NO.PZ2021091701000039
问题如下：
Which of the following stakeholders are least likely to be positively affected by
increasing the proportion of debt in the capital structure?
选项：
A.Senior management
Non-management employees
Shareholders
解释：
B is correct. While leverage increases risk for all stakeholders, shareholders
generally benefit through higher potential returns. Senior management typically
benefits through equity-based compensation. For non-management employees,
equity-based compensation is likely to be small to non-existent.
看到品职在另外一道题下的解释：通常情况下，股东负责管理公司经营，但当debt占据公司越来越重要的地位时，债权人的话语权也随之增加，债权人和股东之间天然的冲突，也越明显。所以，当财务杠杆低的时候，债权和股东的冲突并不明显，但当debt为长期时，债权人有一定能力抗衡股东的决策，因而发生冲突？
