{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":150,"pdf_page":188,"physical_index":188,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"15c144f241095780ddd1d6bb0b8deeab1545ae4884b9babc031d28466b602cb7"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"这些激进的股东能够利用一种新的理论工具“代理理论”(Jensen et Meckling，1976)。根据这种理论，经理们在增长和维持就业的目标指导下执行政策。与其说这些目标符合股东的利益，不如说符合他们自己的利益。然而，要恢复委托人（股东）对代理人（经理人）的权力，就需要一种可信的威胁。因此，他们需要建立一个收购市场，让他们能够将任何没有在股票市场上攫取足够股息和资本收益的公司管理层抛弃。正如詹森（Jensen）所言：“问题在于如何激励管理者交出现金。”(Jensen，1986，p. 323)\n\n杠杆收购（LBOs）最初于20世纪80年代在美国兴起，它是实现上述目标的激进手段。恶意收购者在企图掌控目标公司时，会发行评级较低的高息劣质债券，并以此作为收购目标公司资产的交换条件。被收购一方的管理层则背负着沉重的偿债压力，为了避免公司破产，他们将被迫采取大规模裁员和变卖资产等激进手段。反观恶意收购者，他们能以较高的确定性获得巨大利润。与之对应的是，恶意收购的威胁也能倒逼目标公司的高层管理人员提升经营效率，对高管起到督促作用。\n\n在奥利弗·斯通（Oliver Stone）1987年执导的电影《华尔街》（Wall Street)中，迈克尔·道格拉斯（Michael Doug-las）饰演肆无忌惮的交易员戈登·盖柯（Gordon Gekko)。在一个让人印象深刻的场景中，股东大会将公司管理层赶下台，盖柯阐述了那个时代的信条：\n\n虚拟资本：金融怎样挪用我们的未来\n\n150","previous_page":null,"next_page":151}