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闫旭 · 2021年12月19日

视频中讲dividend可以影响资本结构呀

  1. CFA I
  2. Corporate Issuers

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

B.

A substantial increase in share price

C.

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.

视频课中有讲，若要offset de-leverage，最好采取回购，因为回购比分红更灵活、税更低，但是分红也可以影响D/E比例呀，为啥这道题不选C？
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1 个答案

王琛_品职助教 · 2021年12月20日

嗨，努力学习的PZer你好：


分红有多种形式，比如现金分红 cash dividend，股票分红 stock dividend，两种形式对财报的影响是不同的

现金分红 cash dividend：资产和所有者权益同时减少

股票分红 stock dividend：所有者权益内部科目改变，留存收益减少，股本增加，但是所有者权益总体不变的。所以不影响资本结构哈

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