NO.PZ2023090503000017
问题如下：
Concerning a mature company's stakeholders, which statement is most accurate?
选项：
A.
Equity is a less expensive source of financing than debt.
B.
Shareholders have the right to claims on the company's assets after all other obligations are fulfilled.
C.
Dividends paid to shareholders are typically deductible as an expense for the company.
解释：
A is incorrect because debt, not equity, represents a cheaper source of financing for companies due to its priority claim on assets and cash flows, and the interest payments on debt being tax-deductible, thereby reducing taxable income. Equity is considered a more permanent source of capital but comes with higher risk for investors and no commitment to future dividends or repayments.
B is correct because equity investors are residual claimants to the company's cash flows, meaning they are entitled to what remains after all expenses, investments, debt payments, and other obligations such as payments to suppliers, employees, and governments have been satisfied. If a company is dissolved and its assets liquidated, these priority claims must be met before equity investors receive anything.
C is incorrect because unlike interest payments to debt holders, dividends paid to shareholders are not treated as a tax-deductible expense for the company. This distinction underscores the financial advantage of debt financing over equity financing from a tax perspective.
如果是loan的话，是不是equity就是less expensive