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sarafung · 2024年08月28日

为什么实务中增发股份数，不会导致EPS被稀释

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NO.PZ2023081403000024

问题如下：

Q. A company with no debt or convertible securities issued publicly traded common stock three times during the current fiscal year. Under both IFRS and US GAAP, the company’s:

选项：

A.basic EPS equals its diluted EPS. B.capital structure is considered complex at year-end. C.basic EPS is calculated by using a simple average number of shares outstanding.

解释：

A is correct. Basic and diluted EPS are equal for a company with a simple capital structure. A company that issues only common stock, with no financial instruments that are potentially convertible into common stock has a simple capital structure. Basic EPS is calculated using the weighted average number of shares outstanding.

为什么实务中增发股份数，不会导致EPS被稀释

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2 个答案

lynn_品职助教 · 2024年08月30日

嗨，努力学习的PZer你好：


不是问讲义上的内容啦，实务中怎么理解，我新发越多普通股，价格又是变动的，怎么会不损害原来购买股票股东的EPS呢？


这个从实务上解释的话，需要同学提供前提哦，是不是认同价值投资。


在实务中一个比较普遍的现象是，增发会短期摊薄eps,每股收益。但是长期来看是会回归价值的（大A没有哦）


另外，增发价一般会较目前市场价都会有所折让，否则的话定增买家何必参与呢?（增发价不低于定价基准日前 20 个交易日公司股票交易均价的80%），这也就埋下了隐形除权的可能。


但如果从价值投资的角度看:


1.对于低于股票内在价值（intrinsic value）的定向增发，对老股东的权益是一种损害。


2.对于高于内在价值的增发，则对老股东是有利的。如果在股票价值高估的情况下，即便是低于现价的定向增发，对老股东也是有利的。

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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08月29日

嗨，从没放弃的小努力你好：


因为增发的还是普通股，请看以下讲义截图黄色框框部分——basic EPS和diluted EPS最大的差别在于后者有没有公司发行的convertible bond，preferred shares，以及options


本题题干说了公司没有以上粉色的证券类型，那肯定basic EPS和diluted EPS就完全一样了哦，增发普通股两个是一样的哈。

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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！

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