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一,公司控制权市场诱发了公司管理者的短视行为。在通常情况下,股价的走势是股东利益得失的最根本体现。股价上涨,,意味着股权价值的增加,股价下跌,则意味着股权价值的减少。由于...
一,公司控制权市场诱发了公司管理者的短视行为。
在通常情况下,股价的走势是股东利益得失的最根本体现。股价上涨,,意味着股权价值的增加,股价下跌,则意味着股权价值的减少。由于股价只能反映公司月度、季度等短期性的指标,而不能反映公司长期的综合性的经营状况。为了能够使得这些短期性的指标有良好的表现,避免成为公司控制权市场上的目标,公司管理层只是力求短期性业绩的改善和股利的增加,这既牺牲了远期战略目标,也削弱了公司的内部融资能力。
这种短视行为表现为公司长期性投资如研究与开发投资,职工培训费用等的降低。结果会带来公司劳动生产率提高的相对减缓和市场占有率的下降,牺牲公司长期竞争优势。有些公司甚至一金融市场上的投资来优化其短期性指标,更加导致竞争优势的丢失。 展开
在通常情况下,股价的走势是股东利益得失的最根本体现。股价上涨,,意味着股权价值的增加,股价下跌,则意味着股权价值的减少。由于股价只能反映公司月度、季度等短期性的指标,而不能反映公司长期的综合性的经营状况。为了能够使得这些短期性的指标有良好的表现,避免成为公司控制权市场上的目标,公司管理层只是力求短期性业绩的改善和股利的增加,这既牺牲了远期战略目标,也削弱了公司的内部融资能力。
这种短视行为表现为公司长期性投资如研究与开发投资,职工培训费用等的降低。结果会带来公司劳动生产率提高的相对减缓和市场占有率的下降,牺牲公司长期竞争优势。有些公司甚至一金融市场上的投资来优化其短期性指标,更加导致竞争优势的丢失。 展开
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First,the market being controlled by the company places a premium on gerentocratic shortsighted action.
Usually,the trend of the share price ultimately incarnates the benefits of the shareholders.The rising of the share price means the increasing value of the ownership of the share.And the falling of the share price means the decreasing value of the ownership of the share. For the share price only reflects the monthly and quarterly index in a short period,it can not reflect the long time all-around management of the company.To get a good manifest from the index in a short period,and to avoid being the goal of the market being controlled by the company,the management in the company just try their best to improve the short period achievement and increase the value of the share price .And this sacrifices the long goal,also weakens the interior financing ability.
The shortsighted action acts as decreasing of the long time investment such as research and develop investment and decreasing the fee used to train the employee.As a result ,the labor productivity becoming slow and the decreasing of the market occupancy factor,sacrificing the competition ability.Some comepany even use the investment in the money market to optimize their index in a short period,and much more losing their competition ability.
Usually,the trend of the share price ultimately incarnates the benefits of the shareholders.The rising of the share price means the increasing value of the ownership of the share.And the falling of the share price means the decreasing value of the ownership of the share. For the share price only reflects the monthly and quarterly index in a short period,it can not reflect the long time all-around management of the company.To get a good manifest from the index in a short period,and to avoid being the goal of the market being controlled by the company,the management in the company just try their best to improve the short period achievement and increase the value of the share price .And this sacrifices the long goal,also weakens the interior financing ability.
The shortsighted action acts as decreasing of the long time investment such as research and develop investment and decreasing the fee used to train the employee.As a result ,the labor productivity becoming slow and the decreasing of the market occupancy factor,sacrificing the competition ability.Some comepany even use the investment in the money market to optimize their index in a short period,and much more losing their competition ability.
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