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Yaooo · 2023年05月16日

为何不用担心B family control?

* 问题详情,请 查看题干

NO.PZ202210140100000202

问题如下:

BR Hotels’ corporate governance risk is increased by:

选项:

A.

CEO duality

B.

family control.

C.

the low percentage of independent board members

解释:

C is correct. The corporate governance risk for BR Hotels is high due to a low percentage of independent board members. Of the 15 members on the board, only one is independent. Many OECD countries have introduced a recommendation for the minimum ratio of independent directors serving on the board. They typically set the minimum ratio of independent directors in a range of 20%–50% or greater. BR Hotels falls below this range.

A is incorrect since CEO duality is not a governance problem for BR Hotels. BR Hotels’ CEO and chairperson are separate, so there is no CEO duality. This is typically a sign of effective corporate governance. The independent chairperson and CEO roles help protect investor interests.

B is incorrect because family control is not likely to increase governance risk for BR Hotels. Family control lowers the risks associated with principal-agent problems. This is the result of the family’s having concentrated ownership and management responsibility. The lower risk associated with the principal-agent problem is somewhat offset by the drawbacks of family control, which include poor transparency, modest considerations for minority shareholder rights, and difficulty in attracting quality management talent.

为何不用担心B family control?看持股比例蛮集中

1 个答案

王琛_品职助教 · 2023年05月17日

嗨,努力学习的PZer你好:


1

题目问:下列哪个选项,最有可能增加 BR 酒店的公司治理风险?

关于选项 B 的分析,出题人主要是想让考生从家族控制的优缺点切入

2

因为案例背景中, BR 酒店,无论是所有权还是投票权,都是集中的,所以控股股东除了有可能会欺负小股东,还可能会欺负管理层

此时股东和管理层的关系是:强股东,弱管理层,和 Principal–agent problem 的情况刚好相反

所以家族控制的优点,是会降低与 Principal–agent problem 相关的公司治理风险

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努力的时光都是限量版,加油!

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