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404 not found · 2024年05月14日

新发行的5万股为什么要算进股票分红的计算?

NO.PZ2016012102000037

问题如下:

At the beginning of the year, PZ company had 200,000 shares of common stock outstanding. On May 31, Share issued 50,000 shares of common stock. And Share issued a 15% stock dividend on June1. On October 1, the company issued 1,000, 10% bonds, each can be converted into 10 shares of common stock. In computing basic and diluted EPS, what is the weighted average number of shares to be used assuming the convertible bonds are dilutive?

选项:

Average shares, basic
Average shares, dilutive
A.
263,542
273,542
B.
263,542
230,200
C.
178,900
236.042

解释:

Basic shares = {[200,000 x (12 / 12)] + [50,000 x (7 / 12)]} x 1.15 = 263,542

Diluted shares = 263,542 + 10,000 =273,542

考点:股数计算

Basic shares = {[200,000 x (12 / 12)] + [50,000 x (7 / 12)]} x 1.15 = 263,542

* 5月底发行的50,000股,需要按时间加权。

** 乘以 1.15,是因为发了15%的股票股利

Diluted shares = 263,542 + 10,000 =273,542

在算diluted EPS的时候,如果有convertible bond的话,convertible bond转成的股票是不考虑时间加权的,就视同最初发行的一样。是直接加上convertible bond转股后的股份数。

股票分红应该是对上个年度或或期间持有股票所派发的,那5万股5月31日才发行,为什么股票分红也要算进去呢?

404 not found · 2024年05月16日

当然和6.1有关系了,怎么可能对刚发行的股票就进行股票分红?那如果题目条件改成股票分红日期为12月31日(而不是题目中的5.31),那请问要如何计算分红股数?

4 个答案

lynn_品职助教 · 2024年05月18日

嗨,从没放弃的小努力你好:


那如果题目条件改成股票分红日期为12月31日(而不是题目中的5.31),那请问要如何计算分红股数? 也是同样的加权算法吗 (50,000 x 7 / 12) x 0.15


是这样算的, (50,000 x 0/ 12) x 0.15=0,因为等于今年没有分红,所以在计算几年的值时,是0个月

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加油吧,让我们一起遇见更好的自己!

lynn_品职助教 · 2024年05月17日

嗨,从没放弃的小努力你好:


当然和6.1有关系了,怎么可能对刚发行的股票就进行股票分红?那如果题目条件改成股票分红日期为12月31日(而不是题目中的5.31),那请问要如何计算分红股数?


为什么刚发行的股票不能分红呢,只要登记了都分红啊,我知道同学是想到了现实生活中发行登记还要一定时间,这道题确实出得不好,但是CFA的题目一般一道题就考一个知识点,不可能再去考察发行相关的内容哦。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

lynn_品职助教 · 2024年05月16日

嗨,从没放弃的小努力你好:


还是不对呀~新股是5.31发行的。股票分红是6.1,这5万新股才发行了一天,即使50000*7/12的权重也不对。换个角度,派股前得先股权登记吧,这一天时间连登记都来不及,怎么可能对这5万新股派发呢


和6.1没关系哈,6,7,8,9,10,11,12总共是7个月。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

lynn_品职助教 · 2024年05月15日

嗨,努力学习的PZer你好:


股票分红应该是对上个年度或或期间持有股票所派发的,那5万股5月31日才发行,为什么股票分红也要算进去呢?


同学说的前半部分是对的,


50000股是5.31发行的,并不是1.1.发行的,所以我们才不是20000+50000的1.15。


因此是需要对50000进行时间的加权平均(半年)。然后整体上乘以1.15。


计算:


200,000 + 50,000 x 7 / 12 +(200,000 + 50,000 x 7 / 12) x 0.15 。

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加油吧,让我们一起遇见更好的自己!

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