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.
如果市面上股价是走高的，因为股份被回购了，那么虽然股东在回购当时拿到的现金和股份是等值的，但也意味着失去了未来股份上涨可能带来的长期投资收益，那么股东的财富就是减少的，这个理解是哪里走偏了吗
