如果一家公司拥有大量现金,投资者却总是要乖乖地等待着公司的派发,就像英国女王发放救济金(Maundy Money)一样,那才是奇怪的。法学教授林恩??斯托特(Lynn Stout)指出,“从法律的角度来看,除非及直到董事会决定股东应得到现金,否则股东……无权从公司得到任何返还”。他们还不如公开要求。
Indeed, balance sheet structure is an issue on which fund managers have useful opinions. They are less to be trusted on corporate strategy, which is not their speciality. As Mr Einhorn said about Apple, “we aren’t here to offer strategic thoughts on how they operate their business – they are the experts”.
的确,在资产负债表结构这个问题上,基金经理可以提出有用的意见。公司战略并非他们的专长,在这个问题上不是那么可以信任他们。正如艾因霍恩谈到苹果时所言:“我们来到这里不是为了就他们如何经营业务提供战略思路——他们是行家。”
It may give Mr Lipton apoplexy, but there is no harm in investors challenging executives and a board of directors if they are hoarding cash from caution or laziness. This does not mean that investors are always right – the money could turn out to be useful in future – but it is a fair debate to hold publicly.
这可能会让利普顿发疯,但如果高管和董事会出于谨慎或懒惰囤积现金,投资者向他们发起挑战没有任何害处。这并不意味着投资者永远正确——现金可能在未来证明是有用的——但这是一场可以公开进行的公平辩论。
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