It arguably went too far. William Bratton and Michael Wachter, two US law professors, have argued that the shareholder pressure to raise short-term return on equity was one reason why banks over-leveraged their balance sheets in the run-up to the 2008 crisis – and then collapsed. They cite this disaster as a good reason for companies to beware shareholder empowerment.
可以说,这有些极端了。两位美国法学教授威廉??布拉顿(William Bratton)和迈克尔??沃特尔(Michael Wachter)辩称,股东要求提高短期股本回报率的压力,是银行在2008年金融危机爆发以前过度扩张资产负债表、最后崩溃的一个原因。他们将这场灾难列为企业要警惕“股东赋权”的良好理由。
There is, however, a big difference between a bank with an equity base of 5 per cent of its assets and Apple, which is awash with cash. Even David Einhorn, the hedge fund investor who wants Apple to issue new preference shares with a 4 per cent yield, say it should keep $20bn under the mattress.
然而,一家股本基数占资产5%的银行与现金充裕的苹果之间存在巨大差异。就连对冲基金投资者艾因霍恩也表示,苹果应保持200亿美元现金储备。他希望该公司发行收益率为4%的新的优先股。
High margins and a global market have brought the elite technology groups more cash than they have any use for. Moody’s estimates that the technology sector in the US holds $556bn in cash – 38 per cent of total corporate cash reserves. Apple will have $170bn by the year-end unless, as Tim Cook, its chief executive, promises, it gives some to shareholders.
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