Johnstone-Louis Mary, Kustin Bridget, Mayer Colin, Stroehle Judith, Wang Boya
Saïd Business School, University of Oxford.
Oxf Rev Econ Policy. 2020 Aug 29:graa021. doi: 10.1093/oxrep/graa021.
Government bailouts of corporate sectors in the COVID-19 crisis are part of a tripartite arrangement between government, business and institutional investors. Business should respond to the changing preferences of customers, employees and societies by identifying value propositions that justify the provision of risk capital by institutional investors. Critical to this is the determination and implementation of corporate purposes by owners and board directors that focus on inter-generational horizons. Family owners are particularly well placed to do this, but institutional investors need to make it part of their stewardship function as well. Measurement is key and significant reforms are required in the areas of accounting, valuation and reporting. Consistent with these observations, companies that had strong environmental, social and governance records performed better during the initial stages of the crisis, as did family owned firms and those that avoided high levels of leverage prior to the crisis.
在新冠疫情危机中，政府对企业部门的救助是政府、企业和机构投资者三方安排的一部分。企业应通过确定价值主张来回应客户、员工和社会不断变化的偏好，这些价值主张要能证明机构投资者提供风险资本的合理性。对此至关重要的是所有者和董事会董事确定并实施着眼于代际视野的企业目标。家族企业所有者在这方面具有特别的优势，但机构投资者也需要将其作为自身 stewardship 职能的一部分。衡量是关键，在会计、估值和报告领域需要进行重大改革。与这些观察结果一致的是，那些拥有良好环境、社会和治理记录的公司在危机初期表现更好，家族企业以及那些在危机前避免高杠杆率的公司也是如此。
