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
Non-management employees
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.
看到品职在另外一道题下的解释:通常情况下,股东负责管理公司经营,但当debt占据公司越来越重要的地位时,债权人的话语权也随之增加,债权人和股东之间天然的冲突,也越明显。所以,当财务杠杆低的时候,债权和股东的冲突并不明显,但当debt为长期时,债权人有一定能力抗衡股东的决策,因而发生冲突?