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薛定谔都有猫 · 2023年01月18日

如果c选项改成cash dividend, 会改变资本结构吗？如何改变？

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000021

问题如下：

Which of the following is least likely to affect the capital structure of Longdrive Trucking Company? Longdrive has moderate leverage today.

选项：

A.

The acquisition of a major competitor for shares

B.

A substantial increase in share price

C.

The payment of a stock dividend

解释：

C is correct. Stock dividends, like stock splits, have no impact on the value of a company’s equity. Issuing shares to acquire a competitor would increase equity relative to debt in the capital structure. Share price appreciation would also increase the market value of equity, thus increasing equity relative to debt.

如果c选项改成cash dividend, 会改变资本结构吗？如何改变？

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1 个答案

王琛_品职助教 · 2023年01月19日

嗨，爱思考的PZer你好：


分红有多种形式，比如现金分红 cash dividend，股票分红 stock dividend，两种形式对财报的影响是不同的

现金分红 cash dividend：资产和所有者权益同时减少，相当于 A 和 E 同时减少，即 D/E 的分母 E 减少，所以 D/E 增加

股票分红 stock dividend：所有者权益内部科目改变，留存收益减少，股本增加，但是所有者权益总体不变的。所以不影响资本结构哈

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