NO.PZ2015122802000113
问题如下：
Which of the following is least likely to be a reason for a company to issue equity securities on the primary market?
选项：
A.
To raise capital.
B.
To increase liquidity.
C.
To increase return on equity.
解释：
C is correct.
Issuing shares in the primary (and secondary) market reduces a company’s return on equity because it increases the total amount of equity capital invested in the company (i.e., the denominator in the ROE formula).
考点：Risk And Return, Market Value and Book Value, Required Return
这道题问公司发行股票主要目的不包括：
A:为了融资
B:为了增加流动性，企业在上市之前，股票是不能被自由买卖的（没有流动性），融资难，所以非上市公司才会通过上市（提高流动性）来进行融资。
C:为了增加净资产收益率，错。因为ROE=NI/Equity，公司发行股票，equity增加（分母），得到ROE降低。
为何在一级市场融资可以增加流动性？
