每日一练丨ACCA F9《财务管理》精选题Business Finance

今天给大家带来的每日一练，是来自ACCA F9《财务管理》精选题Business Finance，记得做完在下拉看答案哦~

Question：

Which of the following is not a valid reason why the directors of a company might decide to retain earnings rather than pay them out as dividends?

A.Retention of earnings avoids the possibility of a change in control resulting from an issue of new shares

B.Finance from retained earnings has no cost as a source of finance.

C.The shareholders generally wish to make a capital profit

D.Retention of earnings allows the directors to undertake investment projects without involving the shareholders

The correct answer is:B

解析：Finance from retained earnings has the same cost as the rest of the equity capital.However their use does not incur transaction costs.

If the shareholders wish to make a capital profit(2)then they will prefer their income in the form of capital growth rather than dividends.Thus they will be in favour of the company operating a policy of high retentions.

Since no change is made to the structure of the ownership of the business,the use of retentions(3)does avoid the possibility of a change in control.

4 is a valid reason.In this situation the directors will not have to go to the general meeting to obtain permission for a further capital issue to finance new projects.The use of retained earnings therefore allows them greater autonomy in their decisions.

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