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[一梦千寻] · 2022年06月10日

为什么不是A

NO.PZ2021091701000039

问题如下:

Which of the following stakeholders are least likely to be positively affected by increasing the proportion of debt in the capital structure?

选项:

A.

Senior management

B.

Non-management employees

C.

Shareholders

解释:

B is correct. While leverage increases risk for all stakeholders, shareholders generally benefit through higher potential returns. Senior management typically benefits through equity-based compensation. For non-management employees, equity-based compensation is likely to be small to non-existent.

senior不是债权人吗?怎么会有基于equity的好处??

1 个答案
已采纳答案

王琛_品职助教 · 2022年06月10日

嗨,从没放弃的小努力你好:


1

senior 不是债券人,本身是形容词,是高级的意思,对应的单词是 junior 初级

Senior management 的意思是高管

2

题目问:增加资本结构中的债务比例,对以下哪类利益相关者,最不可能产生积极的影响?

三个选项,分别是 高管、普通职员、股东

高管,一般都有股权激励,普通职员,薪酬体系中,大部分都没有股权激励,即使有,相比与高管来说,也是很少的

首先,增加杠杆,对三类利益相关方来说,都是增加了风险

但是不同的是,增加杠杠之后,所获得的的好处,也就是潜在的回报,三个人受益的程度是不同的

普通职员,因为几乎没有股权激励或者只有很少的部分,所以杠杆提升之后获得潜在回报的这种积极影响,是三个选项中程度最低的,所以是选 B

3

同学说的是债权人内部的求偿顺序 Seniority Ranking,参考固收学科基础班讲义 P339

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努力的时光都是限量版,加油!

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