以下是引用chenyu123在2009-3-3 14:37:00的发言：
LOS c: Discuss the conflicts that arise in agency relationships, including manager–shareholder conflicts and director–shareholder conflicts.
Q1. The purpose of the board of directors is to act as an intermediary between shareholders and management to assure that management is acting in shareholders’ best interest. Which of the following is NOT a factor that may cause directors to align more closely with managers than shareholders?
A) Directors receive excessive compensation.
B) Directors are responsible for CEO succession planning.
C) Directors are employed by financial institutions that lend money to the firm.
Q2. A principal-agent problem may exist between:
A) shareholders and directors.
B) managers and directors.
C) regulators and directors.
Q3. Corporate governance systems are primarily concerned with potential principal-agent problems between:
A) managers and directors.
B) managers and creditors.
C) directors and shareholders.
Q4. Kimi Hatcher is a consultant for Druson Corporate Consultants. Hatcher recently evaluated the management team at Burnett Television Productions and wrote a report of her observations.
Observation 1: Over 65% of senior management compensation is in the form of executive stock options. Management tends to aggressively take on risky projects that will generate large profits if the projects succeed.
Observation 2: Management frequently uses retained profits to purchase potential competitors as well as business unrelated to television production in an effort to diversify their revenue base.
Observation 3: Management makes a practice of setting aside provisions for loss contingencies.
A Burnett shareholder that is reading the report is particularly concerned about ways that management may act for their own best interests rather than those of shareholders. Which of observations in Hatcher’s report should alarm the shareholder?
A) Observations 1 and 2 only.
B) All of the observations.
C) Observation 1 only.
Q5. Which of the following scenarios is NOT an example of a principal-agent problem?
A) A senior manager also serves as a director on the board of another company.
B) Top management is awarded large amounts of executive stock options.
C) A board member also serves as a consultant to the company.
Q6. The principal-agent problem can best be described as:
A) the agent may act for the well being of management rather than that of the stakeholders.
B) the agent may act for his own well being rather than that of the principal.
C) the agent may act for the well being of the principal rather than that of the stakeholders.
Q7. Jill Tangeman and Lawrence Winkelman are shareholders for Hilliard Electric Components, Inc. (HECI). Tangeman and Winkelman are concerned about potential conflicts of interest that may affect them as shareholders of HECI and decide to draft a letter to various HECI decision makers to ask them what they are doing to eliminate or reduce potential conflicts of interest.
The basic premise of Tangeman and Winkelman’s letter is that corporate governance systems should focus on two potential areas where decision makers may not act in shareholders best interests: conflicts between managers and shareholders, and conflicts between directors and shareholders.
Winkelman states in the letter than he is concerned about executive compensation. “Having too much executive wealth concentrated in employee stock options can lead to managers avoiding potentially risky projects that would actually maximize wealth for shareholders.” Tangeman adds her own comment: “The primary responsibility of the board of directors is to assure that shareholders’ interests are balanced with those of management when negotiating on issues such as compensation.” When the letter is complete, both sign it as shareholders in the company and mail out 12 copies.
The assertion made by Tangeman and Winkelman about the focus of corporate governance systems is:
A) valid, and neither Winkelman or Tangeman make a correct statement in the letter.
B) invalid, and only Tangeman makes a correct statement in the letter.
C) valid, and only Winkelman makes a correct statement in the letter.
发表于 2009-5-19 13:32
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