題目：THE NEW CORPORATE GOVERNANCE（公司治理新論）

作者：Oliver D. Hart，Luigi Zingales

摘要：In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand this behavior using the dominant corporate governance paradigm based on shareholder value maximization. We explain how jurisprudence has sustained this criterion in spite of its economic weaknesses. To overcome these weaknesses we propose the criterion of shareholder welfare maximization and argue that it can better explain observed behavior. Finally, we outline how shareholder welfare maximization can be implemented in practice。

鏈接：http://www.nber.org/papers/w29975

概述：我們看到越來越多的股東關(guān)心環(huán)境和社會(huì)問題，督促公司在環(huán)保和慈善上做出更多行動(dòng)。但是這些似乎和我們傳統(tǒng)公司治理下公司目標(biāo)是股東利益最大化（SVM）并不吻合，本文作者提出股東福利最大化來試圖解釋其中某些現(xiàn)象（PS：其實(shí)我沒太理解股東福利最大化里面福利更深的內(nèi)涵是啥？不過大牛們開始思考新框架解釋ESG）

1.In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues....It is hard to explain this behavior using the dominant corporate governance paradigm in economics, finance and law.

過去幾年里，股東們越發(fā)關(guān)心環(huán)境和社會(huì)議題。但我們很難用傳統(tǒng)公司治理框架去解釋這些現(xiàn)象或者轉(zhuǎn)變。

2.When externalities are important and at least some investors are prosocial, we argue that shareholders will want companies to pursue shareholder welfare maximization (SWM) not SVM.

當(dāng)外部性很重要，至少一些投資者是親社會(huì)的，我們認(rèn)為股東會(huì)希望公司追求股東福利最大化（SWM），而不是股東價(jià)值最大化SVM。

更多的balabala細(xì)節(jié)請(qǐng)看原文哈哈哈哈.......

以上僅為個(gè)人解讀和翻譯，可能存在錯(cuò)漏和不足，僅供參考！