问题如下：
Which of the following statements is not the advantage of convertible preference shares?
选项：
A.The conversion option becomes more valuable when the common stock price increases.
B.The preferred dividend is higher than a common dividend.
C.Convertible preference shares make it possible for minority shareholders to have more proportional representation on the board.
解释：
C is correct.
Rather than convertible preference shares, cumulative voting would benefit minority shareholders to have proportional representation on the board by allocating their votes to one or more candidates as they choose.
为什么B不对呢？B的意思不是说当优先股分红大于普通股时，可转换就不是优势了吗？
