开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

逢考必过过过过过过 · 2022年07月24日

问一道题：NO.PZ2016021705000059 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

A company has positive free cash flow and is considering whether to use the entire amount of that free cash flow to pay a special cash dividend or to repurchase shares at the prevailing market price. Shareholders’ wealth under the two options will be equivalent unless the:

选项：

A.

company’s book value per share is less than the prevailing market price.

B.

company’s book value per share is greater than the prevailing market price.

C.

tax consequences and/or information content for each alternative is different.

解释：

C  is correct.

For the two options to be equivalent with respect to shareholders’ wealth, the amount of cash distributed, the taxation, and the information content must be the same for both options.

这个题我怎么感觉C刚好与答案相反呢？ 不是说unless，除非应该是Td与Tcg相等啊，答案也是the same，可是C里面写的是differ啊？
添加评论
1 个答案
已采纳答案

王琛_品职助教 · 2022年07月25日

嗨，努力学习的PZer你好：


1

选项没问题哈。题目的表述有点绕，出的不太好，变成考查英语语法了

unless 可以理解为 if not, 你把 not 放到 different 前，就是表示相同了

2

原文：Shareholders’ wealth under the two options will be equivalent unless the tax consequences and/or information content for each alternative is different

第一步，把 unless 替换为 if not: Shareholders’ wealth under the two options will be equivalent if not the tax consequences and/or information content for each alternative is different

第二步，把 not 放到 different 前: Shareholders’ wealth under the two options will be equivalent if the tax consequences and/or information content for each alternative is not different

第三步，把 not different 替换成 same: Shareholders’ wealth under the two options will be equivalent if the tax consequences and/or information content for each alternative is same

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 0

    关注

  • 589

    浏览
相关问题

NO.PZ2016021705000059 问题如下 A company hpositive free cash flow anis consiring whether to use the entire amount of thfree cash flow to pa specicash vinor to repurchase shares the prevailing market price. Shareholrs’ wealth unr the two options will equivalent unless the: A.company’s book value per share is less ththe prevailing market price. B.company’s book value per share is greater ththe prevailing market price. C.tconsequences anor information content for eaalternative is fferent. is correct.For the two options to equivalent with respeto shareholrs’ wealth, the amount of cash stribute the taxation, anthe information content must the same for both options. vin 左边减少cash，右边equity减少equity book value，new stoprice=(pre-vnmarket price-vinper share), totequity book value =bvps*outstanng shares -totvintorepurchase, 左边减少cash, 右边equity 减少equity book value = totbook value - unit prices of storepurchase*number of storepurchase bvps=new equity book value / (pre-repurchase stooutstanng-repurchase number of stock)然后new stoprice=(pre-repurchase market price*stooutstanng-purchase prices*repurchase number of stock)/(pre-repurchase stooutstanng-repurchase number of stock)这个计算方法对不对？

2024-07-20 13:19 2 · 回答

NO.PZ2016021705000059 问题如下 A company hpositive free cash flow anis consiring whether to use the entire amount of thfree cash flow to pa specicash vinor to repurchase shares the prevailing market price. Shareholrs’ wealth unr the two options will equivalent unless the: A.company’s book value per share is less ththe prevailing market price. B.company’s book value per share is greater ththe prevailing market price. C.tconsequences anor information content for eaalternative is fferent. is correct.For the two options to equivalent with respeto shareholrs’ wealth, the amount of cash stribute the taxation, anthe information content must the same for both options. 想请问一下A B 为什么不对呢如果市面上的股价高于公司账面上book value per share， 在这种情况下回购会减少股东的财富

2024-01-06 15:02 1 · 回答

NO.PZ2016021705000059 问题如下 A company hpositive free cash flow anis consiring whether to use the entire amount of thfree cash flow to pa specicash vinor to repurchase shares the prevailing market price. Shareholrs’ wealth unr the two options will equivalent unless the: A.company’s book value per share is less ththe prevailing market price. B.company’s book value per share is greater ththe prevailing market price. C.tconsequences anor information content for eaalternative is fferent. is correct.For the two options to equivalent with respeto shareholrs’ wealth, the amount of cash stribute the taxation, anthe information content must the same for both options. 1.想请问一下这道题怎么理解 翻译的 我是这么理解的 股东的总财富是一直保持不变的除非哪一种种情况下？会导致股东总财富发生改变 请问这么理解对吧2.想请问一下 如果股票回购 回购价格是溢价回购的话（比如说tenr offer或者negotiate） 是会减少股东的价值的吧

2024-01-06 14:52 1 · 回答

NO.PZ2016021705000059问题如下 A company hpositive free cash flow anis consiring whether to use the entire amount of thfree cash flow to pa specicash vinor to repurchase shares the prevailing market price. Shareholrs’ wealth unr the two options will equivalent unless the: A.company’s book value per share is less ththe prevailing market price.B.company’s book value per share is greater ththe prevailing market price.C.tconsequences anor information content for eaalternative is fferent.is correct.For the two options to equivalent with respeto shareholrs’ wealth, the amount of cash stribute the taxation, anthe information content must the same for both options. 前面同学问老师用了一个图片，图片里的例子是股票价格是10元，回购后股票价格不收影响，还是10元，想问一下为什么股票价格不变呢，谢谢

2023-10-17 10:52 1 · 回答