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小呀小田螺 · 2021年01月10日

问一道题: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.

companys book value per share is less than the prevailing market price.

B.

companys 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.

老师,从这道题的答案中可以得出:“公司的每股账面价值BV,与公司每股市价,两者谁大谁小,对股东财富是没有影响的”?不是很理解这个结论。这道题没明白什么意思,考点是什么。

1 个答案
已采纳答案

王琛_品职助教 · 2021年01月10日

- 亲这道题是课后题第 22 题,A B 选项和题目无关
- 题目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,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 P167 的一句话
- "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."

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