So in a sense, it's all the same to me as a shareholder whether they pay dividends or they repurchase shares.
所以某种意义上,对股东来说是一样的,不管是支付股利还是回购股票
One of them is as a shareholder and the shareholder gets a share-- is entitled to a share--of the profits.
其中一种是股东,股东持有股票,股东有权分配利润
In any private cooperation, there is a final line between what is good for management and what is good for shareholders.
在任何一个私人企业里,总是有一条底线划分,怎样对管理有利,怎样对股东有利。
We don't have to have an "interest" in it in the sense of owning part of a company.
我们也不必对其有兴趣,不必弄得就好像我们是公司股东一样。
So the players are going to be the two agents and they own this firm let's call it.
这两个参与人都是公司的股东,他们都持有公司的股份
Or the insurance company could be a mutual insurance company, in which case the insurance company is owned by the insured.
保险公司也可以是互助保险公司,也就是保险公司的股东就是被保险人
So that's why we do it and there's no shame in pursuing profits and getting it out to your shareholders.
这也是人们这么做的原因,不用因为,为股东谋求利益,而感到羞耻
When you serve on a board, you are in a fiduciary role; you are there to protect shareholders and that's the concept.
一旦你进入了董事会,你就成为了受托人,你的存在就是为了维护股东的利益,就是这样
At the annual meeting, the shareholders can come and elect a board and the board then is in charge of the company.
在年会上,股东会聚集起来,选出董事会来管理公司
The theory is that the shareholders are in control because they elect the board and the board hires the president and it's democratic.
之所以理论上说股东是掌控者,是因为他们选出董事会,董事会选出总裁,这是个民主的过程
But, in the purest form-- and this is the form that we have in the United States-- the company exists for the shareholders.
但在最纯粹的体系中,即美国现行体系,公司是为股东而存在的
Dilution occurs--the term specifically refers to changes in a number of shares that affect, adversely, existing shareholders.
摊薄特指的是,股票数量受到影响,不利于已持股的股东
Don't be too jubilant because when they do a split they do it to every single shareholder.
股票分割后也不要过分高兴,对每个股东都是如此
Now, in some countries and in some jurisdictions the law might not be entirely clear on that; they might say there are other stakeholders.
但在某些国家及法律体系中,法律对此的规定并不明确,他们会说还有其他的股东
In a for-profit corporation, the purpose of the entity is defined as profit for the shareholders.
在一家盈利性公司中,公司的目的是为股东谋求利益
Non-profit corporations will also have a board of directors but they will not have any shareholders.
非盈利组织也有董事会,但没有股东
This is what they actually send out-- this is cash sent out to shareholders.
这是他们实际发放的,实际发放给股东的现金
Each agent is going to choose her effort level to put into this firm.
每个股东都要选择为公司投入多少精力
He went there and he made a plea that General Motors should cut its dividend that it pays to stockholders, which is a reasonable thing to do.
他向管理层提出请求,希望通用汽车公司减少,支付给股东们的红利,这是一种很合理的做法
In the Basel I there were Tier I capital requirements and they defined Tier I capital as capital in a certain form -it's stockholders equity plus preferred stock.
第一次巴塞尔协议提出了一级资本要求,他们将一级资本定义为,一种特定形式的资本金,就是股东权益加上优先股
They're the ones--there are other people who have contracts with the company, like the employees, but the employees are not shareholders; they are receiving salary or something else.
还有其他,和公司签订了合同的人,像员工,但员工不是股东,他们拿工资或其他东西
They can pay the CEO a salary or they can give shares to the CEO-- that's quite standard because they feel that that makes the CEO a shareholder.
他们可以给他发工资或分给他股份,这是惯常的做法,因为他们觉得这样,可以把首席执行官变为股东
The fundamental one is the shareholder because the shareholder owns the corporation.
最基础的关系就是股东与公司的关系,因为股东是公司的所有人
You might say, why should a company exist for the shareholders?
你可能问,公司为何要为股东存在呢
They found, not surprisingly, that it tends to--mutual funds have been growing more rapidly in countries that have stronger securities laws and institutions, especially laws that protect individual shareholders rights.
他们发现,那些共同基金发展较迅速的国家,都拥有比较健全的证券法规和完善的证券制度,其中保护个人股东权利的法律尤为完善
The last shareholder--so a company can't buy all of its shares but it can buy some of its shares and that's another way to get money out of the company.
最后的股东...公司无法回购全部股份,但是它能购回一部分,这是另外一个收回投资的方法
So I've got the agents. I've got the strategy set.
现在我们有股东,有策略
You have an incentive to say, because you're the equity holder, you have an incentive to say, hey why don't I just take some big gamble here and not tell anybody.
因为你是这家公司的股东,可能就有动力促使你这样想,我干嘛不来赌上一把呢,我不会告诉别人的
If you have profit sharing in a firm or profit sharing in homework assignment, or any joint projects, you have to worry about too little effort being contributed because there's an externality.
如果你是一个公司的股东,或者和别人一起做作业及其他合作项目,你们需要注意到因为外部性,实际上每个人都付出了较少的努力
But it was also what we call shareholder activism or investor activism -that he was getting involved in changing the way corporations do business.
但是它同时也被人们称作,股东行动主义,或投资者行动主义,也就是他参与进来,去改变公司经营的方式
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