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Liuliu · 2024年01月06日

股东财富

  1. CFA II
  2. Corporate Issuers

NO.PZ2016021705000059

问题如下：

A company has positive free cash flow and is considering whether to use the entire amount of that free cash flow to pay a special cash dividend or to repurchase shares at the prevailing market price. Shareholders’ wealth under the two options will be equivalent unless the:

选项：

A.

company’s book value per share is less than the prevailing market price.

B.

company’s book value per share is greater than the prevailing market price.

C.

tax consequences and/or information content for each alternative is different.

解释：

C  is correct.

For the two options to be equivalent with respect to shareholders’ wealth, the amount of cash distributed, the taxation, and the information content must be the same for both options.

想请问一下A B 为什么不对呢


如果市面上的股价高于公司账面上book value per share， 在这种情况下回购会减少股东的财富

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1 个答案

王琛_品职助教 · 2024年01月08日

嗨，爱思考的PZer你好：


因为 A 和 B 是干扰项，和题目所讨论的主题无关哈

题目是在问：现金分红和股票回购，对股东财富的影响，什么时候是等同的

与公司的 BVPS 和当前股价的大小无关哈 

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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