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Liuliu · 2024年01月06日

股东价值

  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.

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tender offer或者negotiate） 是会减少股东的价值的吧

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1 个答案

王琛_品职助教 · 2024年01月08日

嗨，爱思考的PZer你好：


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

题目其实是问：现金分红和股票回购这两种方式，对股东财富的影响，什么时候是等同的

结论是：只有它们向市场传递的信息是相同的，并且 Tcg = Td

题目考查的其实是原版书 P38 的一句话，咱们了解即可

"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, for assumptions that the taxation and information content of cash dividends and share repurchases do not differ."

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tender offer或者negotiate） 是会减少股东的价值的吧

股东财富是站在股东角度，按照当前市场价格计算的

如果是溢价回购，应该会增加股东财富

目前并未见到涉及溢价回购计算股东财富的题目哈，下面的举例同学了解即可

比如回购前，股价是 10 元每股，某个散户持有 200 股，股东财富 2000 元

现在公司在公开市场回购，回购价 11 元每股，假设该散户参与 100 股回购

那么回购后，假设股价仍为 10 元每股，散户现在仅持有 100 股，股东财富为 1000 元；加上参与回购股票获得的现金 1100 元，共计 2100 元

股东财富是增加的

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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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