实现股东价值最大化:公司治理新理念
Abstract 摘要
美国股市在长达十年的繁荣和美国经济更近的景气助长了经济好处普遍的看法。股东价值最大化作为公司治理的原则TS。在本文中,我们提供股东价值的崛起为美国的企业管治原则的历史分析,从定位跟踪美国的转型企业战略对企业盈利和再投资企业增长滞留在20世纪70年代企业的劳动力,企业盈利向股东分配的缩减之一,在过去的二十年。然后,,我们认为近期美国经济表现,并提高对股东价值的最大化和经济繁荣的可持续性之间的关系问题。The decade-long boom in the US stock market and the more recent boom in the US economy have fostered widespread belief in the economic bene. ts of the maximization of shareholder value as a principle of corporate governance. In this paper, we provide an historical analysis of the rise of shareholder value as a principle of corporategovernance in the United States,tracing thetransformation ofUS corporatestrategy from an orientation towards retention of corporate earnings and reinvestment in corporate growth through the 1970s to one of downsizing of corporate labour forces and distribution of corporate earnings to shareholders over the past two decades. We then consider the recent performance of the US economy, and raise questions about the relation between the maximization of shareholder value and the sustainability of economic prosperity.
Introduction 介绍
Over the past two decades the ideology of shareholder value has become entrenched as a principle of corporate governance among companies based in the United States and Britain. Over the past two or three years, the rhetoric of shareholder value has become prominent in the corporate governance debates in European nations such as Germany, France and Sweden.
issued a document, The OECD Principles of Corporate Governance, that emphasizes that corporations should be run, . rst and foremost, in the interests of shareholders (OECD 1999).
But what does ‘maximizing shareholder value’ mean? Is it an appropriate principle for the governance of corporations in the advanced economies in the twenty-. rst century? Does the implementation of this principle improve the competitive performance of corporate enterprises? Would the reform of the continental European and Japanese systems of corporate governance based on the principle of maximizing shareholder value bring sustainable prosperity to these economies?
In the so-called Anglo-Saxon economies of the United States and Britain, the exclusive focus of corporations on shareholder value is a relatively recent phenomenon, having risen to prominence in the 1980s as part and parcel of the Reaganite and Thatcherite revolutions. The decade-long boom in the US stock market and the more recent boom in the US economy have impressed European and Japanese corporate executives with the potential of shareholder value as a principle of corporate governance, while American institutional investors, investment bankers and management consultants have incessantly promoted the virtues of the approach in Europe and Japan.There is, however, in both Europe and Japan, considerable misinformation about why shareholder value has become so prominent in the governance of US corporations over the past two decades and the actual impact of its implementation on the performance of US corporations and the US economy. Therefore, as a precondition for considering the arguments for ‘maximizing shareholder value’ in those nations in which it is not yet an entrenched principle of corporate governance, it is imperative that we understand the evolution and impact of the quest for shareholder value in the United States over the past two decades. Such is the purpose of this paper.
The origins of `shareholder value’
William Lazonick and Mary O’Sullivan: Maximizing shareholder value 17 Shareholder value and economic performance Problems of US economic performance Foundations of the current prosperity
Acknowledgements 致谢
Funding for the research in this paper was provided by the Jerome Levy Economics Institute and by the Targeted Socio-Economic Research Program of the European Commission (Contract no. SOE1-CT98-1114).
Notes 笔记
1 An important analysis of US loss of competitive advantage in a number of major industries can be found in Dertouzos et al. (1989).
2 The following paragraphs on the transformation of the US . nancial sector are based on Lazonick and O’Sullivan (1997); see also Lazonick (1992) and O’Sullivan (2000: ch.
5).
3 The following paragraphs on downsizing of labour and distribution of earnings are drawn from O’Sullivan (2000: ch. 5).
4 The AMA survey is sent to human resources managers in AMA member companies every year. AMA’s corporate membership consists of 9,500 organizations which together employ 25 per cent of the American workforce. Over 85 per cent of surveyed . rms gross more than $10 million annually, which puts them among the top 5 per cent of US corporations.
5 For an elaboration of shareholder theory and a critique, see O’Sullivan (1999).
References 文献
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