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kevinzhu · 2022年04月15日

需要更详细的计算过程

* 问题详情,请 查看题干

NO.PZ201601200500005003

问题如下:

Based on Exhibit 1, if Yeta’s management implemented Proposal #3 at the current share price, earnings per share would:

选项:

A.

decrease

B.

remain unchanged

C.

increase

解释:

C is correct. In the case of external funding, a company’s earnings per share will increase if the stock’s earnings yield, which is the ratio of earnings per share to share price, exceeds the after-tax cost of borrowing. Yeta’s earnings yield is 9.10% (= US$1.82/US$20.00), which exceeds the after-tax cost of borrowing of 8.50%.

A is incorrect because EPS will increase (not decrease) if the stock’s earnings yield (= US$1.82/US$20.00) exceeds the after-tax cost of borrowing. Yeta’s earnings yield of 9.10% exceeds the after-tax cost of borrowing of 8.50%.

B is incorrect because EPS will increase (not remain unchanged) if the stock’s earnings yield (= US$1.82/US$20.00) exceeds the after-tax cost of borrowing. Yeta’s earnings yield of 9.10% exceeds the after-tax cost of borrowing of 8.50%.

(100*1.82-40*8.5%)/(100-40/20)=1.8224 > 1.82 所以EPS after repurchase increase?

1 个答案

王琛_品职助教 · 2022年04月17日

嗨,努力学习的PZer你好:


1

同学的计算完全正确

2

另外,这道题的选项是「定性」考查,只是问咱们回购后的 EPS 的变化,其实并不是要计算具体的数值

所以我们可以用回购前的 earning yield,和借债的成本比较

回购前的 earning yield,可以理解为买自己公司股票的收益

如果 earning yield 大于借债成本,相当于借债去投资一个收益率更高的项目,EPS 会增加

该定性结论,请参考基础班讲义 P132

3

关于回购后 EPS 知识点的考查题型和方式,总结请参考:https://class.pzacademy.com/qa/80029

其中,关于考查 EPS 的课后题,因教材更新,更新如下

课后题有 5 道题目考查回购后 EPS:13,14,15,16,27

考查题型角度。定性:14,15,27;定量:13,16

融资方式角度。使用闲置现金回购:13;借债回购:14,15,16,27

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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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NO.PZ201601200500005003 问题如下 Baseon Exhibit 1, if Yeta’s management implementePropos#3 the current share price, earnings per share woul A.crease B.remain unchange C.increase C is correct. In the case of externfunng, a company’s earnings per share will increase if the stock’s earnings yiel whiis the ratio of earnings per share to share price, excee the after-tcost of borrowing. Yeta’s earnings yielis 9.10% (= US$1.82/US$20.00), whiexcee the after-tcost of borrowing of 8.50%.A is incorrebecause EPS will increase (not crease) if the stock’s earnings yiel(= US$1.82/US$20.00) excee the after-tcost of borrowing. Yeta’s earnings yielof 9.10% excee the after-tcost of borrowing of 8.50%.B is incorrebecause EPS will increase (not remain unchange if the stock’s earnings yiel(= US$1.82/US$20.00) excee the after-tcost of borrowing. Yeta’s earnings yielof 9.10% excee the after-tcost of borrowing of 8.50%.

2024-06-19 17:26 1 · 回答

NO.PZ201601200500005003 问题如下 Baseon Exhibit 1, if Yeta’s management implementePropos#3 the current share price, earnings per share woul A.crease B.remain unchange C.increase C is correct. In the case of externfunng, a company’s earnings per share will increase if the stock’s earnings yiel whiis the ratio of earnings per share to share price, excee the after-tcost of borrowing. Yeta’s earnings yielis 9.10% (= US$1.82/US$20.00), whiexcee the after-tcost of borrowing of 8.50%.A is incorrebecause EPS will increase (not crease) if the stock’s earnings yiel(= US$1.82/US$20.00) excee the after-tcost of borrowing. Yeta’s earnings yielof 9.10% excee the after-tcost of borrowing of 8.50%.B is incorrebecause EPS will increase (not remain unchange if the stock’s earnings yiel(= US$1.82/US$20.00) excee the after-tcost of borrowing. Yeta’s earnings yielof 9.10% excee the after-tcost of borrowing of 8.50%. 本题题干中,Eps为什么是1.82呢?给到了NI,和股数,算出来你不是1.82?是什么原因引起的呢?

2023-02-27 13:30 1 · 回答