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Boucicaut · 2018年02月14日

问一道题:NO.PZ2016021705000058 [ CFA II ]

问题如下图:

    

选项:

A.

B.

C.

解释:


​老师好。请问这道题B选项错在哪里了?我看讲义上蓝色标题写的是“Buy back a fixed number of shares at a fixed price”,只有在下面的小标题才加了at a premium to the market price这个限定。

另外A选项说有效期有5年,但是讲义P139说,“share repurchases are not a long-term commitment”,这里的long-term应该理解成多久更合适?谢谢!

1 个答案

maggie_品职助教 · 2018年02月25日

1、答案的三个选项都是回购的方法,但是每种回购的方法都有它适用的场景。通常公司在股价低迷时为了支撑股价多选择在公开市场进行回购的方式,一是可以节约成本,二是交易可以迅速完成,托市效果比较好。而 tender offer邀约回购,通常是回购量和具体向谁回购都是确定的,这样种方式回购的灵活性大打折扣(不能做到随时需要随时回购),而且成本较高(高于市价回购)。


2、如果公司是为了支持股价而进行的回购可能会持续很多年,直至maket downturn结束。而share repurchases are not a long-term commitment说的是公司选择回购与否取决于公司管理层的决定,今年回购了,并不代表未来还进行回购(并非长期承诺回购)。不是一个意思哦。


加油。






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