资本市场的长短期视角之争管理者的短视与资本市场的评价机制有着密切关系。在一项对近400名企业首席财务官的调查中,学者Graham、Harvey和Rajgopal等人发现,由于季度盈利目标的实现与否是短期内公司股票价格走向的主要驱动因素,管理者宁愿置公司的长期价值于不顾,放弃回报有保障但周期较长的投资项目而选择季度盈利目标。资本 Conflicts between short-term and long-term perspectives of capital markets Managers’ shortsightedness is closely related to the evaluation mechanism of capital markets. In a survey of nearly 400 CFOs, academics Graham, Harvey, and Rajgopal found that managers were more likely to set a bargain because the quarterly profit target was the main driver of the firm’s share price in the short run Regardless of long-term value, giving up quarterly earnings targets in return for guaranteed but longer-term investment projects. capital