NO.PZ2016021705000056
问题如下：
A company with 20 million shares outstanding decides to repurchase 2 million shares at the prevailing market price of €30 per share. At the time of the buyback, the company reports total assets of €850 million and total liabilities of €250 million. As a result of the buyback, that company’s book value per share will most likely:
选项：
A.
increase.
B.
decrease.
C.
remain the same.
解释：
C is correct.
The company’s book value before the buyback is €850 million in assets − €250 million in liabilities = €600 million. Book value per share is €600 million/20 million = €30 per share. The buyback will reduce equity by 2 million shares at the prevailing market price of €30 per share. The book value of equity will be reduced to €600 million − €60 million = €540 million, and the number of shares will be reduced to 18 million; €540 million/18 million = €30 book value per share. If the prevailing market price is equal to the book value per share at the time of the buyback, book value per share is unchanged.
老师不是很理解buyback指的什么时候？
