问一道题：NO.PZ2018101501000121

问题如下：

Company M has 10 million shares of outstanding stock. Currently, the earning per share is $2.50. If Company M repurchases $50 million at the current share price of $25 per share by borrowing the funds at an after-tax cost of 8%, what`s the change in earning per share after the repurchase?

选项：

It would remain the same.

It would decrease.

It would increase.

解释：

C is correct.

考点：Share Repurchases

解析：M公司earnings yield = EPS/Share price = 2.5/25 = 10%，大于8%，因此回购完的EPS将会上升。

请问能不能这么考虑：EPS由企业盈利除以在外发行股票数量，因为回购不影响企业盈利，盈利能力不变，同时在外发行股票减少，所以EPS变大。

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王琛_品职助教 · 2020年10月27日

不能
分子的盈利也在减少呀，借债回购的钱，要从盈利中减去，相当于回购之后的 EPS，分子和分母都在减少。计算参考：https://class.pzacademy.com/qa/55723
所以从这个角度，无法判断 EPS 变化情况
建议按照解析的思路，从 earning yield 和借债成本大小考虑

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NO.PZ2018101501000121问题如下 Company M h10 million shares of outstanng stock. Currently, the earning per share is $2.50. If Company M repurchases $50 million the current share priof $25 per share borrowing the fun after-tcost of 8%, what`s the change in earning per share after the repurchase? It woulremain the same. It woulcrease. It woulincrease. C is correct.考点Share Repurchases解析M公司earnings yiel= EPS/Share pri= 2.5/25 = 10%，大于8%，因此回购完的EPS将会上升。老师，借着这题问一下，这两个指标的区别？是不是前者分母是Book Value，后者分母相当于是Fair Value？这么理解可以吗？还有其他的区别吗？

2023-04-21 23:38 1 · 回答

NO.PZ2018101501000121 还是没太想明白，为什么earning yiel于R则应该回购且EPS会增大。问题是问回购后的EPS与回购前的EPS相比，感觉这里思路很混乱，虽然记住了结论可以选对。

2021-06-22 15:16 2 · 回答

It woulcrease. It woulincrease. C is correct. 考点Share Repurchases 解析M公司earnings yiel= EPS/Share pri= 2.5/25 = 10%，大于8%，因此回购完的EPS将会上升。这道题的计算方法是earning=2.5*10-50*8%=21,no of share after repurchase =10-50/25=8,EPS =21/8=2.625>2.5吗？

2020-05-17 12:20 1 · 回答

公司只有10M的股票outstanng，为什么可以回购50M呢

2020-02-22 17:50 1 · 回答

问一道题：NO.PZ2018101501000121

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