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JCishere · 2024年05月28日

此题无法理解！！

  1. ESG
  2. Governance factors

NO.PZ2022120701000051

问题如下：

Compared to companies financed by public equity, those financed by private equity are most likely to face governance challenges arising from:

选项：

A.a small margin for error. B.a lack of board responsiveness. C.investor susceptibility to misinformation.

解释：

Companies financed by private equity are more likely to be highly indebted, leading to little margin for error even in an otherwise well-functioning governance system Because private equity investors are often directly represented on the board, private equity boards are often more responsive and less subject to investor misinformation than their public board counterparts

Compared to companies financed by public equity, those financed by private equity are most likely to face governance challenges arising from:


为什么误差小，是一种挑战？？？

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1 个答案

Tina_品职助教 · 2024年05月28日

嗨，努力学习的PZer你好：


这个问题的关键在于理解私募股权融资（private equity）公司和公共股权融资（public equity）公司在治理挑战上的区别。

私募股权融资（Private Equity）公司的特点：

  • 高负债：私募股权公司通常通过杠杆收购（leveraged buyout）来融资，即使用大量债务来购买公司的股份。这意味着公司在运营过程中需要偿还大量的债务。
  • 董事会的直接控制：私募股权投资者通常在公司董事会中拥有席位，这使得董事会的反应速度更快，能够迅速做出决策。
  • 信息透明度：私募股权投资者通常会进行深入的尽职调查，并且与公司的管理层有紧密的联系，因此受到错误信息的影响较小。

公共股权融资（Public Equity）公司的特点：

  • 较低的负债水平：公共公司通过发行股票来融资，负债水平相对较低。
  • 董事会的间接控制：公共公司的董事会通常由股东选举产生，决策过程可能比较缓慢。
  • 信息透明度问题：由于公共公司面向公众，信息传递链条较长，容易受到误导性信息的影响。


A选项，“A small margin for error”：

  • 由于私募股权公司通常负债较高，这意味着他们的财务状况比较紧张。任何微小的财务错误或者市场波动都可能对公司产生巨大影响。
  • 这种高负债状况使得公司在运营和财务管理上没有太多犯错的余地（small margin for error），即使在其他方面治理结构运作良好的情况下，财务紧张也可能带来巨大的风险。
为什么 B 和 C 不正确：
  • B. a lack of board responsiveness：

私募股权投资者通常在董事会中有直接的代表，这使得董事会的反应速度较快，能够迅速做出战略决策，因此私募股权公司不会面临董事会响应缓慢的问题。

  • C. investor susceptibility to misinformation：

由于私募股权投资者通常进行深入的尽职调查，并且与公司的管理层有紧密的联系，他们获得的信息比较准确，不太容易受到误导信息的影响。因此，这不是私募股权公司面临的主要治理挑战。



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