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咖啡巧克力 · 2025年06月02日

现金

  1. CFA II
  2. Equity

NO.PZ2018103102000137

问题如下：

Virginia, a third-year university student majored in Finance, is doing coursework with her classmates. They are comparing a global real estate group, HouseWithLove, with some other comparable companies. Virginia wants to use the relative valuation methods. They collected information on the company as shown below.

The total number of common shares outstanding is 20,000,000. The current stock price is £79.

Based on the information above, which of the following is the correct price-to-book ratio?

选项：

A.

3.02

B.

3.20

C.

5.58

解释：

B is correct.

考点：考察计算P/B，同时如何计算Book value.

解析：P/B是利用当前的股票价格除以Book value per share. 其中Book value per share等于Common shareholders’ equity除以number of shares outstanding.

而common shareholders’ equity等于total shareholders’ equity减去优先股价值。

本题中total shareholders’ equity等于523，优先股为30，则Common shareholders’ equity等于493million。除以number of shares outstanding则BVPS为24.65。

当前股票价格为79，则P/B=3.20.

计算book value per share 为何不减去现金及现金等价物？谢谢。

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1 个答案

王园圆_品职助教 · 2025年06月02日

同学你好，book value per share 是指的公司普通股股东所拥有的所有equity除以总的发行在外股份后的每股股东权益，现金是资产的一部分，和equity没有直接关系，为啥要减去呢？

你是和EV的计算搞混了吧，EV计算的时候才需要特别减去现金及等价物，同学注意两者之间的区分哦

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NO.PZ2018103102000137 问题如下 Virginia thiryeuniversity stunt majorein Finance, is ing coursework with her classmates. They are comparing a globreestate group, HouseWithLove, with some other comparable companies. Virginia wants to use the relative valuation metho. They collecteinformation on the company shown below.The totnumber of common shares outstanng is 20,000,000. The current stopriis £79.Baseon the information above, whiof the following is the correprice-to-book ratio? 3.02 3.20 5.58 B is correct.考点考察计算P/B，同时如何计算Book value.解析P/B是利用当前的股票价格除以Book value per share. 其中Book value per share等于Common shareholrs’ equity除以number of shares outstanng.而common shareholrs’ equity等于totshareholrs’ equity减去优先股价值。本题中totshareholrs’ equity等于523，优先股为30，则Common shareholrs’ equity等于493million。除以number of shares outstanng则BVPS为24.65。当前股票价格为79，则P/B=3.20. 这里是不是少写了

2023-10-10 19:35 1 · 回答

NO.PZ2018103102000137问题如下Virginia thiryeuniversity stunt majorein Finance, is ing coursework with her classmates. They are comparing a globreestate group, HouseWithLove, with some other comparable companies. Virginia wants to use the relative valuation metho. They collecteinformation on the company shown below.The totnumber of common shares outstanng is 20,000,000. The current stopriis £79.Baseon the information above, whiof the following is the correprice-to-book ratio?3.02 3.20 5.58 B is correct.考点考察计算P/B，同时如何计算Book value.解析P/B是利用当前的股票价格除以Book value per share. 其中Book value per share等于Common shareholrs’ equity除以number of shares outstanng.而common shareholrs’ equity等于totshareholrs’ equity减去优先股价值。本题中totshareholrs’ equity等于523，优先股为30，则Common shareholrs’ equity等于493million。除以number of shares outstanng则BVPS为24.65。当前股票价格为79，则P/B=3.20. 我也是想问为什么不能直接用common equity的283m，我看了有问必答里的，说common equity里还包含retaineearning，但表格里不是有一项RI了吗？不是分开的？

2023-04-24 09:57 3 · 回答

请问为什么不是直接用common shares283而是用totshareholr equity减去优先股？

2020-08-24 23:40 1 · 回答

3.20 5.58 B is correct. 考点考察计算P/B，同时如何计算Book value. 解析P/B是利用当前的股票价格除以Book value per share. 其中Book value per share等于Common shareholrs’ equity除以number of shares outstanng. 而common shareholrs’ equity等于totshareholrs’ equity减去优先股价值。 本题中totshareholrs’ equity等于523，优先股为30，则Common shareholrs’ equity等于493million。除以number of shares outstanng则BVPS为24.65。 当前股票价格为79，则P/B=3.20. P/B ratio里的B到底是什么？普通股？还是普通股加优先股？还是普通股加留存收益？还是shares of equity？

2020-06-03 22:46 1 · 回答