题目
Which of the following is least likely to affect the capital structure of Longdrive Trucking Company? Longdrive has moderate leverage today
选项
A.The acquisition of a major competitor for shares
B.A substantial increase in share price
C.The payment of a stock dividend
答案
C
解析
C is correct. Stock dividends, like stock splits, have no impact on the value of a company’s equity. Issuing shares to acquire a competitor would increase equity relative to debt in the capital structure. Share price appreciation would also increase the market value of equity, thus increasing equity relative to debt. C是正确的。股票股利和股票拆分一样，对公司的权益价值没有影响。发行股票以收购竞争对手将增加资本结构中相对于债务的权益。股价升值也会增加股本的市场价值，从而增加股本相对于债务的比例。