企业目标是股东福利,还是市场价值?(下)

Companies Should Maximize Shareholder Welfare Not Market Value(Ⅱ)

对企业而言,合适的目标函数是什么?在股东亲社会、外部效应和生产决策不完全可分情况下,本文认为股东福利最大化和市场价值最大化并不是同一回事。本文建议,企业和资产管理人应奉行与投资者偏好一致的政策。股东对企业政策进行投票是实现这一目标的一条途径。

This article analyzes the appropriate objective function for a firm for the case where shareholders are prosocial and externalities are not perfectly separable from production decisions. It argues that maximization of shareholder welfare is not the same as maximization of market value. It provides suggestions that company and asset managers should pursue policies consistent with the preferences of their investors. Voting by shareholders on corporate policy is one way to achieve this.