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hyron · 2024年08月26日

C选项的lender

  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.

lender为了防止债务违约风险应该不会追求high risk premium才对吧

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1 个答案

王园圆_品职助教 · 2024年08月29日

同学你好，如果lender害怕债务违约，最优的选择就是不借钱

而如果公司要吸引此时充满担忧的lender，最好的办法就是给一个很高的借款利率（也就是提高return和risk premium)。5%的利率不想借，给你15%甚至20%的利率，就想借了。

你带入到正常的投资者心态这里就很好理解了，高收益的产品可能信息披露不全，但只要给的利率足够高，就有人愿意借了

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