如果股东不愿执行认股权，那么公司的总价值是否会下降

这道题在Brealey, Myers 和 Allen 的Principle of Corporate Finance第8版的第15章也有类似的课后习题。
答案的解释是“The share price would have to fall to the issue price per share, or $5 per
share. Firm value would then be: (10 million × $5) = $50 million”，在这里就是股价会跌落到10元一股，公司价值会降低2000*10=20000万元。
但我自己对这个答案有疑问，望有高手解答。

tirnanOg 发表于 2012-11-1 11:02
这道题在Brealey, Myers 和 Allen 的Principle of Corporate Finance第8版的第15章也有类似的课后习题。
答 ...

感谢这位同学带来了新的答案线索。不过跟你描述的不一样啊，跟我的给的答案更接近。我看到是第八版中文版，原题截图如下：

tirnanOg 发表于 2012-11-1 11:02
这道题在Brealey, Myers 和 Allen 的Principle of Corporate Finance第8版的第15章也有类似的课后习题。
答 ...

童鞋你太懒了，都没认真看题目。这个题目直译是“在sharehols不愿意行使认股权之前公司总价值最多能降低到什么程度？”就是说“当公司总价值下降到什么程度时shareholders将不愿意行使认股权？（在这个程度之前shareholders都愿意行使认股权）”，肯定是股价下降到5元，认股没有任何额外收益时shareholders不愿意行使认股权。跟我这个题目不一样，或者说朱叶的这本《公司金融》本来想弄成像你说的那道题，但是画虎不成反类犬，就成了这个让人不淡定的题目了。
Exercise 6

In 2011 the Pandora Box Company made a rights issue at $5 a share of one new share for every four shares held. Before the issue there were 10 million shares outstanding and the share price was $6.
a. What was the total amount of new money raised?
b. What was the value of the right to buy one new share?
c. What was the prospective stock price after the issue?
d. How far could the total value of the company fall before shareholders would be unwilling to take up their rights?


Solution 6

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Solution 6

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嗯，LZ说的有道理，细看两道题确实不一样。
你问的这个问题真不好解答，我觉得一般来看，没有理由现有股东在得利情况下不执行配股…

帮顶!!!