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berber · 2023年10月17日

回购后股票价格为什么不变

  1. CFA II
  2. Corporate Issuers

NO.PZ2016021705000059

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.

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

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1 个答案

王琛_品职助教 · 2023年10月18日

嗨，努力学习的PZer你好：


1

咱们只分析现金分红和回购，对财报的影响

不考虑现金分红和回购，对股民情绪的影响，或者说传递给股民的信号作用哈

2

现金分红，股价降低，是因为除息处理

回购，只影响市场上流通的股票的数量，但是不减少每股股票的价格，与分红是不同的

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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