引用自
1. 股東價值是永續經營的剋星？@天下雜誌
2. Taking the long view @Schumpeter, The Economist
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| Adapted from 'Schupeter Blog' ,The Economist |
從上面兩個標題可以連結到天下雜誌與英媒經濟學人的網站，天下雜誌已長期刊登經濟學人的翻譯文章已久，有時為了文章通順之故而作為些許修改。
如何去評斷公司好不好? 從企業經營角度去看，公司經營是一連續性的組織活動，藉著各種資源的投入並轉換為具附加價值的產品與服務，進而創造股東與社會大眾的經濟效益與福利。可由許多構面開始下手。諸如財務報表分析、股價與市價、品牌價值等等，都是目前常用的分析工具。
然就從公司股東角度來看，今日資金流通便利的全球市場，大從股權基金小至投資個戶，股價是評斷公司價值的最好又簡單的工具，也因此造成了公司經營者甚至股票市場短視近利，於是經理人為了對出資股東能夠交代，而盡量使財務報表好看，撇開缺良者窗飾財務報表甚或舞弊等行為不談，公司為了使短期表現(營業淨利、毛利率、資產報酬率 股東報酬率等等)，減少投資、調低研發預算、裁撤員工、出售資產等手段而使上述指標更為好看，卻忽略了公司長期創新及研發，更別說公司的永續發展了。下面連結也提到相關概念，
而本文討論的就是經濟學人報導今公司重視股價而忽視了長期發展因產生了一反對股東價值的學派，"the idea that companies should aim above all else to maximise returns to shareholders." 這正是財務報表分析以及會計課堂上最常討論到的問題，追求股價並非不好，而是公司經營者的手段與目的問題。論手段，前述所提的財務舞弊與窗飾報表；論目的，短視近利僅在股價的上揚或平穩。這明顯了忽略了企業永續經營的目標，好玩的是，"永續經營"永遠是列在他們的企業願景與理念中。
短期股價之表現和永續經營不必然全衝突
但也不全然所有公司置放短期結果優先於長期績效，其中最有名的的就是亞馬遜，他並不需要為了吸引投資而使股價上揚，反而是將獲利放進於全球獲利的長期計劃中，Toyota, IBM也是。
如前述，股價也是一種公司評價的工具，可從股價的波動知曉股東及市場對公司策略的反應與期望，畢竟股價也反映了投資者預期公司能帶來多少的獲利。更甚者，短期之表現也很可用GTD的說法檢視，一步一步達成階段性目標，以確認是否往正確的方向行進。
近幾年許多操弄股價的經理人已經被抓，而投資人也並不全是經理人眼中的傻子，因此股價波動也不一定全與長期經營相衝突，而是相輔相成的。如經濟學人形容的 可以把這兩個目的扭轉一起 (tweak together)，其提出一些方法。
短期股價之表現和永續經營不必然全衝突
但也不全然所有公司置放短期結果優先於長期績效，其中最有名的的就是亞馬遜，他並不需要為了吸引投資而使股價上揚，反而是將獲利放進於全球獲利的長期計劃中，Toyota, IBM也是。
如前述，股價也是一種公司評價的工具，可從股價的波動知曉股東及市場對公司策略的反應與期望，畢竟股價也反映了投資者預期公司能帶來多少的獲利。更甚者，短期之表現也很可用GTD的說法檢視，一步一步達成階段性目標，以確認是否往正確的方向行進。
近幾年許多操弄股價的經理人已經被抓，而投資人也並不全是經理人眼中的傻子，因此股價波動也不一定全與長期經營相衝突，而是相輔相成的。如經濟學人形容的 可以把這兩個目的扭轉一起 (tweak together)，其提出一些方法。
- 巴菲特拒絕提供獲利指引(earnings guidance) 給投資人。
- IBM發表長期目標-2015 roadmap[2015 藍圖]去說服投資人現今的大投資於未來將能回收。
- Google 及一些其他科技公司採用dual-class voting structures [雙重投票結構]，以使創辦人可減輕須顧及短期獲利的壓力。
- . L’Oréal and Air Liquide 提供股東紅利給長期持股的人
- 有些公司給予經理人退休後才能執行的股份，以使他們更為了公司的長期目標著想。給經理人未達既得日(常為數年)不能執行份(而非股權)，此舉更能將經理人的利益與公司原股東相結合。
"Several companies allow their chief executives to exercise their share options only after retirement, to encourage long-term thinking. Giving managers ordinary shares (rather than options) which they cannot sell for several years aligns their interests even more closely with those of ordinary shareholders "
其中第4跟5個方法是公司會計上的股份基礎給付，而第五點在IFRS與台灣會計處裡都已經是費用化(員工分紅費用化)，故在稅務上分紅的員工會更加不利，因此於天下雜誌511期鈺創科技董事長 盧超群也提到員工分紅費用化對於人才留台的誘因沒了，對於人才的留用更加不利。
最後，很喜歡這段
As Bill Clinton once said of affirmative action, the best way to deal with the shortcomings of shareholder value is to “Mend it; don’t end it.”
