NO.PZ2016021705000060
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.
老师好，
- 我记得stock dividend和cash dividend相比，stock dividend会令contributed capital上升。但这个stakeholder's wealth和contributed capital没关系对吗？
- 老师我觉得我这几个概念没掌握好，可否帮我讲讲为何stock dividend和cash dividend相比，stock dividend会令contributed capital上升？我只知道老师说RE少了，contributed capital就会上升。但我不明白为什么有这个因果关系，我记得李老师上课说contributed capital就是记录股票的原始价值，那不应该不变么？也想确认下RE少了是因为DIV多了（不论是cash的形式还是股票的形式）吗？
- 还有就是shareholder wealth都跟什么有关呢？讲义里面写着不论是现金股利、股票股利、拆股或是并股都不改变shareholder wealth。那什么能改变它呢？
问题有些杂，辛苦老师帮忙解答了，谢谢！
