问题如下：
Assume that a company is based in a country that has no taxes on dividends or capital gains. The company is considering either paying a special dividend or repurchasing its own shares. Shareholders of the company would have:
选项：
A.greater wealth if the company paid a special cash dividend.
B.greater wealth if the company repurchased its shares.
C.the same wealth under either a cash dividend or share repurchase program.
解释：
C is correct.
When there are no taxes, there are no tax differences between dividends and capital gains. All other things being equal, the effect on shareholder wealth of a dividend and a share repurchase should be the same.
回购不是会使equity下降吗