最棒的處理股東價值的缺點方法是修正他，而不是結束他!!
As Bill Clinton once said of affirmative action, the best way to deal with the shortcomings of shareholder value is to “Mend it; don’t end it.”
最棒的處理股東價值的缺點方法是修正他，而不是結束他!!
專有名詞解釋 from MBA lib 智庫百科
英文名詞翻譯
Definition of 'Shareholder Value'
The value delivered to shareholders because of management's ability to grow earnings, dividends and share price. In other words, shareholder value is the sum of all strategic decisions that affect the firm's ability to efficiently increase the amount of free cash flow over time.Read more: http://www.investopedia.com/terms/s/shareholder-value.asp#ixzz2DxG9ghCHInvestopedia explains
'Shareholder Value'
Making wise investments and generating a healthy return on invested capital are two main drivers of shareholder value. It is no wonder why there is a fine line between responsibly growing shareholder value and doing whatever is needed to generate a profit. Reckless decisions and aggressively chasing profit at the expense of the environment or others can easily cause shareholder value to decline.Read more: http://www.investopedia.com/terms/s/shareholder-value.asp#ixzz2DxGC2nBE
The value delivered to shareholders because of management's ability to grow earnings, dividends and share price. In other words, shareholder value is the sum of all strategic decisions that affect the firm's ability to efficiently increase the amount of free cash flow over time.Read more: http://www.investopedia.com/terms/s/shareholder-value.asp#ixzz2DxG9ghCHInvestopedia explains
'Shareholder Value'
Making wise investments and generating a healthy return on invested capital are two main drivers of shareholder value. It is no wonder why there is a fine line between responsibly growing shareholder value and doing whatever is needed to generate a profit. Reckless decisions and aggressively chasing profit at the expense of the environment or others can easily cause shareholder value to decline.Read more: http://www.investopedia.com/terms/s/shareholder-value.asp#ixzz2DxGC2nBE
Definition of 'Dual-Class Ownership'
A type of share division in which companies issue shares that have differing rights. In a dual class ownership structure, the company can issue two classes of shares, Class A and Class B. These classes may have different voting rights, but they represent the same underlying ownership in the company.
Read more: http://www.investopedia.com/terms/d/dual-class-ownership.asp#ixzz2DxCuTeOjInvestopedia explains 'Dual-Class Ownership'
Often companies that are transitioning from being private to becoming a public companies may use a dual-class structure to maintain control over the company. For example, when Google went public, it issued Class B shares that had no voting rights to ensure that the founders and executives still had control of the company.
Read more: http://www.investopedia.com/terms/d/dual-class-ownership.asp#ixzz2DxCydfLl
A type of share division in which companies issue shares that have differing rights. In a dual class ownership structure, the company can issue two classes of shares, Class A and Class B. These classes may have different voting rights, but they represent the same underlying ownership in the company.
Read more: http://www.investopedia.com/terms/d/dual-class-ownership.asp#ixzz2DxCuTeOjInvestopedia explains 'Dual-Class Ownership'
Often companies that are transitioning from being private to becoming a public companies may use a dual-class structure to maintain control over the company. For example, when Google went public, it issued Class B shares that had no voting rights to ensure that the founders and executives still had control of the company.
Read more: http://www.investopedia.com/terms/d/dual-class-ownership.asp#ixzz2DxCydfLl
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