这进而激怒了当初发明“毒丸”(poison-pill)防御计划的律师马丁??利普顿(Martin Lipton)。他认为,他们正“为了迅速捞取横财而牺牲未来”,他还把美国科技企业现在面临的分配现金的压力,与当年的“自主融资收购(bootstrap takeover)、破产式收购(bust-up takeover)、垃圾债券型收购(junk-bond takeover)”相提并论,那些交易“糟蹋了很多伟大公司的未来”。
The truth is, it does not belong to any of them. Corporate cash is no more the property of shareholders than a rainy-day fund of executives, hoarded in case something comes up. It is the product of companies such as Apple, which held $137bn in cash at the end of 2017, having done well. It belongs to the enterprise, not to either party.
事实是,它不属于上述任何一方。企业现金不是股东的财产,也不是企业高管的小金库,存起来以备不时之需。它是苹果(Apple)等公司优秀业绩的产物,2017年底,该公司持有1370亿美元的现金。它属于企业,而非任何一方。
A company, being inanimate, can’t decide what to do with its cash. That is the task of managers, overseen by a board of directors and monitored by shareholders when they go astray. The kind of arguments we are now seeing are not evidence of chaotic dysfunction, as Mr Lipton argues. They are a sign of the system working as designed.
公司没有生命,无法决定如何处置现金。这是管理者的任务,并得到董事会的管控,在他们误入歧途时还受到股东的监督。我们现在看到的这些争论,并不是像利普顿所辩称的那样,表明出现了混乱和失调,而是表明这个制度正按照设计宗旨发挥作用。
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