R21 练习: 投资者与其他利益相关者
考纲范围
compare the financial claims and motivations of lenders and shareholders · describe a company’s stakeholder groups and compare their interests · describe ESG factors of corporate issuers considered by investors
LOS: Compare the financial claims and motivations of lenders and shareholders
Q1.
From the standpoint of a company’s debtholders, what rights do they possess?
A. Residual claim against the company’s cash flow
B. Voting rights
C. Receiving principal on prespecified dates
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答案：C
解析：债权人（debtholders）的核心权利是按合同约定日期收回本金和利息，属于 fixed claim。
选项 判断 解析 A ✗ Residual claim（剩余索取权）属于股东而非债权人 B ✗ 投票权属于股东（equity holders） C ✓ 债权人在预定日期收回本金，这是债务合同的基本条款
Q2.
The tech startup B&A Company has recently gone public through an IPO, raising capital for its innovations. Investors can now participate in the company’s growth, enjoy potential profits, and receive dividends as ordinary shareholders. Payments to its common shareholders are:
A. deductible for corporate income tax purposes.
B. at the discretion of the board.
C. priority payments.
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答案：B
解析：普通股股利由董事会自主决定是否发放和发放金额，并非强制性支付。
选项 判断 解析 A ✗ 股利不可在公司所得税前扣除（利息可以），这是双重征税的根源 B ✓ 股利支付完全由董事会酌情决定（discretionary） C ✗ 普通股股利是最后支付的（在债务利息和优先股股利之后），不是 priority
Q3.
Which of the following statements is most likely to be correct?
A. Equity investors provide capital with a finite maturity.
B. Companies that have more predictable cash flows, tend to lean towards more equity financing.
C. From the viewpoint of the issuer, debt financing is less costly but carries higher risks than equity financing.
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答案：C
解析：从发行人角度看，债务融资成本更低（利息可抵税），但风险更高（必须按时还本付息，否则面临违约/破产）。
选项 判断 解析 A ✗ 股权投资没有到期日（infinite maturity），永续存在 B ✗ 现金流可预测的公司更倾向于债务融资（因为能确保按时偿还） C ✓ 债务成本低（税盾效应）但风险高（强制性偿付义务）
LOS: Describe a company’s stakeholder groups and compare their interests
Q4.
Which of the following descriptions relating to board structure is incorrect?
A. Staggered board elections can weaken the voting power of shareholders, who cannot replace the entire board in an election.
B. Independent directors are likely to more effectively represent the interests of minority shareholders.
C. Under the two-tier model, the board of directors typically holds the power to appoint or dismiss supervisory board members.
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答案：C
解析：在双层董事会模型（two-tier model）中，**监事会（supervisory board）**负责监督管理层并有权任免管理董事会成员，而非反过来。
选项 判断 解析 A ✗ 正确——交错选举制（staggered board）每次只改选部分董事，降低了股东一次性更换整个董事会的能力 B ✗ 正确——独立董事与管理层无利益关联，更能代表中小股东利益 C ✓ 错误 顺序反了：是监事会任免管理董事会成员，而非管理董事会任免监事会成员
Q5.
According to stakeholder theory, which of the following statements is least accurate:
A. Corporate governance is meant to prioritize balancing the objectives of debtholders and shareholders above all else.
B. ESG consideration is following stakeholder theory.
C. Corporate governance should balance multiple objectives and measure non-shareholder objectives.
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答案：A
解析：利益相关者理论（stakeholder theory）认为公司治理应平衡所有利益相关者的利益，而不仅仅是债权人和股东。
选项 判断 解析 A ✓ 错误 Stakeholder theory 关注所有利益相关者（员工、客户、社区等），不是仅”优先”平衡债权人与股东 B ✗ 正确——ESG 考量正是 stakeholder theory 的体现（关注更广泛的利益相关者） C ✗ 正确——stakeholder theory 要求衡量和平衡非股东利益相关者的目标
LOS: Describe ESG factors of corporate issuers considered by investors
Q6.
Which of the following does not refer to corporate governance considerations?
A. Reasonable management compensation associated with company results.
B. Improving employee diversity.
C. Enhancing effectiveness in managing long-term risks and sustainability.
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答案：B
解析：Employee diversity（员工多样性）属于 Social（社会） 因素，而非 Governance（治理）因素。
选项 判断 解析 A ✗ 管理层薪酬与业绩挂钩属于典型的 Governance 考量 B ✓ 员工多样性属于 Social 因素（ESG 中的 S） C ✗ 长期风险管理和可持续性治理属于 Governance 范畴
Q7.
Which of the following statements is most likely correct regarding social factors?
A. Social factors considerations are commonly categorized as either physical risks or transition risks.
B. The reasons for stranded assets in energy companies stem from social issues.
C. Data privacy and security issues in businesses can be perceived as a potential social risk.
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答案：C
解析：数据隐私和安全问题涉及消费者权益保护，属于 Social 因素。
选项 判断 解析 A ✗ Physical risks 和 transition risks 是 Environmental（环境）因素的分类方式 B ✗ 能源公司的搁浅资产（stranded assets）主要源于 Environmental 问题（如碳排放监管） C ✓ 数据隐私和安全属于 Social 因素，涉及消费者保护和人权
Q8.
The perception of the negative impact of businesses on the environment and society has evolved over time, with the current view often considering it as:
A. negative externalities.
B. internalized costs.
C. sunk cost.
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答案：B
解析：现代观点认为企业对环境和社会的负面影响正在从外部性转变为内部化成本（internalized costs），即企业需要直接承担这些成本。
选项 判断 解析 A ✗ Negative externalities 是传统/早期观点，认为这些成本由社会承担 B ✓ 当前趋势是将环境和社会影响内部化为企业自身的成本 C ✗ Sunk cost（沉没成本）是已经发生且不可恢复的成本，概念不相关