Capital Gains Yield Calculator
Compute the capital gains yield — the price appreciation component of an investment's total return.
輸入資料
計算結果
重點速覽：Capital gains yield = (ending price - beginning price) / beginning price x 100%. It captures only the price-appreciation part of return, excluding dividends or coupons. Example: bought at HK$50, sold at HK$60 gives (60 - 50) / 50 = 20%. It can be negative. WARNING: It is only the price component; total return also includes income. It is nominal and historical, ignoring fees, taxes and the holding period. In Hong Kong, individuals are generally not taxed on share price gains.
計算公式
資本利得 = 現價 − 買入價。
資本利得收益率 = (現價 − 買入價) ÷ 買入價。
此收益率只計價格變動，不包含股息或利息等收入 (若要計入派息，請使用持有期回報 HPR)。
$$資本利得：$Gain = P_{current}-P_{bought}$$$$$資本利得收益率：$CGY=\dfrac{P_{current}-P_{bought}}{P_{bought}}\times100\%$$$$$示例：$\dfrac{120-100}{100}\times100\%=20\%$$$使用說明
- Enter the beginning (purchase) price.
- Enter the ending (sale) price.
- View the capital gains yield as a percentage.
不同買入價與現價下的資本利得與收益率
| 買入價 (HK$) | 現價 (HK$) | 資本利得 (HK$) | 資本利得收益率 |
|---|---|---|---|
| 100 | 120 | 20 | 20% |
| 100 | 150 | 50 | 50% |
| 100 | 80 | −20 | −20% (資本虧損) |
| 50 | 65 | 15 | 30% |
理財情境案例
案例一：只看價格升幅的純回報
投資者以每股 HK$100 買入某股票，現價升至 HK$120，想知道純粹因股價上升帶來的回報。
資本利得 = 120 − 100 = HK$20；資本利得收益率 = (120 − 100) ÷ 100 = 20%。
解讀：不計任何派息，單看股價，這筆投資帳面賺了 20%。資本利得收益率專門衡量『價格』這一塊，適合用來評估以價格升值為主要目標的資產 (如不派息的成長股、部分物業)。
案例二：資本利得收益率 + 股息收益率 = 總回報
另一位投資者以 HK$100 買入一隻會派息的股票，現價 HK$110，期間每股收到股息 HK$4。
資本利得收益率 = (110 − 100) ÷ 100 = 10%；股息收益率 = 4 ÷ 100 = 4%；持有期總回報 ≈ 10% + 4% = 14%。
解讀：只看資本利得收益率會低估這筆投資的真實表現——因為它漏掉了 4% 的股息回報。對於高息股、REITs 等以派息為重要回報來源的資產，必須把股息收益率一併計入，才能得出完整的持有期總回報 (HPR)。這說明資本利得收益率是總回報的『其中一塊拼圖』，而非全部。
常見問題
What is capital gains yield?
It is the percentage change in an asset's price, excluding any income such as dividends or coupons. It answers 'how much did the price itself go up or down?'
How is it different from total return?
Total return = capital gains yield + income yield (dividends/coupons). Capital gains yield looks only at price movement, so a stock that gains 20% in price but pays no dividend has 20% capital gains yield and 20% total return; one that also pays 3% dividend has 23% total return.
Are capital gains taxed in Hong Kong?
Hong Kong generally does not tax an individual's share price gains (no capital gains tax), but dividends from overseas markets may be subject to withholding tax there. Tax treatment depends on the market and your circumstances — seek professional advice.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。