efdf公司理財：introductiontocorporatefinance(1)-資料下載頁
2025-01-04 22:00本頁面
【正文】 the shareholder’s claim is: Max[0,$X – $F] = $0 and the debt holder’s claim is Min[$F,$X] = $X. The sum of these is = $X,If the value of the firm is more than $F, the shareholder’s claim is: Max[0,$X – $F] = $X – $F and the debt holder’s claim is: Min[$F,$X] = $F. The sum of these is = $X,Corporate Governance Separation of Ownership and Control,Board of Directors,Management,Assets,Debt,Equity,Shareholders,Debtholders,Asymmetric Information and Agency Costs,There is asymmetric information between shareholders and managers. How to induce managers to act in the shareholders’ interests ? The shareholders can devise contracts that align the incentives of the managers with the goals of the shareholders. The shareholders can monitor the managers behavior. (Agency Cost) This contracting and monitoring is cost
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