NO.PZ2018101501000079
问题如下:
Which of the following is not a rationale for share repurchase?
选项:
A.Share repurchase may modify the capital structure by increasing equity percentage.
B.Share repurchase may offset dilution from employee stock options.
C.Share repurchase can support the share price.
解释:
A is correct.
考点:Share Repurchases
解析:股票回购会增加杠杆,通过降低而非增加权益占比来调整资本结构。
如果是现金回购,cash减少,equity减少,杠杆增加,
如果是股票回购,只是equity内部科目发生的转换,所以杠杆不变。
不知道这两个结论是否正确?