题目
Which of the following is an example of agency costs? In each case, management is advocating a substantial acquisition, and management compensation is comprised heavily of stock options.
选项
A.Management believes the acquisition will be positive for shareholder value but negative for the value and interests of the company’s debtholders.
B.Management’s stock options are worthless at the current share price. The acquisition has a high (50%) risk of failure (with zero value) but substantial (30%) upside if it works out.
C.The acquisition is positive for equityholders and does not significantly impair the position of debtholders. However, the acquisition puts the company into a new business where labor practices are harsh and the production process is environmentally damaging.
答案
B
解析
Management is advocating an acquisition that is likely to be positive for the value of the company’s options but negative for equityholders given the substantial risk.A is an example of the debt–equity conflict.C is an example of stakeholder interests that are not being considered by management. 管理层提倡的收购可能对公司期权价值有利，但对股权持有人不利，因为存在重大风险。A是债务-股权冲突的一个例子。C是管理层未考虑的利益相关者利益的一个例子。