????我們當(dāng)前的資本市場構(gòu)建在一個(gè)危險(xiǎn)的謊言之上，即企業(yè)的唯一使命是給股東價(jià)值回報(bào),。在這一框架下,，華爾街交易員、按揭經(jīng)紀(jì)人和其他人采取的每項(xiàng)行動都有正當(dāng)理由,，而且在道義上無可厚非,。他們的工作就是盡可能多的擴(kuò)大銷售，賺取盡可能多的價(jià)值,，從而給股東以價(jià)值回報(bào),。只要股東價(jià)值最大化仍是我們的指導(dǎo)原則，任何監(jiān)管方面的改革都無法改變這種基本行為方式,。因?yàn)楦吖軅冎皇前匆?guī)矩辦事而已,。
????因此，我們需要改變評判機(jī)制,。我們需要認(rèn)識到,，讓高管們關(guān)注股東，將股價(jià)作為衡量給股東價(jià)值回報(bào)的替代性指標(biāo),，結(jié)果會讓高管們忽視真正重要的東西。我們應(yīng)當(dāng)讓高管們關(guān)注客戶和雇員,，讓他們做出使客戶最滿意的決定,，因?yàn)橹挥羞@樣才能實(shí)現(xiàn)各種形式的價(jià)值。
????怎么才能做到這些呢,？我們要逆轉(zhuǎn)鋪天蓋地的股權(quán)激勵(lì)潮,。我們認(rèn)為，股權(quán)激勵(lì)計(jì)劃并沒有將股東利益同高管們的利益聯(lián)系在一起，而是加劇了短視行為,，造成股價(jià)大起大落,，損害長期股東的利益。這類計(jì)劃還導(dǎo)致高管們更看重預(yù)期性市場（即資本市場,，也就是價(jià)值的交易環(huán)節(jié)）而不是真實(shí)市場（即制造和銷售產(chǎn)品及服務(wù)的市場,，也就是價(jià)值的創(chuàng)造環(huán)節(jié)）。如果我們的商界領(lǐng)袖們將注意力轉(zhuǎn)回到真實(shí)市場（這個(gè)市場由來自99%人群的顧客和雇員構(gòu)成）,，我們或許就可以解決美國切實(shí)存在的不滿情緒了,。
????“占領(lǐng)華爾街”運(yùn)動可以成為變革的催化劑。但我們必須要問到點(diǎn)子上,。到目前為止,，這場運(yùn)動的下一步尚不明朗?；蛟S,，冬季的到來會讓占領(lǐng)者取消露營?；蛟S,，天氣狀況和緊張情緒將導(dǎo)致極端暴力的、非常糟糕的結(jié)局,?；蛟S，這場運(yùn)動會繼續(xù)擴(kuò)大化,，一如過去幾周的情形,，繼續(xù)蔓延到更多的城市,，卷入更多的人,。無論是哪種情況，商界都需要深入挖掘這場抗議運(yùn)動的根源,，認(rèn)真思考,，慎重回應(yīng),，重新制定規(guī)則，而不是被動等到由他人來改寫規(guī)則的那一天,。
????Roger Martin現(xiàn)任多倫多大學(xué)（University of Toront）羅特曼管理學(xué)院（Rotman School of Management）院長,。他曾被提名為全球最具影響力的50位管理思想家之一和全球最有影響力的十位企業(yè)教授之一。他是《Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL》一書的作者,。他還擔(dān)任著湯森路透（Thomson Reuters）和黑莓手機(jī)制造商Research in Motion的董事,。Jennifer Riel現(xiàn)任羅特曼管理學(xué)院Desautels Centre for Integrative Thinking副主任，是《Fixing the Game》一書的編輯,。 |
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????Our current capital markets are structured around a dangerous lie -- that the sole function of the corporation is to return value to shareholders. Under this construct, every action undertaken by Wall Street traders, mortgage brokers and the rest make perfect sense and are morally unambiguous. It was their job to sell as much as they could, to grab as much value as possible, in order to return that value to shareholders. So long as shareholder-value-maximization remains our governing principle, no change in regulations will change the fundamental behavior. Executives are simply acting according to their incentives.
????So we need to change the incentives. We need to recognize that by focusing our executives on shareholders, and on share price as a proxy of the value delivered to them, we are turning them away from what matters. We should want executives to focus on their customers and their employees. We should want them to make choices that maximize customer delight, recognizing that value of all kinds will follow from that orientation.
????How do we get there? We reverse the pervasive trend towards stock-based incentive compensation. We recognize that rather than aligning the interests of shareholders and executives, stock-based incentive compensation drives the short-term thinking that creates volatility and produces crashes, working definitely against the interests of long-term shareholders. It creates orientations towards the expectations market (the capital markets, where value is traded) instead of the real market (the marketplace in which products and services are created and sold, where value is created). Perhaps if our business leaders were to turn their attention back to the real market -- composed of customers and employees from the 99% -- we could address the very real discontent that resides there.
????The Occupy Wall Street movement can be a catalyst for change. But only if we ask the right questions. As of now, next steps for the movement are unclear. Perhaps winter will cause the occupiers to decamp. Or perhaps conditions and fraying nerves will lead to a very violent, very bad denouement. Or perhaps the movement will continue to grow and spread, as it has over these past weeks, to more cities and more people. In any case, the challenge for business is to dig deeper into the roots of the protest and to respond thoughtfully, rewriting our own rules before they are rewritten for us.
????Roger Martin is dean of the Rotman School of Management, University of Toronto. He has been named one of the top fifty management thinkers and ten most influential business professors in the world. He is the author of "Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL." He serves on the Thomson Reuters and Research in Motion boards of directors. Jennifer Riel is Associate Director of the Desautels Centre for Integrative Thinking at the Rotman School and editor for Fixing the Game. |
