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早早 · 2023年03月18日

没看懂题目,麻烦解释下

Proponents of dual-class voting structures believe that the benefits to public shareholders most likely include:

  1. reducing conflicts of interest between management and those with economic interests.
  2. trading values that are typically at a slight premium to single-class peers.
  3. promoting company stability by insulating management from short-term investor pressures.

Solution

C is correct. Proponents of dual-class structures argue that management is better able to make long-term strategic investments that may have negative short-term implications when control is wielded by a small group of shareholders with superior voting rights.

A is incorrect. Because of their reduced ability to influence management, shareholders with economic but not voting interest are more likely to view management’s interests in conflict with their own.

B is incorrect. Entities with multiple voting structures tend to trade at a discount to their peers, not a premium.

1 个答案

王琛_品职助教 · 2023年03月20日

嗨,努力学习的PZer你好:


1

题目问:双重股权投票结构的支持者认为,其对公众股东的好处,最有可能包括下列哪项

2

选项 A:减少管理层和有经济利益的人之间的利益冲突。说反了,利益冲突应该是增加了

相当于对于一些股东,虽然有较大的股份,但是对应的投票权不多,所以影响不了管理层的经营决策

也请参考基础班讲义墨迹版 P447 例题的选项 C

3

选项 B:相比同股同权的行业,双重股权投票结构的公司,交易价值更高,有溢价

说法错误,根据解析,应该是折价

原版书没有正文对应,我理解正因为双重股权结构,对于大部分公众股东来说,可能都是一股一票,而创始人或者部分高管,是一股多票,所以这种机制削弱了大众股东对公司的影响力,所以相比同股同权的公司会存在折价

4

选项 C:通过使管理层不受短线投资者压力的影响,促进公司的稳定性

根据解析,当控制权被一小部分拥有一股多票的股东掌握时,管理层能够更好地进行长期的战略投资,而这些投资,可能会产生负面的短期影响,因为长期发展和短期发展存在平衡

这个题不是重点,了解一下即可

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努力的时光都是限量版,加油!

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