然而,阻止外部股东对公司行使控制权的决定,也显示出现代公司治理的更深层次问题,谷歌(Google)、Facebook和阿里巴巴(Alibaba)等其他科技公司普遍使用的分级投票结构也是如此。现代公司治理实践与这些全球经济中比较先进的行业采用的业务模式格格不入。再加上所有权结构的变化,这大大削弱了管理层对股东承担的责任。
Sharing the spoils
利益分享
The big question underlying Snap’s challenge to conventional corporate governance turns on how the spoils of the capitalist system are shared. Today’s governance codes are rooted in a 19th century concept of the corporation, where the shareholder-capitalist is seen as the key stakeholder and risk-taker in the system. The implicit assumption is that the shareholder is entitled to the residual profits and net assets of the company after the claims of labour and all the other creditors have been met.
Snap挑战传统公司治理的根本问题在于资本主义制度的利益如何分享。如今的治理规则植根于19世纪的公司概念:股东-资本家被视为这个制度的关键利益相关者和风险承担者。其隐含的假设是,股东在公司支付员工工资和对其他所有债权人履行偿还义务后,有权获得剩余利润和公司净资产。
This view of the limited liability company made sense in the 19th century, when capital was scarce and labour cheap and plentiful. That reality was captured in the way employers referred to their workers as “hands” — a form of linguistic reductionism that reflected the state of labour relations at the time.
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