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柴柴 · 2024年06月19日

tender offer provide support for share price

NO.PZ2016021705000058

问题如下:

If a companys objective is to support its stock price in the event of a market downturn, it would be advised to authorize:

选项:

A.

an open market share repurchase plan to be executed over the next five years.

B.

a tender offer share repurchase at a fixed price effective in 30 days.

C.

a Dutch auction tender offer effective in 30 days.

解释:

A  is correct.

Of the three methods, only an authorized open market share repurchase plan allows the company the flexibility to time share repurchases to coincide with share price declines.

想请问一下,我记得老师在上课的时候讲在二级市场买的优势是更灵活,tender offer是可以支撑股价,因为如果回购价是10.5的话,不会有投资者以低于这个的价格卖出,所以起到了支撑股价的作用。我看了其他提问的解答感觉和我的记忆有不一致的地方,想问一下是我记忆或理解有误吗还是我对这道题理解错了

1 个答案

王琛_品职助教 · 2024年06月20日

嗨,爱思考的PZer你好:


1

其实第一处提到回购有支撑股价的作用,是在和分红做对比

股价支撑/信号:公司通过回购股票,可以传递出管理层认为其股票是一个好的投资对象的信号

这一信号可能会在市场上支撑股价,因为投资者可能会认为公司管理层,对未来的股票表现有信心,从而增加市场对股票的需求

请参考基础班讲义墨迹版 P53

2

但是这里,并没有明确提到具体的回购方法

而在介绍回购方法时,只有在介绍公开市场回购时专门有强调支持股价

3

如果从支撑股价角度分析,无法完全排除选项 B

咱们也可以参考其他提问的解答,从【时效】角度分析

4

选项 B 和 C,书中的介绍,则均侧重于速度快

选项 B:"By setting a fixed date, such as 30 days in the future, a fixed price tender offer can be accomplished quickly."

选项 C:"Like Method 2, Dutch auctions can be accomplished in a short time period."

5

题干背景是:"in the event of a market downturn"

我理解是说市场下行,但是公司股票现在不一定是下跌,可能是之后会下跌,但是具体下跌持续时间不定

且市场下行的时间一般比较长,只有选项 A 最灵活,可以根据公司股价的情况,选择回购时间

而 B 和 C 都限定了时间,就是 1 个月内

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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