Focusing capital on the long term
Focusing capital on the long term
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资本着眼长远
DOI：
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发表时间：
2014
影响因子：
14.7
通讯作者：
Mark Wiseman
中科院分区：
文献类型：
--
作者：
Dominic Barton;Mark Wiseman
自2008年金融危机以来，人们普遍认为上市公司需要建立长期价值。然而，由于来自金融市场的压力，对短期业绩的关注仍然存在。作者说，扭转这一趋势取决于养老基金、保险公司和共同基金等主要资产所有者的领导作用。他们应该采取四个实际的、经过验证的步骤：确定长期目标和风险偏好，并相应地进行投资。主要资产所有者应该为创造价值设定一个多年的时间框架，决定他们可以容忍短期内表现不佳的程度，然后根据这个议程调整他们的投资。实践参与和积极的所有权。大投资者应该与他们投资的公司培养持续的关系，与管理层合作，优化公司战略和治理。要求公司制定长期指标，以改善投资决策。投资者不应关注季度财务报表，而应寻求获取和分析表明公司长期健康状况的数据。构建机构治理以支持长期方法。大投资者必须拥有致力于长期投资的有能力的董事会成员，以及将这一理念转化为行动的政策和机制。
Since the financial crisis of 2008, there has been widespread agreement on the need for public companies to build value for the long term. Nonetheless, because of pressure from financial markets, a detrimental focus on short-term performance persists. Reversing this trend, the authors say, depends on the leadership of major asset owners such as pension funds, insurance firms, and mutual funds. They should act by taking four practical, proven steps: Define long-term objectives and risk appetite, and invest accordingly. Major asset owners should set a multiyear time frame for creating value, decide how much underperformance they can tolerate in the short term, and then align their investments with this agenda. Practice engagement and active ownership. Big investors should cultivate ongoing relationships with the companies they invest in, collaborating with management to optimize corporate strategy and governance. Demand long-term metrics from companies to improve investment decision making. Rather than focusing on quarterly financial statements, investors should seek to obtain and analyze data that indicate a company's long-term health. Structure institutional governance to support a long-term approach. Big investors must have competent board members committed to investing for the long term, as well as policies and mechanisms to translate this philosophy into action.