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砖尼 · 2020年03月14日

问一道题: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:

A.

greater wealth if the company paid a special cash dividend.

B.

greater wealth if the company repurchased its shares.

C.

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.

回购不是会使equity下降吗

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年03月15日

同学你好。回购和现金股利都会使公司Equity下降。在Tcg=Tdiv=0的情况下,无论用分红还是回购股票,股东价值是相同的。

譬如,假设X公司的equity是100mn,拟采用分红或回购的方式,金额均为1mn。

分红:公司现金减少1mn,equity减少1mn变为99mn;股东cash增加1mn,shareholder wealth=equity+cash=99+1=100

回购:公司现金减少1mn,equity减少1mn变为99;公司回购的股票都是从股东手里拿回来的,股东cash增加1mn,shareholder wealth=equity+cash=99+1=100

二者是相同的。

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