听力原文:

Shareholder value
股东价值
Analyse this
分析股东价值
The enduring power of the biggest idea in business
商业中最持久的理念
This breathed fresh life into an old idea—that shareholders had the whip hand. Technically, shareholders do not own a company: the firm is a legal person and a share represents a bundle of entitlements to dividends and voting powers. But a doctrine of “shareholder primacy” had been outlined in 1919, when a Michigan court observed that “a business corporation is organised and carried on primarily for the profit of stockholders”. The new science of corporate finance revolutionised the pursuit of that goal. Managers realised that by working out where firms employed capital and using it more efficiently they could increase their value. Outsiders had a methodology with which to second-guess incompetent managers.

重点词汇：

1 whip n. 鞭子；抽打；车夫；[机] 搅拌器 vt. 抽打；煽动；搅打（蛋，奶油）；彻底击败 vi. 抽打； 拍击 whip hand 支配地位，执鞭之手
2 doctrine 主义；学说；教义；信条
3 dividends n. [金融] 股息，股利；红利（dividend的复数形式）
4 shareholder primacy 股东优先，股东至上
5 outline 概述；略述 (formal) to make a remark 同义词 comment
6 primarily 主要地；根本地 同义词chiefly/mainly
7 revolutionize 彻底改变；完全变革
8 methodology （从事某一活动的）方法，原则
9 incompetent adj无能力的；不胜任的；不称职的
10 second-guess v. 事后批评（或品评）；耍事后聪明，预言 Value cremation 价值的消亡

听力原文:

Yet at this moment of ascendancy in the business world, shareholder value is under fierce attack beyond it, fuelled by a sense that Western economies are not delivering rising prosperity to most people. The criticism falls into two categories. The first is that shareholder value is a licence for bad conduct, including skimping on investment, exorbitant pay, high leverage, silly takeovers, accounting shenanigans and a craze for share buy-backs, which are running at $600 billion a year in America.

重点词汇：

1 cremation n. 火葬；火化
2 ascendancy n. 优势；支配地位（等于ascendency，ascendence）
3 conduct n. 进行；行为；实施 vi. 导电；带领 vt. 管理；引导；表现
4 skimping 舍不得给；克扣；对…不够用心（skimp的现在分词形式）
5 exorbitant adj. （要价等）过高的；（性格等）过分的；不在法律范围之内的
6 leverage n. 手段，影响力；杠杆作用；杠杆效率 v. 利用；举债经营
7 shenanigan n. 恶作剧；诡计 accounting shenanigans 会计做假账
8 craze n. 狂热 vt. 使发狂；使产生纹裂 vi. 发狂；产生纹裂

听力原文:

These things happen, but none has much to do with shareholder value. A premise of “Valuation” is that there is no free lunch. A firm’s worth is based on its long-term operating performance, not financial engineering. It cannot boost its value much by manipulating its capital structure. Optical changes to accounting profits don’t matter; cashflow does (a lesson WorldCom and Enron ignored). Leverageboosts headline rates of return but, reciprocally, raises risks (as Lehman found). Buy-backs do not create value, just transfer it between shareholders. Takeovers make sense only if the value of synergies exceeds the premium paid (as Valeant discovered). Pay packages that reward boosts to earnings-per-share and short-term share-price pops are silly.

重点词汇：

1 premise 前提；假定
2 manipulating 操纵；假造；手动
3 reciprocal 互惠的；相应的
4 synergy 协同作用，协同增效作用（人或公司共同协作所产生的效果优于各自单独行动的效果）
5 premium n. 额外费用；奖金；保险费;(商)溢价 adj. 高价的；优质的
6 earnings-per-share 每股收益
7 short-term share-price 短期股价

听力原文:

Outbreaks of madness in markets tend to happen because people are breaking the rules of shareholder value, not enacting them. This is true of the internet bubble of 1999-2000, the leveraged buy-out boom of 2004-08 and the banking crash. That such fiascos occur is a failure of governance and human nature, not of an idea.

重点词汇：

1 enact vt. 颁布；制定法律；扮演
2 fiascos 彻底失败 惨败 大为丢脸的失败（ fiasco的名词复数 ）
3 leveraged adj. 杠杆的；杠杆作用的 v. （美）杠杆式投机，举债经营（leverage的过去分词形式）

听力原文:

The second criticism is weightier: that firms should be run for all stakeholders, not just shareholders. In a trite sense the goals of equity-holders and others are aligned. A firm that sufficiently annoys customers, counterparties and staff cannot stay in business. Some bosses, such as Paul Polman of Unilever, and Joe Kaeser at Siemens, say that pursuing social and financial objectives is consistent. But it is disingenuous to pretend conflicts do not arise. A firm with a loss-making factory cannot shut it without destroying jobs.The trouble is identifying a goal that could replace the pursuit of shareholder value. If firms had to promote employment they would be less productive and riskier borrowers, as China is discovering. The objective of maximising wealth is deeply embedded in the global savings system, with asset managers obliged to protect clients’ money. Asking firms to adopt objectives to solve inequality loads a giant problem on their shoulders.

重点词汇：

1 weightier 重大的（weighty的比较级）
2 stakeholder参与人，参与方；权益关系者
3 trite adj. 陈腐的；平庸的；老一套的
4 equity-holders 权益持有人
5 consistent 与…一致的；相符的；符合的；不矛盾的
6 disingenuous adj. 虚伪的；不诚实的；不老实的；狡猾的
7 embeded v. 嵌入（embed的过去式和过去分词形式） adj. 嵌入式的；植入的；内含的

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