NO.PZ201810160100000105
问题如下：
Based on Yeta’s target capital structure, Proposal #4 will most likely:
选项：
A.increase the default risk of Yeta’s debt.
B.increase the agency conflict between Yeta’s shareholders and managers.
C.decrease the agency conflict between Yeta’s shareholders and bondholders.
解释：
A is correct. Yeta is financed by both debt and equity; therefore, paying dividends can increase the agency conflict between shareholders and bondholders. The payment of dividends reduces the cash cushion available for the disbursement of fixed required payments to bondholders. All else equal, dividends increase the default risk of debt.
B is incorrect because the agency conflict between shareholders and managers would decrease (not increase) with the payment of dividends. Paying out free cash flow to equity in dividends would constrain managers in their ability to overinvest by taking on negative net present value (NPV) projects.
C is incorrect because paying dividends can increase (not decrease) the agency conflict between shareholders and bondholders. The payment of dividends would reduce the cash cushion available to Yeta for the disbursement of fixed required payments to bondholders. The payment of dividends transfers wealth from bondholders to shareholders and increases the default risk of debt.
我这样理解的分红的话，shareholders肯定占了便宜。而公司的managers把本来要再投资的留存收益分出去了，就会减少公司的收益。这样不是increase conflict between shareholders and managers吗？
