公司治理

Investors pass the buck on governance
投资者与公司治理


福鲁哈尔:许多投资者不关心企业治理,将权力代理给顾问机构,后者对股价的关注造成错误的激励,不利于企业的长期决策。

Does corporate governance matter? Or, to be more precise, do investors really care about it? This is a question that I have been pondering for two reasons. First, huge amounts of passive investment has made questions about corporate decision making irrelevant for many investors. When you are just tracking the index, you are not looking at what a company is really doing on the ground and whether its leaders are making the right calls. You are simply passing the buck to the market.

公司治理重要吗?或者说得更准确些,投资者真的关心公司治理吗?我之所以思考这个问题是出于两个原因。第一,被动投资的庞大规模提出了企业决策与很多投资者无关的问题。当你只是追踪指数时,你不是在看一家公司到底在做什么,或是公司领导层是否做出了正确的决定。你只是把责任推给市场罢了。

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