公司理财教材新(罗斯)第1节(英文).pptVIP

1-* Separation of Ownership and Control Board of Directors Management Assets Debt Equity Shareholders Debtholders 1-* Do Shareholders ControlManagerial Behavior? Shareholders vote for the board of directors, who in turn hire the management team. Contracts can be carefully constructed to be incentive compatible. There is a market for managerial talent—this may provide market discipline to the managers—they can be replaced. If the managers fail to maximize share price, they may be replaced in a hostile takeover. 1-* 1.5 Financial Markets The financial markets are composed of the money markets a