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标题: 求教 CFA Level [打印本页]

作者: tiffanyxue89    时间: 2015-3-8 12:33     标题: 求教 CFA Level

各位可否给我讲解以下此题:
20. The following information is available for a firm:  

Number of shares outstanding  4 million  
Tax rate  40%  
Cost of debt (pre-tax)  10%  
Current stock price  $20.00  
Net income  $6 million   

A plan to repurchase $10 million worth of shares using debt will most likely cause the earnings per share to:
A. increase. B. remain unchanged. C. decrease.


请问这题答案为何是A?有否详细的解答过程!谢谢!
作者: dyzhang37    时间: 2015-3-9 23:45

你的股票收益率是 6M / (20×4M)= 7.5%
你的债务税后利率是10% × (1-0.4)=6%

所以用债务来回购股票(6%来代替7.5%)降低了cost 会提高你的股票收益




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