问题如下：
With regard to the data below, what would be the most reasonable explanation of the financial data?
选项：
A.The decline in the company’s equity results from a decline in the market value of this company’s common shares.
B.The €250 increase in the company’s debt from FY3 to FY5 indicates that lenders are viewing the company as increasingly creditworthy.
C.The decline in the company’s equity indicates that the company may be incurring losses, paying dividends greater than income, and/or repurchasing shares.
解释：
C is correct.
The decline in the company’s equity indicates that the company may be incurring losses, paying dividends greater than income, or repurchasing shares. Recall that Beginning equity + New shares issuance – Shares repurchased + Comprehensive income – Dividends = Ending equity. The book value of a company’s equity is not affected by changes in the market value of its common stock. An increased amount of lending does not necessarily indicate that lenders view a company as increasingly creditworthy. Creditworthiness is not evaluated based on how much a company has increased its debt but rather on its willingness and ability to pay its obligations. (Its financial strength is indicated by its solvency, liquidity, profitability, efficiency, and other aspects of credit analysis.)
解析：equity不受到公司发行在外股票价格的影响，A不对。公司借债的上升并不代表公司信誉的提高，看一个公司信用度怎么样是从它的还款能力和意愿来评判的，B不对。C说equity减少可能原因有：公司有loss、支付分红比收益多，或者回购股票。根据BASE法则，期初equity+当期新发行股票-当期回购股票+收益-分红=期末equity。C所说的几个原因都是会影响equity的因素。
解析说：
- 这个股票到底是啥？是 cash 还是股份？这个公式里说+当期新发行的股票-回购股票，是说的其对应的金钱么？
- 公司有 loss，在这个公式里没有提现到啊，为啥也是使得 Equity 减少的原因呢？
- 助教说的『所有者权益在一开始就根据投入资本确定初始计量』，这个是指 Equity 里的一小部分，也就是 contributed capital部分是吧？助教的意思是说这个部分是一开始出资人出完钱就结束不动了？Equity 我记得还有另外一个部分？是啥来着？
