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ACCA笔记 F9 FM 文字题总结.pdf

发布:2020-11-22约3.04万字共12页下载文档
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1 FinancialManagement PARTA [1] Asagentsofthecompany’sshareholders,thedirectorsmay notalwaysact in ways which increase the wealth of shareholders, a phenomenon called the agency problem. [2] They can be encouraged to increase or maximize shareholders wealth by managerial reward schemes such as performance-related pay and share option schemes. Through these methods, the goals of shareholders and directors may increase in congruence.解决代理问题的⽅法有 managerial reward schemes。Managerial reward schemes⼜包括share option schemes 和performance-relatedpay这两种⽅法。 [3] Performance-related pay links part of remuneration of directors to some aspect of cooperate performance. One problem here is that is difficult to chooseanaspectofcooperateperformancewhichisnotinfluencedbythe actions of directors, leading to the possibility of managers influencing cooperateaffairsfortheirownbenefitratherthanthebenefitofshareholders. [4] Share option schemes bring the goals of shareholders and directors closer together to the extent that directors become shareholders themselves. Unfortunately,a general increase inshare prices can leadto directors being reward for poor performance,while a decrease in share prices can lead to directorsnot beingrewardforgoodperformance. [5] However, share option schemes can lead to a culture of performance improvementandsocanbringcontinuingbenefittoshareholders. 股票期权计 划可以带来绩效改善的⽂化,因此可以为股东带来持续的利益。 Conflict between the objectives of shareholders and directors in a listed companyisassociatedwiththeagencyproblem,whicharethreemainreason. First, there is a separation between ownership and control, as the shareholders and directors are different people. Second, the objectives of
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