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Evelynislost · 2021年06月15日

关于idle cash, 分子本题求BVPS时减去了闲钱的成本,如果求EPS,是不是用idle cash就不用减去,有道题目没减,这里核实一下。

* 问题详情,请 查看题干

NO.PZ201810160100000102

问题如下:

If Yeta’s management implemented Proposal #2 at the current share price shown in Exhibit 1, Yeta’s book value per share after implementation would be closest to:

选项:

A.

$25.20.

B.

$25.71.

C.

$26.12.

解释:

B is correct. If Yeta implemented Proposal #2, a repurchase of $40 million in shares, the resulting book value per share (BVPS) would be $25.71, calculated as follows:

1. Yeta has a current BVPS of $25.60; therefore, total book value of equity is $2,560 million (= $25.60 × 100,000,000 shares).

2. The number of shares Yeta would repurchase is $40 million/$20.00 per share = 2 million shares.

3. Yeta shareholders’ book value of equity after the buyback would be $2,520 million (= $2,560 million – $40 million).

4. The number of shares after the buyback would be 98 million (= 100 million – 2 million).

5. The BVPS after the buyback would be $2,520 million/98 million = $25.71.

A is incorrect because $25.20 incorrectly uses 100 million shares instead of 98 million shares in calculating BVPS after the buyback: $2,520 million/100 million = $25.20.

C is incorrect because $26.12 incorrectly uses $2,560 million (current book value) instead of $2,520 million as the book value of equity in calculating BVPS after the buyback. The BVPS after the buyback is incorrectly calculated as $2,560 million/98 million = $26.12.

关于idle cash, 分子本题求BVPS时减去了闲钱的成本,如果求EPS,是不是用idle cash就不用减去,有道题目没减,这里核实一下。

2 个答案

王琛_品职助教 · 2021年06月17日

嗨,从没放弃的小努力你好:


那么本题如何理解这个闲置成本 idle cash? 2 表述的用闲置成本 idle cash回购,也没有提到闲置资金如果不做回购还会有另外的收益,不太理解和课后15题的区别在哪里。

idle cash 是账上的「闲置资金」;而「闲置成本」,我理解同学是说闲置资金的机会成本,比如闲置资金如果不用来回购股票,而是拿去投资产生的收益

课后题 15 题,和课后题 29 题,都是使用 idel cash 回购,都不涉及闲置资金的机会成本,所以咱们在做题时并不用考虑

我理解同学想问的,可能是:为何 15 题,分子不用减去闲置资金;而 29 题,分子需要减去闲置资金。其实这里最关键的区别,在于题目要求什么?

15 题是求 EPS,分子是 earnings。如果借债回购股票,分子需要减掉税后债务融资成本;如果是闲置现金回购,且题目没告诉机会成本的情况下,分子还是 earnings,相当于公司是拿闲置资金回购,不涉及 earnings 改变

29 题是求 BVPS,分子是 BV of equity。无论用闲置资金回购,还是借债回购,都会导致公司的权益降低,因此分子都需要减去股票回购的金额

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努力的时光都是限量版,加油!

王琛_品职助教 · 2021年06月16日

嗨,从没放弃的小努力你好:


1)关于idle cash, 分子本题求BVPS时减去了闲钱的成本

这道题是课后题第 29 题,计算回购后的 BVPS 时,分子减去的 40 million,并不是闲钱的成本

因为现金回购,相当于变相归还股东的投资款,所以现金和净资产同时减少 40 million,这道题并不涉及闲钱成本

2)如果求EPS,是不是用idle cash就不用减去,有道题目没减,这里核实一下。

是的,我理解同学说的是课后题第 15 题,那道题没有提到闲置资金如果不做回购还会有另外的收益,所以不用考虑闲钱的成本

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虽然现在很辛苦,但努力过的感觉真的很好,加油!