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James · 2024年09月26日

如果buyback market price变成40元每股

  1. CFA II
  2. Corporate Issuers

NO.PZ2016021705000056

问题如下：

A company with 20 million shares outstanding decides to repurchase 2 million shares at the prevailing market price of €30 per share. At the time of the buyback, the company reports total assets of €850 million and total liabilities of €250 million. As a result of the buyback, that company’s book value per share will most likely:

选项：

A.

increase.

B.

decrease.

C.

remain the same.

解释：

C  is correct.

The company’s book value before the buyback is €850 million in assets − €250 million in liabilities = €600 million. Book value per share is €600 million/20 million = €30 per share. The buyback will reduce equity by 2 million shares at the prevailing market price of €30 per share. The book value of equity will be reduced to €600 million − €60 million = €540 million, and the number of shares will be reduced to 18 million; €540 million/18 million = €30 book value per share. If the prevailing market price is equal to the book value per share at the time of the buyback, book value per share is unchanged.

如题，这时候会发生什么变化呢？

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2 个答案

Kiko_品职助教 · 2024年09月26日

嗨，从没放弃的小努力你好：


因为回购是从市场上面回购的，肯定是要按照市价来算啊。

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Kiko_品职助教 · 2024年09月26日

嗨，从没放弃的小努力你好：


每股账面价值会变少。

公司在回购前的账面价值为 8.5 亿欧元资产减去 2.5 亿欧元负债等于 6 亿欧元。每股账面价值为 6 亿欧元除以 2000 万股等于 30 欧元 / 股。每股40欧元的现行市场价格减少 200 万股的权益。权益的账面价值将减少至 6 亿欧元减去 8000 万欧元等于 5.2亿欧元，且股份数量将减少至 1800 万股；5.2亿欧元除以 1800 万股等于 28.89 欧元每股账面价值。

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James · 2024年09月26日

为啥以市价回购200万股，equity减少的账面价值是用市价来计算而不是用每股的账面价值来计算？

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