ACCA笔记 F9 FM 文字题总结.pdf
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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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