R22 练习: 公司治理
考纲范围
describe the principal-agent relationship and conflicts · describe corporate governance mechanisms · describe potential risks of poor governance and benefits of effective governance
LOS: Describe the principal-agent relationship and conflicts
Q1.
Roland Construction had the opportunity to invest in a high-return and high-risk project, which fits well with the company’s growth strategy, but management rejected the project in the end. Which of the following might be the reason?
A. Executive pay will be linked to the size of the company.
B. Executive pay will be entirely in cash.
C. Executives have received a large award of stock options.
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答案：B
解析：管理层拒绝了一个高回报高风险项目，说明他们规避风险（risk aversion）。当薪酬全部以现金支付时，管理层不会从公司增长中获得额外收益，因此倾向于保守决策，回避风险项目。
选项 判断 解析 A ✗ 若薪酬与公司规模挂钩，管理层反而有动机扩大公司（接受项目） B ✓ 全现金薪酬意味着管理层无法从公司增值中获利，倾向于规避风险 C ✗ 股票期权使管理层利益与股东一致，会激励他们接受高回报项目 关联：R22: 公司治理
Q2.
An analyst was examining the governance of several companies she covered and learned that one of the CEOs defrauded investors by misappropriating assets. Which of the following misalignments of interest between management and shareholders may result from this activity?
A. Self-dealing
B. Entrenchment
C. Insufficient effort
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答案：A
解析：CEO 挪用公司资产（misappropriating assets）欺诈投资者，这是典型的 self-dealing（自利交易）——利用职位谋取私利。
选项 判断 解析 A ✓ Self-dealing：管理层利用公司资源为自己谋利，包括挪用资产 B ✗ Entrenchment（固守职位）是指管理层采取措施使自己难以被撤换 C ✗ Insufficient effort（努力不足）是指管理层不尽职、偷懒 关联：R22: 公司治理
Q3.
Which of the following statements is most likely correct?
A. Decentralized ownership inevitably leads to dispersed corporate control.
B. Both management and the board of directors act as agents for the shareholders.
C. Both shareholders and creditors hope for the company to develop as quickly as possible.
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答案：B
解析：在公司治理框架中，管理层和董事会都是股东的代理人（agents），受托为股东利益行事。
选项 判断 解析 A ✗ 分散的所有权不一定导致分散的控制权（如大股东仍可集中控制） B ✓ 管理层（day-to-day operations）和董事会（oversight）均为股东的代理人 C ✗ 债权人偏好稳健经营以确保偿债，不希望公司承担过多风险追求快速发展 关联：R22: 公司治理
LOS: Describe corporate governance mechanisms
Q4.
Which of the following is not a mechanism to protect creditors?
A. Ad hoc committee
B. Bond indenture
C. Poison pill
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答案：C
解析：Poison pill（毒丸计划）是反收购机制，保护的是现有股东/管理层，与债权人保护无关。
选项 判断 解析 A ✗ Ad hoc committee（特别委员会）可以为债权人利益服务 B ✗ Bond indenture（债券契约）包含保护性条款（covenants），是债权人保护的核心机制 C ✓ Poison pill 是反收购工具，保护股东/管理层免于敌意收购，不是债权人保护机制 关联：R22: 公司治理
Q5.
The main responsibilities of a board’s remuneration committee do not include:
A. setting performance criteria and evaluating manager performance.
B. aligning manager and shareholder interests.
C. recommending remuneration for the external auditor.
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答案：C
解析：外部审计师的薪酬由审计委员会（audit committee） 负责，不是薪酬委员会（remuneration committee）。
选项 判断 解析 A ✗ 正确——设定绩效标准和评估管理层是薪酬委员会的核心职责 B ✗ 正确——通过薪酬设计使管理层与股东利益一致（如股权激励） C ✓ 外部审计师薪酬属于 audit committee 的职责范围 关联：R22: 公司治理
Q6.
Which of the following topics is least likely to be included in an extraordinary general meeting?
A. Voting on the revision of the articles of association
B. Company involved in significant mergers and acquisitions
C. Non-binding shareholder votes on executive compensation plans
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答案：C
解析：Non-binding shareholder votes on executive compensation（“say on pay”）通常在年度股东大会（AGM） 上进行，而非临时股东大会（EGM）。EGM 处理的是需要紧急决策的重大事项。
选项 判断 解析 A ✗ 修改公司章程属于重大事项，适合在 EGM 上表决 B ✗ 重大并购需要股东批准，属于 EGM 议题 C ✓ 薪酬投票（say on pay）是常规议题，安排在 AGM 而非 EGM 关联：R22: 公司治理
LOS: Describe potential risks of poor governance and benefits of effective governance
Q7.
Weak corporate governance has various potential risks to the company’s operations. Which of the following is least likely the result of poor corporate governance?
A. Ineffective decision making
B. Reputational risk
C. More control practiced at the company’s overall level
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答案：C
解析：“更多整体控制”是良好治理的特征，而非差治理的后果。差治理通常导致控制失灵、监管不力。
选项 判断 解析 A ✗ 差治理确实导致决策低效（缺乏独立监督和制衡） B ✗ 差治理确实带来声誉风险（如丑闻、违规） C ✓ “更多控制”是有效治理的表现，不是差治理的后果 关联：R22: 公司治理