开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Sibyl · 2023年11月03日

回购之后德book value

NO.PZ2016021705000057

问题如下:

An analyst gathered the following information about a company:

If the company repurchases 1 million shares at the prevailing market price, the resulting book value per share will be closest to:

选项:

A.

$26.

B.

$27.

C.

$29.

解释:

C  is correct.

The prevailing market price is $2.00(20) = $40.00 per share; thus, the buyback would reduce equity by $40 million. Book value of equity before the buyback is $300 million. Book value of equity after the buyback would be $300 million $40 million = $260 million. The number of shares outstanding after the buyback would be 9 million. Thus, book value per share after the buyback would be $260 million/9 million = $28.89.

为什么不是$30(bvps)* (10mil-1mil)=$270mil?

1 个答案

王琛_品职助教 · 2023年11月06日

嗨,爱思考的PZer你好:


1

因为题干中的表格,给出的都是回购【前】的数据

最后一行的 BVPS 也是回购前的数据,是用回购前的 Book value,除以回购前的在外发行股份数

回购之后,总的 book value 会变,回购后的在外发行股份数也会变,所以回购后的 BVPS 也可能会变,不能直接使用回购前的 BVPS

2

我们可以利用回购前的 BVPS,求出回购前的 book value,即 30 x 10 million = 300 million

但是不能用回购前的 BVPS,去乘以回购后的在外发行股份数 (10-1=9 million) 哈

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