问题已解决
(4)若A公司2019年的每股資本支出為0.6元,每股折舊與攤銷0.4元,該年比上年經(jīng)營營運資本每股增加0.2元。公司欲繼續(xù)保持現(xiàn)有的財務(wù)比率和增長率不變,計算該公司每股股權(quán)價值。 之前求得Rs=7.61%,利用可持續(xù)增長率=權(quán)益的增加/期初權(quán)益=留存收益的增加/期初權(quán)益=4.48%?,F(xiàn)在第四問,股權(quán)現(xiàn)金流量=每股稅后利潤-每股股東權(quán)益的增加,這個股東權(quán)益的增加可以是留存收益的增加嗎???即是每股股權(quán)現(xiàn)金流量=150/200-(150-90)/200=0.45 每股股權(quán)價值=0.45(1+4.48%)/(7.61%—4.48%)
FAILED
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你好
股權(quán)現(xiàn)金流量=凈利潤-(留存收益增加+股權(quán)資本凈增加)=凈利潤-股東權(quán)益增加
2022 03/16 14:13
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2022 03/16 16:21
我這樣做對不對
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2022 03/16 17:43
你好,沒有增發(fā)新股和回購的話可以這樣
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2022 03/16 22:16
每股凈經(jīng)營資產(chǎn)的增加=每股經(jīng)營營運資本的增加%2b每股資本支出-每股折舊=0.2%2b0.6-0.4=0.4元
權(quán)益乘數(shù)=2,所以資產(chǎn)負(fù)債率=1/2=0.5,1-資產(chǎn)負(fù)債率=權(quán)益/凈經(jīng)營資產(chǎn),因為保持財務(wù)比率不變,所以權(quán)益的增加/凈經(jīng)營資產(chǎn)的增加=0.5
股權(quán)現(xiàn)金流量=每股稅后利潤-股東權(quán)益的增加=稅后利潤-凈經(jīng)營資產(chǎn)的增加*(權(quán)益的增加/凈經(jīng)營資產(chǎn)的增加)=150/200-0.4x0.5=0.55元
所以每股股權(quán)價值=0.55(1%2b4.48%)/(7.61%-4.48%)=18.36元
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2022 03/16 22:19
這是習(xí)題的答案,答案為啥這樣做,都沒新股,那就是可以用增加的留存收益的啊
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2022 03/17 09:36
你好
本題已知該年比上年經(jīng)營營運資本每股增加0.2元條件有所改變
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2022 03/17 11:12
營運資本的關(guān)權(quán)益啥事?有點扯了哦
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2022 03/17 11:16
你這解析有點過不去,每股營運資本的增加,就是一股對應(yīng)的營運資本的增加,不關(guān)權(quán)益的事啊。若按照你這樣每股增加0.2.可持續(xù)增長率你怎么求?
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