NO.PZ2023123001000002
问题如下：
Thunder Corporation is a small household products company privately held by its original shareholders, none of whom are employed by the company. Thunder’s senior management has managed operations for the past decade and expects to remain in that capacity after any sale. The company has no access to public debt markets. The least likely source of differences in valuing Thunder compared with valuing a publicly traded company is:
选项：
A.access
to public debt markets
principal-agent
issues
company size
解释：
Thunder’s size and lack of access to public debt markets are potential factors affecting its valuation compared with a public company. Given the separation of ownership and control at Thunder similar to that at public companies, however, principal-agent issues are not a distinguishing factor in its valuation.
基础班中讲过一道题，是说私营企业经常是管理权和经营权重叠，这会缓和委托代理问题；
但是这道题又说这家私企股东不是管理层，所以没有委托代理问题，这两次口径不一致啊？
能否请老师再讲一下委托代理问题的定义是什么？是不是大股东和管理层想法不一致？
那到底是股权和管理团队分开好还是大股东也是CEO更好啊
