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海伦岛主 · 2020年10月28日

问一道题:NO.PZ2016021705000058

问题如下:

If a companys objective is to support its stock price in the event of a market downturn, it would be advised to authorize:

选项:

A.

an open market share repurchase plan to be executed over the next five years.

B.

a tender offer share repurchase at a fixed price effective in 30 days.

C.

a Dutch auction tender offer effective in 30 days.

解释:

A  is correct.

Of the three methods, only an authorized open market share repurchase plan allows the company the flexibility to time share repurchases to coincide with share price declines.

看了有问必答的解析,了解到C错误的点在于这个荷兰式拍卖是30天后才effective

那如果这个荷兰式tender offer立刻生效,有效期30天,是否符合题意的目的呢?

另外,根据tender offer的定义:公开市场要约,那么是不是也是open market操作的其中一种方式,只是价格是区间,而不是fixed?

1 个答案

王琛_品职助教 · 2020年10月29日

- 这道题是课后题第 21 题
- 主要考察三种回购方法之间的区别,对应的是原版书 P162 的文字


- 我认为这道题想考察是两个点:一个是书中在介绍公开市场回购时专门有强调支持股价;一个是题干的背景


- 选项 A,即 "Buy in the open market", 书中在介绍回购方法时,只有在这里专门提到了,有支持股价的作用:"In many shareholders’ minds, the announcement of a repurchase policy provides support for the share price."
- 选项 B 和 C,书中的介绍,则均侧重于速度快
- 选项 B:"By setting a fixed date, such as 30 days in the future, a fixed price tender offer can be accomplished **quickly**."
- 选项 C:"Like Method 2, Dutch auctions can be accomplished in a **short** time period."


- 题干背景是:"in the event of a market downturn", 我理解是说市场下行,但是公司股票现在不一定是下跌,可能是之后会下跌,但是具体下跌持续时间不定;且市场下行的时间一般比较长,只有选项 A 最灵活,可以根据公司股价的情况,选择回购时间,而 B 和 C 都限定了时间,就是 1 个月内


- 综上,是我认为这道题想考察的地方,希望有解答你展开讨论的点
 

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