「釋義」

短期主義是指優(yōu)先考慮眼前的利益、快速執(zhí)行的項目和短期的結(jié)果，而不是長期的結(jié)果和高瞻遠矚的行動。短期主義是由于某些認知上的偏差造成的。

「應用場景」

反對短期主義的論點有一大預設(shè)前提，就是市場整體低估了長期投資的價值，因此長期項目的價值未能完全反映在股價上。誠然，市場有時會出差錯，但表達出這種擔憂的人目前尚未拿出可靠的證據(jù)充分支持自己的呼吁。

A major premise of short-termism worriers is that markets systematically undervalue long-term investments, which are consequently not fully reflected in stock prices. Although markets do sometimes err, people who express such concern have thus far not provided solid empirical evidence to justify their alarm.

二十年來，關(guān)于短期主義的聳人聽聞的警告層出不窮，成長型企業(yè)，即股價主要取決于對其長期回報的期望的企業(yè)大幅度增值。截至2020年第三季度末，納斯達克100指數(shù)（很大比重為科技公司）中的公司占了美國股市資本總額的1/4以上，而且市盈率很高，反映出市場希望根據(jù)企業(yè)未來前景（而非目前收益）評估其價值。

Indeed, over the past two decades, as dire warnings regarding short-termism have proliferated, growth companies—whose value largely reflects expectations about their payoff in the long term—have enjoyed substantial appreciation in value. As of the end of the third quarter of 2020, the companies in the tech-heavy Nasdaq 100 made up more than one-quarter of the total capitalization of U.S. stock markets, and they were trading at high price/earnings ratios, reflecting the willingness of the markets to attach great value to companies on the basis of their future prospects rather than their current earnings.

以上文字選自《哈佛商業(yè)評論》中文版2021年1月刊《別被妖魔化的短期主義嚇到》

盧西恩·別布丘克（Lucian A. Bebchuk） | 文

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