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Thea.Yu · 2024年03月21日

为什么不是A呢

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090504000006

问题如下：

Which of the following stakeholders are most likely to demand higher returns and risk premiums when faced with greater information asymmetry due to the greater potential conflicts of interest?

选项：

A.

Directors and managers

B.

Suppliers and customers

C.

Shareholders and lenders

解释：

C is correct. Greater information asymmetry increases risk for shareholders and lenders, who will seek to be compensated for taking that risk with a lower share price or multiple and a higher yield on debt investments.

A is incorrect, because directors and managers have more information about a company’s performance, risks, and investment opportunities than outsiders, such as shareholders and lenders.

B is incorrect, because while suppliers and customers are outsiders with information asymmetry, their relationship is contractual and not based on investment return.



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2 个答案

王琛_品职助教 · 2024年05月18日

嗨，从没放弃的小努力你好：


@丁紫彤

那请问Shareholders and lenders不都是外部人士吗，如果说不选 A 是因为“董事会和高管，都属于公司的内部人士，而信息不对称涉及的是内部和外部的对比”，那C也没有内外部对比呀 

1

三个选项虽然用了 and 来连接两个不同的利益相关者

但并不是说反映的是他们彼此之间的利益冲突哈

2

正因为信息不对成涉及的是内部和外部的对比

所以外部人士才会要求更高的收益和风险补偿

3

此时，选项 C 股东和债权人的立场是一致的

因为他们都是资本的提供者，是投资者 Investors

请参考基础班讲义墨迹版 P84

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2024年03月21日

嗨，努力学习的PZer你好：


1

这道题的题干很长，但其实关键词有两个

第一个是 information asymmetry 信息不对称

信息不对称，指公司内部人（如管理层），相比于外部投资者（如股东和债权人），拥有更多关于公司业绩、风险和投资机会的信息

当信息不对称增加时，股东和债权人面临的风险增加，他们会寻求更高的回报来补偿这种风险，这表现为对股票的较低估价或对债务投资的更高收益要求

不选 A 是因为董事会和高管，都属于公司的内部人士。而信息不对称涉及的是内部和外部的对比

2

之所以不选 C，是因为第二个关键词 demand higher returns and risk premiums

供应商和客户，虽然也是信息不对称的外部群体，但他们与公司的关系主要是基于合同，而不是投资回报

因此，他们不太可能因为信息不对称增加而要求更高的风险溢价

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加油吧，让我们一起遇见更好的自己！

丁紫彤 · 2024年05月18日

那请问Shareholders and lenders不都是外部人士吗，如果说不选 A 是因为“董事会和高管，都属于公司的内部人士，而信息不对称涉及的是内部和外部的对比”，那C也没有内外部对比呀

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