【正确答案】回购前的年净利润=[90000×(1-60%)-1800]×(1-25%)=25650(万元)
每股收益=25650/2000=12.83(元)
回购后的年净利润=[90000×(1-60%)-1800-5000×10%]×(1-25%)=25275(万元)
每股收益=25275/(2000-6000/20)=14.87(元)
Annual profit before repurchase=[90000×(1-60%)-1800]×(1-25%)=25650 (10 thousand Yuan)
Earnings per share=25650/2000=12.83 (Yuan)
Annual profit after repurchase=[90000×(1-60%)-1800-5000×10%]×(1-25%)=25275 (10 thousandYuan)
Earnings per share=25275/(2000-6000/20)=14.87 (Yuan)
【答案解析】
问答题
计算回购前后的实体价值；(股票市场价值保留整数)
【正确答案】回购前股票的市场价值=25650/15%=171000(万元)
公司总价值=171000+2000=173000(万元)
回购后股票市场价值=25275/16%=157969(万元)
公司总价值=2000+6000+157969=165969(万元)
Market price of shares before repurchase=25650/15%=171000 (10 thousand Yuan)
Total company value=171000+2000=173000(10 thousand Yuan)
Market price of shares after repurchase=25275/16%=157969(10 thousand Yuan)
Total company value=2000+6000+157969=165969 (10 thousand Yuan)
【答案解析】
问答题
计算新发行债券的税后资本成本；
【正确答案】6000=5000×10%×(P/A，i，10)+5000×(P/F，i，10)6000=500×(P/A，i，10)+5000×(P/F，i，10)
当i=8%时，500×(P/A，i，10)+5000×(P/F，i，10)=500×6.7101+5000×0.4632=5671
当i=7%时，500×(P/A，i，10)+5000×(P/F，i，10)=500×7.0236+5000×0.5083=6053
所以有：(8%-i)/(8%-7%)=(5671-6000)/(5671-6053)
解得：i-7.14%
新发行债券的税后资本成本=7.14%×(1-25%)=5.36%
6000=5000×10%×(P/A, i, 10)+5000×(P/F, i, 10)6000=500×(P/A, i, 10)+5000×(P/F, i, 10)
When i=8%, 500×(P/A, i, 10)+5000×(P/F, i, 10)=500×6.7101+5000×0.4632=5671
When i=7%, 500×(P/A, i, 10)+5000×(P/F, i, 10)=500×7.0236+5000×0.5083=6053
So, (8%-i)/(8%-7%)=(5671-6000)/(5671-6053)
Get: i=7.14%
Cost of capital of new issue bond after tax=7.14%×(1-25%)=5.36%
【答案解析】
问答题
计算回购前后的加权平均资本成本(按照市场价值权数计算)；
【正确答案】回购前的加权平均资本成本=4%×2000/173000+15%×171000/173000=14.87%
回购后的加权平均资本成本=2000/165969×4%+6000/165969×5.36%+157969/165969×16%=15.47%
Weighted average cost of capital before repurchase=4%×2000/173000+15%×171000/173000=14.87%
Weighted average cost of capital after repurchase=2000/165969×4%+6000/165969×5.36%+157969/165969×16%=15.47%
【答案解析】
问答题
判断是否应该回购。
【正确答案】回购后加权平均资本成本提高了，公司总价值降低了，每股收益提高了，由于每股收益没有考虑风险因素，所以，不能以每股收益的高低作为判断标准，而应该以公司总价值或加权平均资本成本作为判断标准，即不应该回购。
Weighted average cost of capital after repurchase increases, the total value of company decreases, and the earnings per share increase. Because risk factors are not taken account in calculating earnings per share, the decision making should not be based on the earnings per share, but based on total company value or weighted average cost of capital instead, which means the buyback should not be preceded.