JULIA2025-01-02 14:19:04

1）第1题human capital不算在primary capital 里对吗？会和privately owned business一起算在aspirational risk bucket中的资产里吗？2）第2题，卖给financial或strategic有更好的liquidity，并会失去control能理解，但是C选项Time horizon怎么解释？解析说的“Given’s long time horizon suggests there may be more tax-efficient means of transfer”这句看不懂。3）第3题，发放20%dividends确实是recapitalization，但是“ he has the company take out a loan to repurchase 10% of his shares.”这句话什么意思，没理解错的话这个回购不是和issue new shares完全相反吗？自己回购非上司公司股票的意义在于什么呢，也算recapitalization吗？4）第4题解析说，After the recapitalization, Given owns USD27 million；这27是由原来30million+3million【10%的repurchase】-6million【20%dividend】得来的吗，回购股票造成了10%的增值，是否正确。