NO.PZ2016012005000032
问题如下：
Investors may prefer companies that repurchase their shares instead of paying a cash dividend when:
选项：
A.
capital gains are taxed at lower rates than dividends.
B.
capital gains are taxed at the same rate as dividends.
C.
the company needs more equity to finance capital expenditures.
解释：
A is correct.
When capital gains are taxed at lower rates than dividends, investors may prefer companies that return cash to shareholders through share repurchases rather than dividends.
如题capital gain的税不是针对现金分红征收的么？那税率低的话不是更倾向于现金分红么？
