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执瑞 Zhirui · 2024年07月20日

这题做对了,但是想进一步了解下区别

NO.PZ2016021705000059

问题如下:

A company has positive free cash flow and is considering whether to use the entire amount of that free cash flow to pay a special cash dividend or to repurchase shares at the prevailing market price. Shareholders wealth under the two options will be equivalent unless the:

选项:

A.

companys book value per share is less than the prevailing market price.

B.

companys book value per share is greater than the prevailing market price.

C.

tax consequences and/or information content for each alternative is different.

解释:

C  is correct.

For the two options to be equivalent with respect to shareholders wealth, the amount of cash distributed, the taxation, and the information content must be the same for both options.

  1. dividend, 左边减少cash,右边equity减少equity book value,new stock price=(pre-divdend market price-dividend per share), total equity book value =bvps*outstanding shares -total dividend
  2. stock repurchase, 左边减少cash, 右边equity 减少equity book value = total book value - unit prices of stock repurchase*number of stock repurchased, bvps=new equity book value / (pre-repurchase stock outstanding-repurchase number of stock)

然后new stock price=(pre-repurchase market price*stock outstanding-purchase prices*repurchase number of stock)/(pre-repurchase stock outstanding-repurchase number of stock)


这个计算方法对不对?

2 个答案

王琛_品职助教 · 2024年07月23日

嗨,爱思考的PZer你好:


对的我知道这题考的思路,但是想确认类似的会计方法对不对 

计算方法是对的

但是我们目前没有遇到需要计算回购后股价的题目

实际市场中的股价,可能会受到多种因素的影响,包括市场情绪、公司未来预期等

因此,同学关于回购后新股价的计算,我个人理解是基于简化假设下的理论分析

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王琛_品职助教 · 2024年07月22日

嗨,从没放弃的小努力你好:


1

同学的计算思路,其实并不是出题人想考查的方向和思路

题目其实是问:现金分红和股票回购这两种方式,对股东财富的影响,什么时候是等同的

结论是:只有它们向市场传递的信息是相同的,并且 Tcg = Td

2

题目考查的其实是原版书 P38 的一句话,咱们了解即可

"A share repurchase should be viewed as equivalent to the payment of cash dividends of equal amount in terms of the effect on shareholders’ wealth, for assumptions that the taxation and information content of cash dividends and share repurchases do not differ."

3

如果同学想通过举例用数据证明,也请参考:https://class.pzacademy.com/qa/81114

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加油吧,让我们一起遇见更好的自己!

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