问题 单项选择题

An analyst does research about a company's earnings and gathers the following information about the company:
·Earnings per share is $1.20
·Price-to-earnings ratio is 17
·Book value per share is $16
·Market value per share is $18

All else being equal, if the company funds a share repurchase using debt with an after-tax cost of 6.5%, the company's EPS will most likely:A. decrease.
B. remain the same.
C. increase.

答案

参考答案:A

解析: 公司回购股票依资金来源可分为两类:一是使用公司的剩余现金进行回购,二是举债进行回购。
当使用剩余现金时,只要多余现金的回报率低于留存收益的资金成本,就会使EPS上升。
当举债回购股票时会产生利息费用(interest expense),导致净利润下降,但回购股票会使得发行在外的股份数量减少,即计算EPS时的分子分母会同时下降,EPS的变化取决于earnings yield(earnings yield= EPS/ stock price)和after-tax cost of debt之间的大小比较。
当after-tax cost of debt小于earnings yield时,回购股票使EPS上升:
当after-tax cost of debt大于earnings yield时,回购股票使EPS下降。
题目中,after-tax cost=6.5%>earnings yield=1/17=5.9%,所以EPS会下降。

单项选择题 A1/A2型题
单项选择题