财政悬崖阴影下的企业短期行为

发自剑桥——经济趋势有时比新闻报道的还要密切相关。比如,人们经常会看到关于政府财政困难的报道,例如美国的“财政悬崖”以及欧洲债务危机。而最近的一些评论文章则聚焦到极度活跃的股票市场之上——尤其是在美国和英国——认为这会促使大型企业过分关注短期财务业绩,并是以牺牲本国经济的长期投资为代价的。

这两者并不是不相关联的。一直以来都有观点认为疯狂而巨额的股市交易缩短了企业运营视野,而对上述关联的研究也提供了一个极佳的机会来评估这一观点的弱点和含糊不清之处。

传统思维认为随着交易员越来越频繁地买卖股票,他们会诱导企业管理者制定越来越短的运营周期。按照这种思路,如果机构投资者拒绝持有股票超过几个月,首席执行官为公司制定的运营时间周期也会缩短到大概同样的范围。

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