Define a corporate stakekeholder.Which groups are considered stakeholders?Would stockholders also be considered stakeholders?Compare the shareholder wealth maximization principle with stakeholders wealth preservayion prunciple in terms of economic systems.
Are ethics critical to the financial manager's goal of shareholder wealth maximization?
How are the two related?Is the establishment of corporate ethics policies and guidelines,requiring employee compliance ,enough to ensure ethical behevior by employees?
What is meant by an " agency cost" or "agency problem"?Do these interfere with shareholder wealth maximization?Why? What mechanisms minimze these costs/problems?
- sammyLv 51 decade agoFavorite Answer
Grecee 和 墮落惡魔 都說的有道理. 我也不想再囉嗦.
不過假如你目前的英文實在跟不上, 的確念起來相當吃力. 我只能站在輔導的角度來暫時助你一臂之力. 以後還是要靠你自己.
問題 3 的大意是在如何定義和區別 stakeholder (公司利害關係人), stockholder (股票持有人) 和 shareholder (股份持有人) 之間對公司的影響力及矛盾衝突?
問題 4 的大意是討論企業倫理和道德對公司的股東們的投資利益是否有致命的影響?
問題 5 的大意是代理成本的定義? 代理成本如何干擾到投資人的最大獲利? 有何機制可使代理成本降至最低?
以下是我在網上找到的答案, 僅供參考 (不是照抄...... ^_^)
Stakeholders includes anyone with an interest in the company, including stockholders. Stakeholders are also management, employees, the government, the community, suppliers, customers, and lenders. Stakeholder wealth preservation appears to favor socialism more than capitalism. Stakeholder wealth, for example, keeping on too many employees for the firm to be efficient, may be preserved at the expense of stockholder wealth.
中文大意: 公司利害關係人大多指公司的經營生產者, 若他們只想到工作效率, 往往就會忽略到股東們的投資利益
Ethics are critical to stockholder wealth maximization. Unethical behavior can have severe financial consequences to a company, for example, Arthur Anderson will be unable to continue in its role as a corporate accountant for Enron and its other clients because of the fallout from Enron’s collapse. For many businesses, reputation is critical to conducting business. A firm with a reputation for shady dealing will lose value relative to its ethical competitors.
中文大意: 企業倫理道德對股東們的投資利益當然有致命的影響. 例如美國 安然公司 的惡性倒閉便是一種企業道德淪喪的錯誤式範. 因此商譽是許多大企業競爭力的財富
Agency cost or agency conflict refers to any time a decision is made that does not maximize shareholder wealth. For example, managers may want excessive benefit, that maximize their person satisfaction, but conflict with maximizing shareholder wealth. These costs can be minimize by, for example, tying management’s compensation to stock price so they have an incentive to work to maximize stock price. Such contracts can be effective if structured properly, although they have been criticized as providing excessive gains to managers when the entire market was rising.
中文大意: 當代理的運作導至投資人未能獲得該有的最大利益時, 代理成本或代理衝突便因應而生. 獎金制度合約可能會被評擊炒作股價, 但只要操作得當, 不失為降低代理成本的方法之一
- 墮落惡魔Lv 61 decade ago
- TGGLv 51 decade ago