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.
老师好，
我翻看了之前同学的问题，看到之前的老师有下图的回复：
但在上图的红色框框这里我不太明白，既然回购了，回收走了1000块的股票，那这1000块就不再属于股东了呀，为什么还当作是stockholder的财富呢？我记得以前老师讲过，回购的化，asset端和equity端减少相同的份额。所以回购的话E不是会减少么？谢谢老师
