老师，没有看懂statement1，可以解释一下吗，谢谢

问题如下：

Carlyle asks her assistant, Richard Lee, to investigate whether Avignon might use its surplus cash for a share repurchase rather than for dividends. Lee, a junior analyst, comments that share repurchases can be beneficial for several reasons:

• Statement 1: The distribution of cash among shareholders is equivalent to what would have otherwise been distributed to them as dividends.
• Statement 2: Share repurchases provide greater flexibility to management than the payment of cash dividends.
• Statement 3: When directly negotiated, share repurchases can be used to purchase stock for less than the current market price.

选项：

A.

Statement 2

B.

Statement 1

C.

Statement 3

解释：

Statement 1 is least accurate. Although the amount of cash distributed is the same, only those shareholders who have their shares purchased by the company will receive any cash.

A is incorrect. Statement 2 is correct. Management is not obligated to follow through after stating an intention to repurchase shares, whereas they must meet a declared dividend statement.

C is incorrect. Statement 3 is correct. Research showed that 45% of private repurchases between 1984 and 2001 were actually made at discounts, indicating that many direct negotiation repurchases are generated by the liquidity needs of large investors who are in a weak negotiating position.