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李晨昱 · 2024年07月26日

请问这个知识点在基础班讲义哪里

  1. CFA I
  2. Equity

NO.PZ2023040301000157

问题如下：

A company’s market information and balance sheet data at the end of fiscal year 2012 are as follows:

If an analyst estimates that the market value of the company’s investment securities is 115% of their reported value, the company’s ratio of price to adjusted book value is closest to:

选项：

A.

0.91

B.

1.10

C.

0.96.

解释：

Correct Answer: A.

Adjusted book value per share = (Adjusted value of assets – Total liabilities)/Number of shares

Market value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 million

Market value of liabilities = 1.0 + 61.0 = $62.0 million

Adjusted book value per share = (78.5 – 62.0)/1.0 = $16.50

Price-to-adjusted book value = $15.00/$16.50 = 0.91

请问这个知识点在基础班讲义哪里，请拍照

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1 个答案

王园圆_品职助教 · 2024年07月26日

同学你好，书上和讲义都没有相关公式，但是这个内容其实就是P/B ratio的计算，上课没有重点说过（因为是非常小的一个点，重点要到二级才会涉及，所以讲义没有补充这部分内容），同学可以通过这道题了解一下以下算法及原理

本题求的就是P/B ratio，其中B是指公司equity的每股账面价值——但是，使用P/B的前提是认为公司的equity的 book value和fair value是类似的。所以一旦book value和fair value出现差异，就应该以fair value为准

所以要计算每股equity公允价值，就必须先计算equity的整体公允价值，也就是把asset的公允价值 减去 liabilities的公允价值

最后把整体的equity公允价值除以total common shares就可以得到每股book value 了

带入分母，而分子就是题目表格最开始的15，即可计算得到答案

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NO.PZ2023040301000157问题如下 A company’s market information anbalansheet ta the enof fiscye2012 are follows:If analyst estimates ththe market value of the company’s investment securities is 115% of their reportevalue, the company’s ratio of prito austebook value is closest to: A.0.91B.1.10C.0.96. CorreAnswer: A.Austebook value per share = (Austevalue of assets – Totliabilities)/Number of sharesMarket value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 millionMarket value of liabilities = 1.0 + 61.0 = $62.0 millionAustebook value per share = (78.5 – 62.0)/1.0 = $16.50Price-to-austebook value = $15.00/$16.50 = 0.91 book value为什么指equity的而不是asset的？

2024-04-30 11:44 1 · 回答

NO.PZ2023040301000157 问题如下 A company’s market information anbalansheet ta the enof fiscye2012 are follows:If analyst estimates ththe market value of the company’s investment securities is 115% of their reportevalue, the company’s ratio of prito austebook value is closest to: A.0.91 B.1.10 C.0.96. CorreAnswer: A.Austebook value per share = (Austevalue of assets – Totliabilities)/Number of sharesMarket value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 millionMarket value of liabilities = 1.0 + 61.0 = $62.0 millionAustebook value per share = (78.5 – 62.0)/1.0 = $16.50Price-to-austebook value = $15.00/$16.50 = 0.91 为什么不能用表里equity的15.6呢

2023-12-16 10:52 1 · 回答

NO.PZ2023040301000157 问题如下 A company’s market information anbalansheet ta the enof fiscye2012 are follows:If analyst estimates ththe market value of the company’s investment securities is 115% of their reportevalue, the company’s ratio of prito austebook value is closest to: A.0.91 B.1.10 C.0.96. CorreAnswer: A.Austebook value per share = (Austevalue of assets – Totliabilities)/Number of sharesMarket value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 millionMarket value of liabilities = 1.0 + 61.0 = $62.0 millionAustebook value per share = (78.5 – 62.0)/1.0 = $16.50Price-to-austebook value = $15.00/$16.50 = 0.91 Austebook value per share = (Austevalue of assets – Totliabilities)/Number of sharesPrice-to-austebook value = $15.00/$16.50 = 0.91

2023-08-19 15:30 1 · 回答