Module 2 · Corporate Issuers

Investors and Other Stakeholders

EN: Investor and stakeholder groups, claims, and conflicts.
VN: Các nhóm cổ đông/bên liên quan, quyền lợi và xung đột.

1. Stakeholder Groups Concept

About: Shareholders (residual), creditors (fixed claims, priority), managers, employees, customers, suppliers, government. Different interests → conflicts.Tóm tắt: Cổ đông (residual), chủ nợ (priority), quản lý, nhân viên, khách hàng, NCC, chính phủ. Lợi ích khác nhau → xung đột.

Shareholders Common & preferred — residual claim.
Creditors Bondholders, banks — fixed claims, priority over equity.
Managers/Directors Run and oversee operations.
Employees Compensation, working conditions.
Customers, Suppliers, Government External stakeholders.

2. Equity vs Debt — Cash Flow & Risk Concept

About: Debt = fixed claims, priority in liquidation, no voting. Equity = residual claims, voting, last in line. Risk-return profiles fundamentally differ.Tóm tắt: Debt (fixed, priority, không bỏ phiếu). Equity (residual, voting, last). Risk-return khác hẳn.

Debt Fixed coupon, fixed maturity, priority in liquidation, no voting rights.
Equity Residual cash flow (dividends), no maturity, voting rights, last in liquidation.

3. Common Conflicts Concept

About: SH↔Mgmt agency cost (empire building). SH↔Creditor risk-shifting (equity prefers risky projects). Controlling vs minority SH (tunneling, related-party).Tóm tắt: Cổ đông↔Quản lý (agency cost). Cổ đông↔Chủ nợ (risk-shifting). Cổ đông lớn↔nhỏ (tunneling).

SH ↔ Mgmt Agency cost — managers may pursue empire-building over shareholder value.
SH ↔ Creditor Risk-shifting — equity prefers riskier projects (limited liability), bondholders don't.
Controlling vs minority SH Tunneling, related-party deals.

Practice problem Practice

Practice problem

Rank in order of priority on a corporate liquidation: common shareholders, senior secured creditors, subordinated bondholders, preferred shareholders.

Show solution

Liquidation waterfall: creditors first (secured → unsecured → subordinated), then preferred, then common.

1) Senior secured 2) Subordinated bonds 3) Preferred 4) Common