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yaokylu · 2022年01月05日

Book Value 问什么不是Asset的 Book Value

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 companys book value per share will most likely:

选项:

A.

increase.

B.

decrease.

C.

remain the same.

解释:

C  is correct.

The companys 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.

请问,这里 的 book value 并没有明确指出 是 Equity 的 book value。

为什么就不能是 Asset 的 book value 呢?

3 个答案

王琛_品职助教 · 2023年02月19日

嗨,爱思考的PZer你好:


@小火儿

老师,

您给的答案并没有体现是common stock的呀,而是整个equity的。

可以认为是做了简化,并没有再细分普通股和优先股

以回购前的 BVPS 为例

分子就是 equity 的账面价值,即资产的账面价值 850,减去负债的账面价值 250,等于 600

分母就是普通股在外发行的数量,即 20

所以 BVPS,等于 600 除以 20,等于 30

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努力的时光都是限量版,加油!

小火儿 · 2023年02月19日

老师,

您给的答案并没有体现是common stock的呀,而是整个equity的。

王琛_品职助教 · 2022年01月06日

嗨,努力学习的PZer你好:


Book value per share 是一个专业术语,定义出现在权益学科的原版书中,指标的分子是 common stockholders’ equity

请参考 P435: Book value per share is common stockholders’ equity divided by the number of common shares outstanding.

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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