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🌊Yuri🌊 · 2023年06月08日

问

  1. CFA I
  2. Corporate Issuers

NO.PZ2017111901000003

问题如下：

Which of the following represents a principal–agent conflict between shareholders and management?

选项：

A.

Risk tolerance

B.

Multiple share classes

C.

Accounting and reporting practices

解释：

A is correct.

Shareholder and manager interests can diverge with respect to risk tolerance. In some cases, shareholders with diversified investment portfolios can have a fairly high risk tolerance because specific company risk can be diversified away. Managers are typically more risk averse in their corporate decision making to better protect their employment status

为啥不选c啊，对外的信息不对称不是吗？a选项的具体意思是啥

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1 个答案

王琛_品职助教 · 2023年06月09日

嗨，从没放弃的小努力你好：


1）为啥不选c啊，对外的信息不对称不是吗？

选项 C 所对应的，并不是股东和管理层之间的利益冲突，而是股东和府或监管机构之间的利益冲突

具体分析，也请参考：https://class.pzacademy.com/qa/102802

2）a选项的具体意思是啥

Risk tolerance 会导致股东和管理层之间的潜在利益冲突，因为股东和管理层对风险的容忍度不同，所以可能有两种情况

第一种情况：股东的风险容忍度较高，而管理层的风险容忍度较低

比如：某些情况下，拥有分散投资组合的股东，会有相对较高的风险容忍度，因为某个具体公司所承担的风险，会在股东的投资组合中被分散掉

而管理层在具体公司决策上，则相对风险厌恶，因为他们要考虑自己的受雇地位

第二种情况：股东的风险容忍度较低，而管理层的风险容忍度较高

比如：小公司的管理层为了扩大公司规模，可能会拿着股东的钱投资很多项目，比如 NPV 小于 0 的项目，或者是风险很高的项目

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2022-06-22 14:36 1 · 回答

老师您好！请问管理层修饰财报为什么不算呢？也可能是骗股东啊。

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