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rabbit · 2020年06月27日

问一道题：NO.PZ2016012102000037

  1. CFA I
  2. FRA

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
266,042
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 x (3 / 12)] =266,042

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

老师,我一直比较疑惑的是:分股这个动作是在7月1日才进行的,为什么在计算加权平均数的时候,起初的200000股,分股后的状态(200000*1.15)是12/12(算了整年),而不 应该是6/12(即从7月1日开始计算) .

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1 个答案

Olive_品职助教 · 2020年06月28日

嗨，努力学习的PZer你好：


结论：加权普通股计算：拆股并股不加权时间

EPS每股收益衡量的是公司的获利能力，代表着公司每单位资本额的获利能力。拆股送股会导致发行在外普通股股数的增加，但是并没有相应的经济资源的流入，所有者权益实际上并不发生改变，总的盈利收益也不受影响，换句话说，实质上只是蛋糕切的份数变多了，比如原来切10块，现在变成20块，这并不改变股东手里拿的蛋糕的大小，但是EPS却会因为分母增加而降低，同样的净利润和同样的净资本，对应的EPS却不一样了，这会导致在拆股前后的EPS不可比，因此计算EPS时，要当做拆股送股的股数是一直存在一样，这样不同时间点的EPS才有可比性。

总结一下就是，会引起所有者权益总额变动的股数变动（增发股票、回购股票等）需要进行时间加权，而不引起所有者权益变动的股数变动（发放股票股利、拆股或并股等）不用计算加权平均。

如果实在无法理解就当做结论记一下吧


-------------------------------
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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