Myers Squibb
* Pfizer Inc.
* ConocoPhillips
* American Electric Power

Matt Phillips

《华尔街日报》今天煞费苦心地指出，每个人都在追求收益率。

有很多理由可以解释为什么。首先是零利率政策（ZIRP），这使得借给企业或储蓄的投资回收率少得可怜。

同时，股市投资者在过去10年受到严重打击，低利率的压力迫使他们进一步远离这一风险投资，他们首先进入高等级债券，然后是垃圾债券，最终他们将回到股票，但不一定是增长型股票。

首先，他们正在寻找值得他们等待的股票，在这点上高盛（Goldman Sachs）有一则不错报告，指出了他们寻找高收益股票策略中的其中一条。各位，看看吧。

高盛依靠债券市场信息来找到股息收益率的风险回报可能有竞争力的股票。债券市场持续走强，带动公司债收益率降至40年低点，尤其是许多派发股息的高质量企业的债券收益率。较低的债券收益率表明，固定收益投资者认为公司现金流充足，可以支付公司未来几年的债务。为信贷投资者所发现的现金流也可用于支持未来股息的增加。

这可以解读为：当公司债券收益率下降时，（债券收益率与债券价格呈反比关系）这意味着投资者对于公司有现金支付票息相当有信心。（人们通常不喜欢购买财务状况不稳的公司债券。）如果企业有现金向债券投资者支付票息，就意味着他们可能有现金继续支付给股票投资者（甚至可能会增加）。

总之，以下是高盛通过寻找股息收益率超过债券收益率的方式发现的股票。

*Altria
*CenturyLink
*Verizon Communications
*美国电报电话公司（AT&T）
*菲利浦莫里斯国际公司（Philip Morris International）
*Exelon Corp.
*百美时施贵宝（Bristol-Myers Squibb）
*辉瑞（Pfizer Inc.）
*康菲石油（ConocoPhillips）
*美国电力公司（American Electric Power）

Matt Phillips（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）