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Химера коротких горизонтов на фондовом рынке

КЕМБРИДЖ – Часто можно услышать мнение (и всё чаще из уст американских политиков), будто корпоративная Америка слишком сильно зависит от краткосрочных интересов, диктуемых фондовым рынком. И хотя в ходе нынешней президентской избирательной кампании политические вопросы оказались не в самом центре внимания, кампания вскоре завершится, а её победители начнут управлять страной и проводить свою политику. Краткосрочный характер интересов фондовых инвесторов критикуют и республиканцы, и демократы, поэтому вполне вероятно, что их политика будет направлена, в том числе и на устранение этой проблемы. Однако вряд ли они смогут что-то изменить.

Дело даже не только в том, что значение проблемы коротких горизонтов на фондовом рынке необоснованно преувеличено, но и в том, что проекты вариантов её политического решения имеют серьёзные недостатки. Возьмём, например, проект кандидата от демократов Хиллари Клинтон (поддержанный также вице-президентом Джо Байденом): заставить покупателей акций держать их подольше с помощью налога на доходы с капитала.

Идея в следующем: если владельцы акций начинают слишком активно ими торговать, тогда руководство компаний попадает под давление – ему необходимо показывать высокие доходы каждый квартал, так чтобы цена акций не падала. В итоге, осуществление инвестиций, например, в исследования и разработки, несмотря на их долгосрочные выгоды, способно спровоцировать распродажу акций, и компания окажется наказана за своё решение падением котировок.

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