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cover of episode William Lazonick on How The Stock Market Killed Tech

William Lazonick on How The Stock Market Killed Tech

2024/11/13
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Better Offline

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William Lazonick教授认为,美国科技行业创新不足,利润却空前高涨,这与股票回购等股东价值优先的理念密切相关。他指出,自20世纪70年代以来,美国股票市场制度的变革,特别是风险投资的兴起以及养老基金投资风险资产政策的改变,为科技公司发展提供了资金支持,但也导致了公司过度关注股东价值,忽视创新和员工利益。他以苹果公司为例,详细分析了股票回购对公司创新投入、员工薪酬以及美国在芯片制造领域竞争力下降的影响。他认为,股东价值理念的盛行与20世纪70年代的社会经济背景有关,它代表了对社会进步和劳工权利的某种程度的抵制。他还批评了美国证券交易委员会从监管者转变为推动者的角色,以及公司治理结构的缺陷。他认为,解决科技公司过度追求股东价值的问题,需要多方面努力,包括立法禁止股票回购、改变公司治理结构、调整税收制度等,最终目标是改变公司资源配置方式,将资源投入到对社会有益的领域,而不是仅仅追求利润最大化。 Ed Zitron作为主持人,引导William Lazonick教授阐述其观点,并就相关问题进行提问,例如风险投资的演变、股东价值理念的起源以及如何改变现有体系等。

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The discussion begins with the historical context of the tech industry's shift from innovation to value extraction, driven by changes in the stock market and venture capital incentives.
  • The U.S. was once the most formidable developmental state in history.
  • Changes in the 1970s, including the creation of NASDAQ and the venture capital industry, enabled startups to go public earlier.
  • Pension funds were allowed to invest in risky assets, providing a surge of capital for new firms.

Shownotes Transcript

Recorded live at Web Summit Lisbon, Ed Zitron is joined by William Lazonick, professor emeritus of economics at the University of Massachusetts, who is also the co-founder and president of the Academic-Industry Research Network, to talk about how the incentives of shareholder capitalism and stock buybacks are destroying innovation. 


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