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佳妮 · 2021年06月14日

同股不同权矛盾不是会更大么

NO.PZ2018062019000003

问题如下:

Which of the following would not 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.

老师,多层次的股权结构‘比如dual class 同股不同权,管理层和股东之间的矛盾不是会更大么?190页的例题李老师不就是这么解释的么。
1 个答案

王琛_品职助教 · 2021年06月15日

嗨,爱思考的PZer你好:


基础班讲义 190 页的例题,是原版书 P36 的例题 10

选项 C,涉及的两方是 management and stakeholder groups,管理层和利益相关方,并未特指股东 shareholders

而本题是特指 shareholders,考查的是代理人冲突 Principal-agent conflict 中的 Managers and shareholders

原版书在这里明确提到的是选项 B 和 选择 C,所以这道题用排除法,选 A

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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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