问题如下：
4. Given its objective and the three possible corporate actions, Skylark is least likely to select:
选项：
A.Corporate action 1.
B.Corporate action 2.
C.Corporate action 3.
解释：
C is correct.
At the current debt weight of 20%, the WACC is declining with increases in debt. If you calculate the WACC, it is currently 8.7% and would decline to 8.5% if the debt weight is 30%. Repurchasing shares or paying a dividend would increase the debt weight, which would reduce the WACC. Reducing debt would increase the WACC, so this is the corporate action that Skylark should be least likely to select.
之前助教在提问中说：回购股票和发红利相当于是股东出资的归还，所以equity下降，D/E上升。可否展开说一下？把当年的Net income 用来发dividend. 为什么是相当于股东出资的归还？如果是投资者在市场新买入的股票，投资者作为小股东，并没有出资吧？怎么归还？
