Ethan Miller/Getty Images

关于证券市场短期主义的迷思

发自剑桥——在美国,人们——尤其是政界人士——经常会抱怨美国企业受到了短期股票市场因素的过度影响。虽然现阶段的美国总统选举进程并不特别侧重于政策,但随着选战迅速落幕,必将有人开始执政并实施各类政策。鉴于共和党人和民主党人都对这种短期主义表示批评,所以或许会制定其中一些政策中来解决这一问题。在这一点上双方都不会有什么分歧。

然而不仅短期主义的程度遭到了严重夸大,应对这个问题的政策建议也极为匮乏。例如民主党总统候选人希拉里·克林顿就提议——副总统拜登也对此表示支持——运用资本利得税来鼓励股东更长久地持有手中的股票。

该提议的逻辑是如果股东频繁买卖自身的股票,企业高管就被迫要在每季度都实现高收益,以确保股价不会下降。而投资于研究和开发的举措虽然能获取长期利益,但却会诱发股东出售股票,公司也会因股价下跌而蒙受损失。

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