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erin_hi1990 · 2023年06月23日

请教股票回购后Equity的计算方法

NO.PZ2023040402000019

问题如下:

Carlyle explains to Lee that a complete analysis of the impact of a share repurchase should also include an evalua¬tion of the effects on leverage. She points out that Avignon’s most recent bond issue includes a covenant that limits the company’s debt-to-equity ratio to 35%. She asks Lee to prepare an analysis for Avignon, using the information in Exhibit 3, to see if the debt covenant will be violated if the company repurchases shares.

Exhibit 3 Avignon Corporation Selected Financial Information as of Year-End 2016


The best answer to Carlyle’s question about the potential violation of the debt covenants is that the covenant:

选项:

A.

will be violated if Avignon uses debt to finance the repurchase.

B.

will be violated if Avignon uses the surplus cash to finance the repurchase.

C.

is not violated if Avignon repurchases shares.

解释:

The debt-financed repurchase increases the debt-to-equity ratio above the 35% threshold and thus violates the debt covenant.


B is incorrect. The D/E stays below 35% when the company uses the surplus cash to finance the repurchase. (See table above: 31.7%.)

C is incorrect. The D/E is above the 35% threshold when the repurchase is financed with debt.

请问下,股票回购后的equity计算,我理解回购的股票会注销,也就是equity只剩下(200-155/32)这么多的股票,book value对应是(200-155/32)*18这么多。和题目的计算方式(3600-155)是不一样的,我的理解有错吗?谢谢。

1 个答案

王琛_品职助教 · 2023年06月25日

嗨,从没放弃的小努力你好:


1

其实回购后 equity 的账面价值,就是 3600 - 155 哈

同学思路的问题在于,回购后,BVPS 可就不是 18 了

所以同学所说的 "book value对应是(200-155/32)*18这么多" 并不对

根据这道题的背景,BVPS 会降低,并不是 18

2

同学可以回忆一下,咱们在回购部分,专门计算过回购后的 BVPS

并且还介绍了定性的分析方法:如果回购价格,大于当前的 BVPS,则回购后 BVPS 会降低

3

同学可以先用这道题的数据,分别计算一下当前的 BVPS,和回购后的 BVPS

我把计算过程写在下面,同学可以参考一下

当前的 BVPS:3600 / 200 = 18

回购后的 BVPS:(3600-155)/(200-155/32) = 3445/195.15625 = 17.653

同学有没有注意到,计算回购后的 BVPS 时,分子 BV 就是 3600-155 哈

4

借着计算过程,我们也同时复习了定性结论

如果回购价格 32,大于当前的 BVPS 18,那么回购后 BVPS 会降低

也请参考基础班讲义墨迹版 P67

----------------------------------------------
努力的时光都是限量版,加油!

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2023-11-12 23:16 1 · 回答

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2023-06-23 14:49 1 · 回答