股东价值最大化是否合理值得商榷

2014-10-10 15:59:27来源：可可英语

　　Limited-liability, privately owned joint-stockcompanies are the core institutions of moderncapitalism. These entities are largely responsible fororganising the production and distribution of goodsand services across the globe. Their role is bothcause and consequence of the revolution in thescale and diversity of economic activity that hastaken place over the past two centuries.

　　有限责任、私人所有的股份公司是现代资本主义的核心机构。这些实体在很大程度上承担起组织全球范围内商品和服务的生产和分配职责。它们的角色既是过去两个世纪发生的经济活动在规模和多元性方面革命的原因，也是其结果。

　　Almost nothing in economics is more important than thinking through how companies should bemanaged and for what ends. Unfortunately, we have made a mess of this. That mess has aname: it is “shareholder value maximisation”. Operating companies in line with this belief notonly leads to misbehaviour but may also militate against their true social aim, which is togenerate greater prosperity.

　　在经济学中，几乎没有比思考明白该如何、以及出于何种目的管理公司更重要的了。遗憾的是，我们搞砸了这种思考，得出了糟糕的结论，那就是“股东价值最大化”。按照这种理念经营公司不仅会导致不当行为，而且还会妨碍它们实现真正的社会目标，即创造更大的繁荣。

本文关键字: 股东价值最大化是否合理值得商榷