Principles of Finance · 免费预览
公司治理中的代理问题
只要一方代表另一方行事而双方利益出现分歧，就会产生代理问题，例如股东与管理者之间、投资者与债权人之间，以及股东与其他利益相关者之间的代理问题；可以通过激励机制、长期薪酬、惩罚、监督以及符合 ESG 原则的实践加以缓解。
1. The agency problem defined
The agency problem defined
2. Stockholders versus management
Stockholders versus management
3. Investors versus creditors
Investors versus creditors
4. Stakeholders and ESG considerations
Stakeholders and ESG considerations
5. Defining the agency problem
Which statement best defines an agency problem in the corporate setting?
6. The classic stockholder-manager conflict
Which executive decision is the clearest example of the stockholder-versus-management agency problem?
7. Aligning managers with owners
Which compensation design best aligns management incentives with shareholder interests?
8. Investors versus creditors
After borrowing heavily at a fixed rate, a firm's shareholders vote to invest all cash in a very risky venture. Why does this threaten the creditors?
9. Creditor protections
Which of the following is a standard creditor protection against risk-shifting by borrowers?
10. ESG and agency
In the lesson's framing, what role do ESG considerations play in agency problems?
11. The two parties
What two-word term names the party who hires another to act on its behalf in an agency relationship? Answer with two words, the first word being the economic term.
12. Manager perks
What nine-letter term names the benefits such as lavish offices and corporate jets that managers enjoy at shareholder expense? Write the term, singular.
13. The three letters
What three-letter abbreviation names the framework rating companies on environmental, social, and governance factors? Write the abbreviation.
14. The takeover discipline
What market mechanism disciplines poor managers by making a badly run company a purchase target for outsiders who will replace them? Answer with two words in lowercase.