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锦鲤本鲤 · 2022年06月25日

buyback指的是回购之前对吗

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.

老师不是很理解buyback指的什么时候?

1 个答案

王琛_品职助教 · 2022年06月27日

嗨,爱思考的PZer你好:


1

如果只看 buyback 单词本身,可以看成是 repurchase 的同义词,都是指回购

请参考原版书 P62

股票回购(或回购)是一个公司回购自己股票的交易

A share repurchase (or buyback) is a transaction in which a company buys back its own shares

2

关于题干对回购「前」和回购「后」的描述,还要看和 buyback 连接的其他单词

At the time of the buyback,可以理解为是回购「前」

As a result of the buyback,可以理解为是回购「后」

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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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