The bigger question, to which Mr Lipton alludes, is not whether the managers or the shareholders should decide. It is whether short-term investors that pressure companies for dividends or share buybacks are behaving against the interests of the long-term shareholders. That is the trap into which banks fell before the 2008 financial crisis.
更大的问题(利普顿也曾提到)不是应该由管理者还是股东做出决定,而是短线投资者向企业施压、要求派发股息或进行股票回购的行为,是否有损长期股东的利益。那正是2008年金融危机爆发之前银行所坠入的那个陷阱。
Executives have to be alert to this, and to repudiate cash handouts that sound nice but would make it harder to build a profitable and sustainable enterprise. They need not follow the caricature version of “shareholder value” that sees the job of managers as to maximise the current share price at all costs.
企业高管必须关注这个问题,而且必须反驳那些听上去不错、但不利于打造盈利且可持续的企业的现金返还。他们不需要遵循漫画版的“股东价值”,认为管理者的工作就是不惜一切代价将当前股价提升至最高。
But US technology companies, several of which could bail out small eurozone countries without breaking a sweat, are not victims of corporate raiders. They are simply being asked to make use of their wealth.
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