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  3. 下面你将听到一段关于股票与企业管理的介绍。／／ Attempts to increase the attention span of executi

下面你将听到一段关于股票与企业管理的介绍。／／ Attempts to increase the attention span of executi

游客2023-12-30  16
问题    下面你将听到一段关于股票与企业管理的介绍。／／
   Attempts to increase the attention span of executives by using incentives have failed. Even "long-term" incentive plans tend to have a horizon of only three years, far too short to measure the success of corporate actions such as acquisitions. Performance measures such as earnings per share or return on equity may encourage excessive risk-taking.  //
   So why haven’t shareholders redressed the balance? One obvious way for shareholders to exercise influence is through their willingness to provide capital. But companies have barely turned to the equity market for new finance in recent years. Businesses prefer to raise money through debt or to be absorbed into bigger groups through acquisitions. // The number of companies on London’s main market has fallen by half over the past decade. Even new flotations on the market seem primarily concerned with allowing early-stage investors to cash in their stakes.  //
   Investors could show their displeasure with poor corporate strategy by selling their shares, driving the price down so the company is vulnerable to a takeover. But most shares are no longer owned by private investors or pension funds, but by professional fund managers. // Those managers are themselves judged on the basis of short-term measures and on their performance relative to a stock market index. That makes them reluctant to have a small stake in a company that is a large index component. And whereas 20 years ago lobby groups such as the Association of British Insurers exercised a lot of sway over management, the voting power of such groups has dwindled and that of foreign investors and hedge funds has risen.  //
选项
答案     通过奖励措施来扩大高管们注意力长度的尝试并不成功。即使采用“长期”奖励计划，其注意力持续时间也常常仅为三年，太短了，远不足以衡量企业经营的成就，例如并购。每股收益、股权回报率等业绩衡量指标可能会鼓励过度冒险。
    那么为何股东没有纠偏呢?股东实现其影响力的一种显著方式是自愿提供资金。但近几年来，企业几乎不会在股票市场中进行新的融资，而更愿通过借贷方式筹资，或通过并购方式被纳入更大的集团。伦敦证券交易所主板上的企业数量在过去几十年中已下降一半。即使在股市发行新股，也似乎主要是为了早期投资者兑现其股份。
    投资者可以通过卖出股票的方式表达对企业不良战略的不满，这样会拖低股价，使得企业易被收购接管。但大部分股票不再属于私人投资者或养老基金，而是掌握在职业基金经理手中。人们会以短期指标以及相对于股价指数的业绩对这些经理进行评判，这使得他们不愿意在一个占很大指数比重的企业中只拥有少量股份。二十年前，诸如英国保险协会的利益团体对管理层有很大的影响，而这类团体的表决权现在已经减弱，外国投资者以及对冲基金的表决权则有所增强。
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