NO.PZ2018062019000003
问题如下：
Which of the following would least likely 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.
新版的ppt里面没看见有关risk tolerance，只说了equity stake and risk tolerance。所以是需要按您之前回答的这个补充一下嘛？
- 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
