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关于这题的考点

NO.PZ2016021705000060

问题如下：

Assume that a company is based in a country that has no taxes on dividends or capital gains. The company is considering either paying a special dividend or repurchasing its own shares. Shareholders of the company would have:

选项：

greater wealth if the company paid a special cash dividend.

greater wealth if the company repurchased its shares.

the same wealth under either a cash dividend or share repurchase program.

解释：

C is correct.

When there are no taxes, there are no tax differences between dividends and capital gains. All other things being equal, the effect on shareholder wealth of a dividend and a share repurchase should be the same.

老师您好，想问下课件上哪里有关于这个考点的吗？可以麻烦截图么？没什么印象了。

嗨，从没放弃的小努力你好：

关于公司选择分红还是回购，其实需要考虑的因素比较多

如果最后的决策是选择回购，而不是分红，主要是考虑到回购在几个方面的优势，请参考基础班讲义墨迹版 P53

但这道题涉及的考虑因素，只涉及税收；而且题目又明确说明，分红和回购均没有税

所以仅从税收角度考虑，分红和回购，对股东财富的影响是相同的

也请参考原版书 P171

就对股东财富的影响而言，在其他条件相同的情况下，股票回购应被视为等同于支付同等金额的现金股利

这里的 "其他条件相同 "是简称：现金股利和股票回购，在税收和信息内容没有区别的假设

"A share repurchase should be viewed as equivalent to the payment of cash dividends of equal amount in terms of the effect on shareholders’ wealth, all other things being equal.

“All other things being equal” in this context is shorthand for assumptions that the taxation and information content of cash dividends and share repurchases do not differ."

我个人认为，如果题干明确说明，仅从税收角度考虑，可能题目会更加严谨一些

这样考生看到题目，就更加清楚，只用考虑税收角度，不用考虑其他角度

这道题了解一下即可哈

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