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kevinzhu · 2020年08月31日

问一道题：NO.PZ2018062019000003 [ CFA I ]

  1. CFA I
  2. Corporate Issuers

问题如下：

Which of the following would not lead to a potential conflict between shareholders and managers?

选项：

A.

Multiple class structure.

B.

Risk tolerance.

C.

Information asymmetry.

解释：

A is correct. An equity structure with multiple share classes in which one class in non-voting or has limited voting rights creates a divergence between the ownership and control rights of different classes of shareholders. Therefore, conflicts of interest may arise among the controlling and minority shareholders.

3个选项请都解析一下

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1 个答案

王琛_品职助教 · 2020年09月01日

同学你好，

破题

  • 题目问的是下面哪项不会造成股东和管理层之间的潜在利益冲突

  • 考察的 LOS 是

    describe principal–agent and other relationships in corporate governance and the conflicts that may arise in these relationships

  • 课上介绍了多种相关方之间的利益冲突，这里考察的主要是股东和管理层

分析

选项 A

  • Multiple class structure 会导致的是，控股股东和少数股东之间的利益冲突。
  • 比如 Dual-class ，创始人或高管的 A-share 对应的一股可能投票权有 10 票等；而 B-share 对应的是一股只有一投票权
  • 参考原版书 P12 的最后一段

选项 B

  • Risk tolerance 会导致股东和管理层之间的潜在利益冲突，因为股东和管理层对风险的容忍度不同
  • 某些情况下，拥有分散投资组合的股东，会有相对较高的风险容忍度，因为某个具体公司所承担的风险，会在股东的投资组合中被分散掉
  • 而管理层在具体公司决策上，则相对风险厌恶，因为他们要考虑自己的受雇地位

选项 C

  • 信息不对称应该最好理解，因为相对与股东来说，管理层拥有更多的信息和管理经验知识
  • 所以在做一些战略决定的时候，可能作出的选择并不能最大化股东的利益

参考

选项 B 和 选项 C，可以参考原版书 P12 的第一段

建议

为了增加有问必答的沟通效率，同学如果是针对具体选项提问，建议可以先附上同学自己对选项的理解哈

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