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succi_z · 2023年05月02日

C选项

  1. CFA II
  2. Corporate Issuers

NO.PZ2022101401000005

问题如下：

Which of the following situation is most likely give rise to principal–agent problem?

选项：

A.

The combination of dispersed ownership and dispersed voting power.

B.

The combination of concentrated ownership and concentrated voting power

C.

The combination of concentrated ownership and dispersed voting power arises

解释：

A is correct.

The combination of dispersed ownership and dispersed voting power will give rise to principal–agent problem.

Shareholders are referred to as weak shareholders, and such managers are referred to as strong managers.

Under this combination, conflict may be significant, is known as a principal–agent problem.

老师，您好，这道题C选项为何不正确呢？其实只要投票权分散，比如AB股dual-class，就威胁不到管理层一言独大的问题，那么C应该也是正确的吧？


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1 个答案

王琛_品职助教 · 2023年05月05日

嗨，爱思考的PZer你好：


1

从原版书的知识框架角度分析，同学所说的 Dual-class share，对应的是：分散的所有权、集中的投票权

首先，选项中并未包含；而且，即使是 Dual-class share，对应的问题也不是委托代理问题，而是股东和股东之间的利益冲突哈，即 Principal–Principal problem

请参考基础班讲义墨迹版 P268

2

选项 C 实际对应的是 Voting Caps

原版书并没有介绍这种结构会有什么问题，只是说了产生的原因 voting caps

voting caps 是投票权上限，即法律规定会限制大股东的投票权上限

比如 1 股对应 1 票的情况下，法律限制一家公司的投票权最多是 5%，那么即使大股东有 90% 的股权，所对应的投票权也不过 5%

这样设置的背景是，在一些国家，对于具有战略意义的行业，比如国防、能源、基础设施等，通过会对境外投资者设置投票权上限，防止其具有集中的投票权

老师上课举了一个非常形象的例子：比如农业，如果境外投资者控股，如果不设置投票权上限，可能会做出对本国不利的决策，比如停工歇业等，让本国居民饿死

请参考基础班讲义墨迹版 P269

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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