Boucicaut · 2018年02月14日
问题如下图：
选项：
A. 
B. 
C. 
解释：
老师好。请问这道题B选项错在哪里了？我看讲义上蓝色标题写的是“Buy back a fixed number of shares at a fixed price”，只有在下面的小标题才加了at a premium to the market price这个限定。
另外A选项说有效期有5年，但是讲义P139说，“share repurchases are not a long-term commitment”，这里的long-term应该理解成多久更合适？谢谢！
maggie_品职助教 · 2018年02月25日
1、答案的三个选项都是回购的方法，但是每种回购的方法都有它适用的场景。通常公司在股价低迷时为了支撑股价多选择在公开市场进行回购的方式，一是可以节约成本，二是交易可以迅速完成，托市效果比较好。而 tender offer邀约回购，通常是回购量和具体向谁回购都是确定的，这样种方式回购的灵活性大打折扣（不能做到随时需要随时回购），而且成本较高（高于市价回购）。
2、如果公司是为了支持股价而进行的回购可能会持续很多年，直至maket downturn结束。而share repurchases are not a long-term commitment说的是公司选择回购与否取决于公司管理层的决定，今年回购了，并不代表未来还进行回购（并非长期承诺回购）。不是一个意思哦。
加油。
NO.PZ2016021705000058 问题如下 If a company’s objective is to support its stopriin the event of a market wnturn, it woulaiseto authorize: A.open market share repurchase plto executeover the next five years. B.a tenr offer share repurchase a fixeprieffective in 30 ys. C.a tauction tenr offer effective in 30 ys. is correct.Of the three metho, only authorizeopen market share repurchase plallows the company the flexibility to time share repurchases to coinci with share priclines. 如果把in 30 ys换成 in the event of market wnturn是不是B C也是可以
NO.PZ2016021705000058问题如下If a company’s objective is to support its stopriin the event of a market wnturn, it woulaiseto authorize:A.open market share repurchase plto executeover the next five years.B.a tenr offer share repurchase a fixeprieffective in 30 ys.C.a tauction tenr offer effective in 30 ys.is correct.Of the three metho, only authorizeopen market share repurchase plallows the company the flexibility to time share repurchases to coinci with share priclines.想请问一下，我记得老师在上课的时候讲在二级市场买的优势是更灵活，tenr offer是可以支撑股价，因为如果回购价是10.5的话，不会有投资者以低于这个的价格卖出，所以起到了支撑股价的作用。我看了其他提问的解答感觉和我的记忆有不一致的地方，想问一下是我记忆或理解有误吗还是我对这道题理解错了
NO.PZ2016021705000058 问题如下 If a company’s objective is to support its stopriin the event of a market wnturn, it woulaiseto authorize: A.open market share repurchase plto executeover the next five years. B.a tenr offer share repurchase a fixeprieffective in 30 ys. C.a tauction tenr offer effective in 30 ys. is correct.Of the three metho, only authorizeopen market share repurchase plallows the company the flexibility to time share repurchases to coinci with share priclines. 老师，这道题我有两个疑问1. 看解析的意思是只有A最终能在下行市场以低价买入，那B是以溢价到市价这区间的价格来买么？C也是以溢价来买，特殊时期是折价，对么？2.这个30天，定义里也没明确，都是一段时间，怎么讲？
NO.PZ2016021705000058问题如下If a company’s objective is to support its stopriin the event of a market wnturn, it woulaiseto authorize:A.open market share repurchase plto executeover the next five years.B.a tenr offer share repurchase a fixeprieffective in 30 ys.C.a tauction tenr offer effective in 30 ys.is correct.Of the three metho, only authorizeopen market share repurchase plallows the company the flexibility to time share repurchases to coinci with share priclines.1.三种方法区别是否三种方法均有托住股价的作用？2.如有，在执行期限相同的前提下，稳定价格作用有效程度是否有差异？本题B、C是否仅因为期限过短而被排除，如果假设期限也是5年，稳定价格作用和公开市场执行效果是否相同，是否可以选择？还是实务中，邀约回购和荷兰式回购通常都是短期的，稳定价格作用不如公开市场？
NO.PZ2016021705000058 问题如下 If a company’s objective is to support its stopriin the event of a market wnturn, it woulaiseto authorize: A.open market share repurchase plto executeover the next five years. B.a tenr offer share repurchase a fixeprieffective in 30 ys. C.a tauction tenr offer effective in 30 ys. is correct.Of the three metho, only authorizeopen market share repurchase plallows the company the flexibility to time share repurchases to coinci with share priclines. 请问老师B和C有什么区别
