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.
- dividend, 左边减少cash，右边equity减少equity book value，new stock price=(pre-divdend market price-dividend per share), total equity book value =bvps*outstanding shares -total dividend
- stock repurchase, 左边减少cash, 右边equity 减少equity book value = total book value - unit prices of stock repurchase*number of stock repurchased, bvps=new equity book value / (pre-repurchase stock outstanding-repurchase number of stock)
然后new stock price=(pre-repurchase market price*stock outstanding-purchase prices*repurchase number of stock)/(pre-repurchase stock outstanding-repurchase number of stock)
这个计算方法对不对？
