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徒慕君 · 2023年08月28日

有点迷糊

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NO.PZ201601200500005002

问题如下:

If Yeta’s management implemented Proposal #2 at the current share price shown in Exhibit 1, Yeta’s book value per share after implementation would be closest to:

选项:

A.

US$25.20

B.

US$25.71

C.

US$26.12

解释:

B is correct. If Yeta implemented Proposal #2, a repurchase of US$40 million in shares, the resulting book value per share (BVPS) would be US$25.71, calculated as follows:

1 Yeta has a current BVPS of US$25.60; therefore, total book value of equity is US$2,560 million (= US$25.60 × 100,000,000 shares).

2 The number of shares Yeta would repurchase is US$40 million/US$20.00 per share = 2 million shares.

3 Yeta shareholders’ book value of equity after the buyback would be US$2,520 million (= US$2,560 million − US$40 million).

4 The number of shares after the buyback would be 98 million (= 100 million − 2 million).

5 The BVPS after the buyback would be US$2,520 million/98 million = US$25.71.

A is incorrect because US$25.20 incorrectly uses 100 million shares instead of 98 million shares in calculating BVPS after the buyback: US$2,520 million/ 100 million = US$25.20.

C is incorrect because US$26.12 incorrectly uses US$2,560 million (current book value) instead of US$2,520 million as the book value of equity in calculating BVPS after the buyback. The BVPS after the buyback is incorrectly calculated as US$2,560 million/98 million = US$26.12.

这种cash回购股票,一方面资产负债表上的cash 减少,另一方面equity也减少。那么减少的去哪了?

1 个答案
已采纳答案

王琛_品职助教 · 2023年08月29日

嗨,爱思考的PZer你好:


公司回购股票所使用的现金,跑到了回购的对手方,也就是参与回购交易的股东手里了

公司付出现金,获得股票;参与回购交易的股东付出股票,获得现金

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努力的时光都是限量版,加油!

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NO.PZ201601200500005002问题如下 If Yeta’s management implementePropos#2 the current share prishown in Exhibit 1, Yeta’s book value per share after implementation woulclosest to: A.US$25.20B.US$25.71C.US$26.12 B is correct. If Yeta implementePropos#2, a repurchase of US$40 million in shares, the resulting book value per share (BVPS) woulUS$25.71, calculatefollows:1 Yeta ha current BVPS of US$25.60; therefore, totbook value of equity is US$2,560 million (= US$25.60 × 100,000,000 shares).2 The number of shares Yeta woulrepurchase is US$40 million/US$20.00 per share = 2 million shares.3 Yeta shareholrs’ book value of equity after the buybawoulUS$2,520 million (= US$2,560 million − US$40 million).4 The number of shares after the buybawoul98 million (= 100 million − 2 million).5 The BVPS after the buybawoulUS$2,520 million/98 million = US$25.71.A is incorrebecause US$25.20 incorrectly uses 100 million shares insteof 98 million shares in calculating BVPS after the buyback: US$2,520 million/ 100 million = US$25.20.C is incorrebecause US$26.12 incorrectly uses US$2,560 million (current book value) insteof US$2,520 million the book value of equity in calculating BVPS after the buyback. The BVPS after the buybais incorrectly calculateUS$2,560 million/98 million = US$26.12. 这里的100million没说是总金额还是shares数量啊 其他金额的数字有符号 这个100m没有符号 很容易认为是shares数量

2023-06-30 15:21 1 · 回答

NO.PZ201601200500005002 问题如下 If Yeta’s management implementePropos#2 the current share prishown in Exhibit 1, Yeta’s book value per share after implementation woulclosest to: A.US$25.20 B.US$25.71 C.US$26.12 B is correct. If Yeta implementePropos#2, a repurchase of US$40 million in shares, the resulting book value per share (BVPS) woulUS$25.71, calculatefollows:1 Yeta ha current BVPS of US$25.60; therefore, totbook value of equity is US$2,560 million (= US$25.60 × 100,000,000 shares).2 The number of shares Yeta woulrepurchase is US$40 million/US$20.00 per share = 2 million shares.3 Yeta shareholrs’ book value of equity after the buybawoulUS$2,520 million (= US$2,560 million − US$40 million).4 The number of shares after the buybawoul98 million (= 100 million − 2 million).5 The BVPS after the buybawoulUS$2,520 million/98 million = US$25.71.A is incorrebecause US$25.20 incorrectly uses 100 million shares insteof 98 million shares in calculating BVPS after the buyback: US$2,520 million/ 100 million = US$25.20.C is incorrebecause US$26.12 incorrectly uses US$2,560 million (current book value) insteof US$2,520 million the book value of equity in calculating BVPS after the buyback. The BVPS after the buybais incorrectly calculateUS$2,560 million/98 million = US$26.12. 但是我第一次错的原因是题目说用的是surplus cash,我就没有用 2560 - 40,就直接用2560/98,我记得讲义上好像有道例题老师讲的是,如果是用surplus cash 就不用减我不知道是不是自己记错了,还请老师指正一下

2023-02-14 10:49 1 · 回答

NO.PZ201601200500005002 using surplus cash 回购为什么会影响book value? 这里的book value 不是应该指的是equity 的 book value吗 ?

2021-11-14 18:49 1 · 回答