The case for reforming shareholder capitalism is strong. The level of US investment is at itslowest since 1947. Last year, according to Goldman Sachs, S&P 500 companies spentmore than $500bn on share buybacks . This year it is expected to hit $600bn.
改革股东资本主义的理由很有说服力。美国投资水平正处于自1947年以来的最低点。据高盛(GoldmanSachs)数据显示,去年标普500指数(S&P 500)成份企业在股票回购方面的支出超过5000亿美元。今年预计将达到6000亿美元。
The longer this cycle continues, the more puzzling the investment drought becomes. Withhealthy profits and a near zero cost of capital, now ought to be the time to lay down plans forthe future. Today’s investments yield tomorrow’s dividends. But listed companies are almostuniformly opting for dividends today. For every dollar the top US public companies spend oninvestment, they are returning eight or nine dollars to shareholders.
这种循环持续地越久,投资干涸的问题就会变得越令人伤脑筋。在利润良好和资本成本接近于零的情况下,如今本应该是为未来制定计划的时候。今天的投资决定了明天的红利。但是上市公司几乎一致选择了今天的红利。美国顶级上市公司在投资上每花一分钱,都给股东带来8或9倍的回报。
Corporate America is stuck in a self-fulfilling pessimism. As long as it believes US growth willnot exceed roughly two per cent a year, it will not bet on future expansion, which deliverswhat it fears. In an ideal world, the US public sector would compensate for private sectorsaving by running fiscal deficits. But that is a political impossibility.
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2020-09-15
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