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 whether郎咸平水平太臭, a few points for principal 安普若 |
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Well, who do you think those professional managers listen to? -- 完颜 - (240 Byte) 2004-9-07 周二, 02:27 (353 reads) |
parisparis
头衔: 海归少将
声望: 讲师
加入时间: 2004/09/04
文章: 1996
海归分: 276207
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作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
not all board members are big shareholders themselves.
at least in US, professional managers are not so fearful of individual shareholders in annual meetings. They are afraid of SEC, credit rating agencies, banks and block shareholders,eg., mutual funds.
But mutual funds are not direct owners of shares and they are also managed by professional managers. These managers are subject to peer competition, SEC regulation.
AS YOU SAID, direct ownership has the strongest incentive,
but in MOST INDUSTRIALIZED NATIONS, most corporations are driven to excel, NO LONGER BECAUSE OF OWNERSHIP by the management, BUT MORE BECAUSE OF the product market competition and corporate governance system. (US used options more often, but that's exceptions in G7).
THAT'S Larry lang's point. And he naturally concluded that privatization per se will not solve China's problems.
It is so funny that many people BELIEVE that I am attacking Larry personally.
作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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