NO.PZ2015122801000026
问题如下：
Which of the following statements is not the advantage of convertible preference shares?
选项：
A.
The conversion option becomes more valuable when the common stock price increases.
B.
The preferred dividend is higher than a common dividend.
C.
Convertible preference shares make it possible for minority shareholders to have more proportional representation on the board.
解释：
C is correct.
Rather than convertible preference shares, cumulative voting would benefit minority shareholders to have proportional representation on the board by allocating their votes to one or more candidates as they choose.
C是正确的
本题考察的是可转换优先股的几个优点。
如果普通股股价上升，优先股转成普通股就可能获得投票权，就可能对公司经营有话语权，所以这种转换权的价值会提升。所以A对。
由于普通股的股利是公司自愿发放的，而优先股的股利，无论公司自愿与否都要发放，所以通常优先股获得的股利会高于普通股。所以B对。
C的描述是描述的是累计投票（cumulative voting）的一大优势而非可转换优先股的优势。无论是否为可转换优先股持股人，只要是少数股东，都可以通过累计投票来获得更多的话语权。所以和可转换优先股的关系很小，选C。
如果优先股转换成普通股，则从无投票权变成有，则小股东的话语权有可能变大。C在逻辑上是对的
