股东价值神话
The shareholder value myth
Lynn A. Stout · 初版 2012 年
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为什么值得读
- 阐明法律上并不要求将股东利益置于绝对首位
- 解释信义义务主要用于制止滥用职权的自交易
- 语言通俗易懂且只需读前几章便能抓到精髓
高管、投资者和商业媒体常常念叨这样一句咒语：公司必须“实现股东价值最大化”。在这本开创性的著作中，著名公司法专家 Lynn Stout 破除了公司法规定股东至上的神话。Stout 指出，股东价值思维不仅危及投资者，也危及我们其他人，它导致管理者短视地紧盯短期收益；抑制投资与创新；伤害员工、客户和社区；并促使公司沉溺于鲁莽、反社会和不负责任的行为
Hacker News 上怎么说
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……投资人的钱；因此他们在法律上有义务为投资人赚尽可能多的钱，这种说法严格来讲是不对的。最近 HN 上讨论过好几次了。（而且这本《股东价值的神话》（The Shareholder Value Myth）非常值得一读：https://news.ycombinator.com/item?id=17529520。）法律上并没有绝对明确的规定，要求公司必须把股价当成绝对第一要务。从另一方面来说，它可能……
…investor money; they thus owe a legal duty to make as much money for their investors as they can is not, strictly speaking, true. This has been discussed a few times on HN recently. (And this book The Shareholder Value Myth is well worth reading: https://news.ycombinator.com/item?id=17529520 .) There's no categorical legal requirement for a company to make share value the absolute, #1 priority. On the other hand, it may…
……整个社会繁荣发展的价值，除了短期利润最大化之外，它能考虑的事情还有很多。信义义务的存在仅仅是为了遏制公然滥用权力的关联交易。关于这一点，更多内容请见 Lynn Stout 写的《股东价值的神话》（The Shareholder Value Myth）。她在此处写过一篇解读 [1]。她 2008 年那篇开创性的法学评论文章《我们为什么应该停止教授道奇诉福特案》[2] 读起来非常过瘾，我强烈推荐。[1] https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?arti...……
…the value of a thriving society in general, it can consider much besides short-term maximization of profit. Fiduciary duty exists only to curb overtly abusive self-dealing. For more on this, see The Shareholder Value Myth by Lynn Stout. She has written a gloss on it here [1]. Her seminal 2008 legal review article, "Why We Should Stop Teaching Dodge v. Ford" [2], is a delight to read and I highly recommend it. [1] https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?arti...…
《股东价值的神话》（The Shareholder Value Myth）是一本不错的近作，它论证了“无论如何都要追求利润最大化”在现实中其实根本不是法定要求。HN 上偶尔会有关于它的讨论。比如：https://news.ycombinator.com/item?id=17529520
The Shareholder Value Myth is a good recent-ish book laying out the case that maximizing profits no matter what is not in fact a requirement. There's been discussion of it occasionally on HN. For example: https://news.ycombinator.com/item?id=17529520
……https://corpgov.law.harvard.edu/2021/12/01/dodge-v-ford-what... 更深入的阅读：https://scholarship.law.vanderbilt.edu/cgi/viewcontent.cgi?a... 如果你想正反两方的书都读读看：一方是 Lynn Stout 的《股东价值的神话》（The Shareholder Value Myth），另一方是 Stephen Bainbridge 刚刚出版的反驳之作《利润动机》（The Profit Motive）。我看过 Lynn Stout 的书，写得很好；Stephen Bainbridge 的我还没开始看，但别人跟我说也很值得一读。
…https://corpgov.law.harvard.edu/2021/12/01/dodge-v-ford-what... Much more in-depth read: https://scholarship.law.vanderbilt.edu/cgi/viewcontent.cgi?a... If you'd like to read a book on each side of the coin: "The Shareholder Value Myth" - Lynn Stout and Stephen Bainbridge just published a rebuttal book "The Profit Motive" I've read Lynn Stouts book, it's good, I've yet to start Stephen Bainbridge but I've been told it's a good read.
《股东价值的神话》（The Shareholder Value Myth）是一本讨论公司设立宗旨的有趣读物 https://www.amazon.com/The-Shareholder-Value-Myth-Shareholde...
"The Shareholder Value Myth" is an interesting book about companies purpose https://www.amazon.com/The-Shareholder-Value-Myth-Shareholde...
……追求利润最大化的公司责任论调必须得扫进垃圾堆了 :-) 幸运的是，现在（其实自 2012 年起）就有这么一本书，用几乎所有人都能听懂的语言讲透了这件事，HN 上的各位肯定都能看明白：《股东价值的神话：股东至上主义如何伤害投资者、企业与公众》（The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public）http://www.amazon.co.uk/Shareholder-Value-Myth-Shareholders-... 甚至都不用全读完，光前几章就……
…responsibility to maximize profits has to die :-) Fortunately there is now (since 2012 in fact) a book that explains it very well in terms that almost anyone can understand, certainly anyone here on HN: The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public http://www.amazon.co.uk/Shareholder-Value-Myth-Shareholders-... Don't even need to read it all, the first few chapters are…