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1981年,洛克希德飞机公司宣布放弃L—1011商业飞机项目,因为该项目累计给公司造成了25亿美元的巨额亏损,而且毫无市场发展前景。第二天,该公司的股价随即下跌18%。1983年,德州仪器同样由于宣布退出持续亏损的家庭电脑业务领域,公司股价大跌22%。为什么一旦企业终止亏损项目或者退出不具竞争性的产品领域,反而会导致公司股价大跌?这是人们对公司主管不能坚持项目的完成以及未能为过去付出的成本创造期望效益的一种自然反应,而似乎并没有考虑到终止项目能够避免越陷越深的怪圈。这就是所谓的成本沉没效应。
In 1981, Lockheed Aircraft Corporation announced the abandonment of the L-1011 commercial aircraft project, which caused a huge loss of 2.5 billion U.S. dollars to the company and no market development prospects. The next day, the company’s stock price dropped by 18%. In 1983, Texas Instruments also reported a 22% drop in its share price as it announced its withdrawal from the loss-making home computer business. Why is it that once a company terminates loss-making projects or withdraws from non-competitive product areas, it will lead to a sharp drop in the company’s share price? This is a natural response to the fact that corporate executives cannot insist on the completion of projects and fail to create the desired benefits for the costs paid in the past. , and does not seem to take into account that the termination of the project can avoid deeper and deeper circle. This is the so-called cost-sinking effect.