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小星菜 · 2025年06月22日

这里计算会收到税收的影响吗?题目为何一直强调投资者是豁免缴税的?

NO.PZ2016012005000025

问题如下:

Sophie Chan owns 100,000 shares of PAT Company. PAT is selling for € 40 per share, so Chan’s investment is worth € 4,000,000. Chan reinvests the gross amount of all dividends received to purchase additional shares. Assume that the clientele for PAT shares consists of tax-exempt investors. If PAT pays a € 1.50 dividend, Chan’s new share ownership after reinvesting dividends at the ex-dividend price is most likely to be closest to:

选项:

A.

103,600.

B.

103,750.

C.

103,900.

解释:

C is correct.

Because the clientele for PAT investors has the same tax rate (zero) for dividends and capital gains, the ex-dividend stock price of PAT should decline by the amount of the dividend to € 40– € 1.50 = € 38.50. Chan will purchase € 150,000/ € 38.50 = 3,896 additional shares. This increases her total shares owned to 103,896. Chan’s new share ownership is closest to 103,900.

关于计算过程已经理解,但是题目为何一直强调投资P公司的投资者是免税的,强调利息和资本利得都不收税呢?如果要是收税的话,会影响计算过程吗?

1 个答案

Kiko_品职助教 · 2025年06月23日

嗨,努力学习的PZer你好:


强调免税是为了让除息日股价下跌幅度恰好等于股息金额。无需考虑税率对股价的调整,若存在税收,除息价下跌额就要考虑税的影响了。本题中除息价就是40-1.5=38.5,如果存在股息税,假设股息税率t,那就应该是40-1.5(1-t)

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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