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老王1030 · 2023年09月19日

为什么呀

NO.PZ2023090504000016

问题如下:

An investment analyst would likely be most concerned about an executive compensation plan that:

选项:

A.

varies each year

B.

is consistent with the compensation plans of a company’s competitors

C.

is cash-based only, without an equity component.

解释:

C is correct. If an executive remuneration plan offers cash only, the interests of management and investors (and other stakeholders) may be misaligned. An equity-based compensation plan is commonly used to align management interests with those of shareholders.

A is incorrect, because a plan that varies over time would typically be of less concern to an analyst compared with one that did not change.

B is incorrect, because an analyst would likely be concerned if a company’s executives were under- or overcompensated relative to competitors.

为什么呀

1 个答案

王琛_品职助教 · 2023年09月20日

嗨,努力学习的PZer你好:


1

题目是问,当分析师分析一家公司的高管薪酬计划时,如果出现哪种情况,就要引起关注

相当于,哪种情况其实是不合理的薪酬设计

所谓不合理,就是没有更好把高管的利益,和股东的利益绑在一起

2

选项 C 说高管的薪酬组成,全是现金,没有任何股权

相当于,一年到头,无论高管是披星戴月,还是混吃等死,都能拿到固定的工资

那高管肯定是倾向于混日子,不会为公司的长期发展出谋划策

3

一般情况下,高管的薪酬组成,都会涉及股权的部分

为的就是让高管能通过更好的管理,实现公司和自己双赢的结果

所以如果全是现金,是一个不好的薪酬设计,分析师就要引起注意了

4

在薪酬设计中,还有一些情况,都会导致高管和股东的利益不一致

也请参考基础班讲义墨迹版 P119 - P124

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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