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咖啡巧克力 · 2024年10月19日

due to potential conflict of interest

  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.

请问怎样理解这里的“due to potential conflict of interest”?

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1 个答案

Kiko_品职助教 · 2024年10月21日

嗨，从没放弃的小努力你好：


利益相关者之间可能存在各种利益冲突。例如，股东追求的是股东价值最大化，可能更倾向于高风险高回报的项目；而债权人则希望确保自己的资金安全，更倾向于低风险的项目。当存在较大的潜在利益冲突时，信息的不对称性往往会增加。

在这种情况下，债权人由于担心自己的资金安全受到威胁，又面临着信息不对称带来的不确定性，就会要求更高的回报（以利息等形式体现）和风险溢价来补偿这种不确定性和潜在的利益冲突可能带来的损失。同样，股东也可能因为对管理层的决策存在疑虑，或者担心其他利益相关者的行为影响公司价值，而要求更高的回报以补偿风险。

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