公司治理新论(NBER工作论文2022)

题目：THE NEW CORPORATE GOVERNANCE（公司治理新论）

作者：Oliver D. Hart，Luigi Zingales

摘要：In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand this behavior using the dominant corporate governance paradigm based on shareholder value maximization. We explain how jurisprudence has sustained this criterion in spite of its economic weaknesses. To overcome these weaknesses we propose the criterion of shareholder welfare maximization and argue that it can better explain observed behavior. Finally, we outline how shareholder welfare maximization can be implemented in practice。

链接：http://www.nber.org/papers/w29975

概述：我们看到越来越多的股东关心环境和社会问题，督促公司在环保和慈善上做出更多行动。但是这些似乎和我们传统公司治理下公司目标是股东利益最大化（SVM）并不吻合，本文作者提出股东福利最大化来试图解释其中某些现象（PS：其实我没太理解股东福利最大化里面福利更深的内涵是啥？不过大牛们开始思考新框架解释ESG）

1.In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues....It is hard to explain this behavior using the dominant corporate governance paradigm in economics, finance and law.

过去几年里，股东们越发关心环境和社会议题。但我们很难用传统公司治理框架去解释这些现象或者转变。

2.When externalities are important and at least some investors are prosocial, we argue that shareholders will want companies to pursue shareholder welfare maximization (SWM) not SVM.

当外部性很重要，至少一些投资者是亲社会的，我们认为股东会希望公司追求股东福利最大化（SWM），而不是股东价值最大化SVM。

更多的balabala细节请看原文哈哈哈哈.......

以上仅为个人解读和翻译，可能存在错漏和不足，仅供参考！