银行界的胜利大逃亡

发自斯坦福——事实证明,今年试图将世界经济从银行和银行家们过分强势的掌控中解救出来的努力又是徒劳的。全球金融系统仍然扭曲并处于危险之中。

自1980年代以来,“股东价值”日益成为公司治理的重点。管理层和董事会成员常常获得股权补偿,这不但使他们获得了权益,反过来又创造了一个使公司股票市场价值最大化的强大诱因。

然而以股东价值为名实施的经营活动通常只有利于那些自身财富与公司利润关系密切的人,而且很可能实际上会损害许多股东的利益。尽管管理层宣称他们在追求股东价值,但它们的所作所为通常只体现了自身——尤其是高层管理人员——的利益,对那些持有绝大部分股份的股东并无好处。

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