manager財(cái)務(wù)管理決策基本問題-在線瀏覽
2025-02-11 12:59本頁面
【正文】 ? ? Minimize costs? ? We can minimize costs today by not purchasing new equipment or delaying maintenance ? Maximize market share? ? have positive earnings? ? Maximize the current value of the pany’s stock? ? There is no short run vs. long run here. The stock price should incorporate expectations about the future ? Does this mean we should do anything and everything to maximize owner wealth? 10 The Agency Problem ? Agency relationship ? Principal hires an agent to represent his/her interest ? Stockholders (principals) hire managers (agents) to run the pany ? Agency problem ? Conflict of interest between principal and agent ? A mon example of an agency relationship is a real estate broker ? Management goals and agency costs 11 The Agency Problem ? Direct agency costs – the purchase of something for management that can’t be justified from a riskreturn standpoint, monitoring costs. ? Indirect agency costs – management’s tendency to fo risky or expensive projects that could be justified from a riskreturn standpoint. 12 Managing Managers ? Managerial pensation ? Incentives can be used to align managemen
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