NO.PZ2023040402000012
问题如下：
Which of the following factors would not tend to be associated with a company having a low dividend payout ratio?
选项：
A.High flotation costs on new equity issues.
High tax rates on dividends.
Low growth prospects.
解释：
With low growth prospects, a company would typically have a high payout ratio, returning funds to its shareholders rather than retaining funds.
- 未来的盈利能力和公司未来的Investment Opportunity是一个意思吗？
- 公司未来盈利上升，对于回购的影响是会增加回购的吧？因为想减少股东数量，来让更少的人分蛋糕
- 未来盈利能力上升，是会减少分红吗？因为公司的ROE已经很高了，股东在其他的地方投资得到的收益都比不了公司股票的收益，我这样理解对吗？
- 那如果这样想的话，未来盈利能力上升，回购和粉红的影响是正好相反的呀，但是分红和回购的本质不都是一样的吗？这样如何理解呢？
