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利益相关者之间的和谐(英文)

Randall Morck;Bernard Yeung

  Corporate governance matters because how corporations allocate the nation s capital matters. Many developed economies mandate that corporations be run for their public shareholders.This is not because shareholders are superior to employees,bankers,bondholders,customers,suppliers,or other stakeholders.Rather,it is because poor governance usually harms public shareholders before other stakeholders.Well engineered disclosure rules make corporations transparent,so poor governance quickly depresses share prices,alarming shareholders who demand corrective measures. Ideally,all this happens before the problem grows large enough to harm other stakeholders. Governing corporations for shareholders really amounts tousingshareholders as early warning alarms and automatic correction mechanisms.But sound government policies are necessary,for this works if corporations are rendered transparent and public shareholders are empowered to force changes.Other stakeholders cannot fulfill this role as well because shareholderswealth is more directly linked to the their corporation s economic efficiency.……   
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