唯学网小编提醒：本文是关于金融分析师考试的企业投资和融资决策内容。简单说：投资决策就是要选择好投资的品种和规模以及投资方式，周期，规划好投资收益率以及抗风险范围。融资决策就是策划正确的融资方式，融资规模，融资渠道，以及融资的合法性和回报率。很多知识主要在于考生的英语方面掌握程度，比如金融分析师考试时纯英文的。而知识基本上都是相同或者是相近的，希望考生认真复习考试。
企业融资:企业投资和融资决策
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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