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erin_hi1990 · 2023年07月10日

老师请讲解一下这道题

NO.PZ2023032701000087

问题如下:

Which of the following types of stocks or investment situations is not appropriate for using P/B in valuation?

选项:

A.

The company is composed mainly of illiquid assets

B.

The company is not expected to continue as a going concern

C.

The company’s EPS is highly variable or negative

解释:

Although the measurement of book value has a number of widely recognized shortcomings, P/B may still be applied fruitfully in several circumstances:

The company is not expected to continue as a going concern. When a company is likely to be liquidated (so ongoing earnings and cash flow are not relevant), the value of its assets less its liabilities is of utmost importance. Naturally, the analyst must establish the fair value of these assets.

The company is composed mainly of liquid assets, which is the case for finance, investment, insurance, and banking institutions.

The company’s EPS is highly variable or negative.

老师请讲解一下这道题

1 个答案

王园圆_品职助教 · 2023年07月10日

题目:以下哪类股票或投资情况不适合在估值中使用P/B?


选项:


A 公司主要由非流动资产组成——这一点不行,因为P/B的本质是认为公司的book value和market value差别不大,但是如果公司大部分资产是非流动资产, 其市场价格和账面价格必然有很大差别,那equity的book value就会和market value有很大差异,最后用P/B做估值就不准,选A


B. 预计该公司不会继续作为持续经营企业——解析中已经说了:当公司不再持续经营,那公司的资产的公允价值就必须尽量准确获得,只要资产的公允价值可得,那equity的book value就能修正为一个较准确的价值,此时用这个公允价格作为book value即可求合理的P/B


C. 公司的每股收益高度可变或为负——公司EPS波动或为负,对equity book value的估计没有影响,所以P/B此时依然适用



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