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ccling · 2023年10月11日

提问

  1. CFA I
  2. Corporate Issuers

NO.PZ2018062019000003

问题如下：

Which of the following would least likely lead to a potential conflict between shareholders and managers?

选项：

A.

Multiple class structure.

B.

Risk tolerance.

C.

Information asymmetry.

解释：

A is correct. An equity structure with multiple share classes in which one class in non-voting or has limited voting rights creates a divergence between the ownership and control rights of different classes of shareholders. Therefore, conflicts of interest may arise among the controlling and minority shareholders.

可以解释一下A吗？不太懂

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1 个答案

王琛_品职助教 · 2023年10月13日

嗨，从没放弃的小努力你好：


Multiple class structure 比如 Dual-class ，创始人或高管的 A-share 对应的一股可能投票权有 10 票等；而普通投资者 B-share 对应的是一股只有一投票权

所以其会导致的是，控股股东和少数股东之间的利益冲突

而题目问的是股东和高管之间的利益冲突，所以不选 A

也请参考强化班讲义墨迹版 P109

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努力的时光都是限量版，加油！

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