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hyron · 2024年08月26日

C选项的lender

NO.PZ2023090504000006

问题如下:

Which of the following stakeholders are most likely to demand higher returns and risk premiums when faced with greater information asymmetry due to the greater potential conflicts of interest?

选项:

A.

Directors and managers

B.

Suppliers and customers

C.

Shareholders and lenders

解释:

C is correct. Greater information asymmetry increases risk for shareholders and lenders, who will seek to be compensated for taking that risk with a lower share price or multiple and a higher yield on debt investments.

A is incorrect, because directors and managers have more information about a company’s performance, risks, and investment opportunities than outsiders, such as shareholders and lenders.

B is incorrect, because while suppliers and customers are outsiders with information asymmetry, their relationship is contractual and not based on investment return.

lender为了防止债务违约风险应该不会追求high risk premium才对吧

1 个答案

王园圆_品职助教 · 2024年08月29日

同学你好,如果lender害怕债务违约,最优的选择就是不借钱

而如果公司要吸引此时充满担忧的lender,最好的办法就是给一个很高的借款利率(也就是提高return和risk premium)。5%的利率不想借,给你15%甚至20%的利率,就想借了。

你带入到正常的投资者心态这里就很好理解了,高收益的产品可能信息披露不全,但只要给的利率足够高,就有人愿意借了