唯學(xué)網(wǎng)小編提醒：本文是關(guān)于金融分析師考試的企業(yè)投資和融資決策內(nèi)容。簡單說：投資決策就是要選擇好投資的品種和規(guī)模以及投資方式，周期，規(guī)劃好投資收益率以及抗風(fēng)險(xiǎn)范圍。融資決策就是策劃正確的融資方式，融資規(guī)模，融資渠道，以及融資的合法性和回報(bào)率。很多知識(shí)主要在于考生的英語方面掌握程度，比如金融分析師考試時(shí)純英文的。而知識(shí)基本上都是相同或者是相近的，希望考生認(rèn)真復(fù)習(xí)考試。

企業(yè)融資:企業(yè)投資和融資決策

十一 Corporate Finance: Corporate Investing and Financing Decisions

A: An Overview of Financial Management

a: Discuss potential agency problems of stockholders versus 1) managers and 2) creditors.

An agency relationship is created when decision-making authority is delegated to an agent without the agent being fully responsible for the decision that is made. An agency relationship occurs in two common corporate scenarios:

the company’s stockholders delegate decision-making authority to the managers (agents), but the managers do not receive the full benefit or cost of their performance,

the company’s debtholders delegate authority to managers who act on behalf of the shareholders. In the first scenario, management will not bear the full impact of their decisions since they do not own 100 percent of company.

In the second scenario, agency relationship may occur when creditors lend money to corporations. Creditors lend based on specific business and financial risk expectations. The stockholders/management will benefit from risky strategies that simultaneously increase the probability of success and bankruptcy. The manager receives the full benefit of success, but the creditor bears the responsibility for the bankruptcy. This is one reason loans include many restrictive covenants on the corporation’s behavior.

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