公司理財(第七版)(參考版)
2025-01-04 22:00本頁面
【正文】 risk,124,The Ethics of Maximizing Value,Does value maximization justify unethical behavior? Recent examples: Enron WorldCom Bernard Madoff,125,Agency Problem,Do managers really maximize value? Agency Problems Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value Shareholders vs. Stakeholders,126,Agency Problem,Different Information Stock prices vs. returns Dividend Policy Financing Decisions,Different Objectives Managers vs. shareholders Top managers vs. lower managers Stockholders vs. banks and lenders,127,Agency Problem Solutions,Compensation plans Board of Directors Blockholders,128,Agency Problem Solutions,Takeovers Specialist Monitoring Legal and Regulatory Requirements,129,4A. Cash reinvested in the firm 4B. Cash returned to investors,Role of the Financial Manager,Cash raised from investors (how?) Cash invested in firm Cash generated by operations,130,Role of the Financial Manager,Most large companies have 3 toplevel financial managers:,Role of the Financial Manager,Some dailyquest
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