NO.PZ2021091701000021
问题如下:
Which of the following is least likely to affect the capital structure of Longdrive
Trucking Company? Longdrive has moderate leverage today.
选项:
A.The acquisition of a major competitor for shares
A substantial increase in share price
The payment of a stock dividend
解释:
C is correct. Stock dividends, like stock splits, have no impact on the value of a
company’s equity. Issuing shares to acquire a competitor would increase equity
relative to debt in the capital structure. Share price appreciation would also
increase the market value of equity, thus increasing equity relative to debt.
将一种对于de-leverage的offset讲到使用回购,并且用回购跟分红进行对比,如果分红不能offset de-leverage,那两者的对比不是没意义了?