NO.PZ201601200500005002
问题如下：
If Yeta’s management implemented Proposal #2 at the current share price shown in Exhibit 1, Yeta’s book value per share after implementation would be closest to:
选项：
A.
US$25.20
B.
US$25.71
C.
US$26.12
解释：
B is correct. If Yeta implemented Proposal #2, a repurchase of US$40 million in shares, the resulting book value per share (BVPS) would be US$25.71, calculated as follows:
1 Yeta has a current BVPS of US$25.60; therefore, total book value of equity is US$2,560 million (= US$25.60 × 100,000,000 shares).
2 The number of shares Yeta would repurchase is US$40 million/US$20.00 per share = 2 million shares.
3 Yeta shareholders’ book value of equity after the buyback would be US$2,520 million (= US$2,560 million − US$40 million).
4 The number of shares after the buyback would be 98 million (= 100 million − 2 million).
5 The BVPS after the buyback would be US$2,520 million/98 million = US$25.71.
A is incorrect because US$25.20 incorrectly uses 100 million shares instead of 98 million shares in calculating BVPS after the buyback: US$2,520 million/ 100 million = US$25.20.
C is incorrect because US$26.12 incorrectly uses US$2,560 million (current book value) instead of US$2,520 million as the book value of equity in calculating BVPS after the buyback. The BVPS after the buyback is incorrectly calculated as US$2,560 million/98 million = US$26.12.
这里的100million没说是总金额还是shares数量啊 其他金额的数字有符号 这个100m没有符号 很容易认为是shares数量
