【導(dǎo)讀】德魯克是世界上最具影響力的管理學(xué)大師。在這方面，或許無出其右者。1909年，德魯克生于維也納。在德國大學(xué)畢業(yè)后，他成為一名財(cái)經(jīng)記者。希特勒上臺(tái)不久，他便離開。德國來到倫敦，投身商業(yè)銀行。1941年起，他先后任教于本寧頓學(xué)院和紐。目前，他已退休，住在加州。過35本書，并為報(bào)刊雜志撰寫過大量文章。德魯克興趣廣泛。20世紀(jì)30、40年代，他就資本。通用汽車管理模式的一項(xiàng)重要研究。70年代末開始，他更加關(guān)注科技和。社會(huì)變革對(duì)管理和工商活動(dòng)的影響。理論，而是鼓勵(lì)經(jīng)理探討最基本的問題。我們應(yīng)該促進(jìn)什么樣的。果、輕過程，重產(chǎn)出、輕職能。在他看來，經(jīng)理應(yīng)。揮人員，或帶頭沖鋒陷陣的軍官。德魯克指出，經(jīng)理為企業(yè)帶來活力，使其正常運(yùn)轉(zhuǎn)。單就企業(yè)而言，它難以有所作為。德魯克在具劃時(shí)代意義的一次講話。市場(chǎng)不是上帝、自然或經(jīng)濟(jì)力量創(chuàng)造的，而是?？紤]客戶的需求和動(dòng)機(jī)。其環(huán)境產(chǎn)生的社會(huì)效應(yīng)。第三層面的責(zé)任尤為重。德魯克說，社會(huì)責(zé)任的增多是商業(yè)成功必須付

　　

【正文】 態(tài)，直至確信通縮 威脅不復(fù)存在。在這個(gè)過渡期內(nèi)，我們可能看到與 1999 年相似的情況。當(dāng)時(shí)，美聯(lián)儲(chǔ)對(duì)市場(chǎng)表示，它將提供流動(dòng)資金，以保護(hù)金融體系不受 “千年蟲 ”(Y2K)可能引發(fā)的經(jīng)濟(jì)衰退的影響。最后，當(dāng)人們確信 Y2K 雖然會(huì)出現(xiàn)，但掀不起什么波瀾的時(shí)候，這些多余的流動(dòng)資金便被吸納入股市，推動(dòng)了股市的大牛市行情。同樣，如果觀察家們認(rèn)為美聯(lián)儲(chǔ)現(xiàn)今已為預(yù)防通縮投入了過多的資金，那我們可能會(huì)發(fā)現(xiàn)流動(dòng)資金從債券和不動(dòng)產(chǎn)轉(zhuǎn)向股市，激發(fā)另一次 Y2K式牛市的出現(xiàn)。 Some recent economic data indicate that the threat of deflation is beginning to wane. But the Fed will probably maintain an acmodative stance until it is certain of that. During this transition period, we could see an oute that echoes 1999, when the Fed told markets it would provide liquidity to protect financial systems against a possible slowdown induced by the millennium bug (Y2K). Ultimately, when it became evident that the advent of Y2K would pass without a ripple, this excess liquidity was sucked into markets and fuelled a bull run in equities. If observers today view the Fed as overpensating against deflation, we could see a shift in liquidity from bonds and property to equities, prompting another Y2Kstyle bull run. 美聯(lián)儲(chǔ)眼下的目標(biāo)是避免通縮；如果這意味著要偏離象征正統(tǒng)政策的黃磚路，那就讓它去吧。國債的長期收益曲線一旦不受歡迎地上 揚(yáng)，美聯(lián)儲(chǔ)官員就更有可能用類似 “讓它去吧 ”這樣的言辭來應(yīng)對(duì)。 For the time being, the Fed39。s goal is to ward off deflation。 if that means straying from the Yellow Brick Road of policy orthodoxy, so be it. Any unwele rise in the longer end of the yield curve will more than likely be countered by rhetoric to that effect from Fed members. 自從鮑姆的《綠野仙蹤》面世以來，世事已經(jīng)有了很大的改變。豎立著稻草人的田野現(xiàn)在充斥著轉(zhuǎn)基因大豆，而鐵皮人也已裝上了半導(dǎo)體芯片。然而，與以往一樣，美聯(lián)儲(chǔ)里的 “善良女巫 ”將竭盡全力將桃樂茜安全送回愛姆嬸嬸的家中。 Much has changed since Baum wrote his tale. The Scarecrow39。s fields are full of geically modified soya and the Tin Man has silicon ponents. Yet as before, the Good Witch in the Fed will endeavour to bring Dorothy safely back home to Aunt Em. 作者是都柏林的投資銀行家。 The writer is a Dublinbased investment banker 譯者 /李功文 日本企業(yè)道德不同于歐美 Japanese ethics are different from the West39。s 上月，在日本晨星機(jī)構(gòu) (Morningstar Japan)最新發(fā)布的對(duì)社會(huì)負(fù)責(zé)的股票指數(shù)中，朝日啤酒（ Asahi Breweries）名列 150 家企業(yè)之首。這些公司依據(jù) 5 項(xiàng)標(biāo)準(zhǔn)被挑選和排名，包括責(zé)任感、雇傭行為以及更廣泛的社會(huì)貢獻(xiàn)等。 Last month, Morningstar Japan ranked Asahi Breweries in first place in its new socially responsible stock index of 150 panies. The firms were chosen and ranked in accordance with five criteria, including their accountability, employment practices and broader societal contributions. 就社會(huì)貢獻(xiàn)而言，朝日啤酒作為日本最大的啤酒生產(chǎn)商，并未在拯救鯨魚方面有所作為。不過，有人辯稱，朝日生產(chǎn)的每罐 150 日元（合 美元）的發(fā)泡酒，令不少上班族擺脫了經(jīng)濟(jì)衰退帶來的抑郁，盡管只是暫時(shí)的。發(fā)泡 酒是一種低麥芽啤酒，其價(jià)位是專門針對(duì)該國的通縮環(huán)境而制定的。 In terms of societal contribution, Asahi Breweries, Japan39。s biggest beermaker, hasn39。t done much to save the whales. But, it could be argued that Asahi has lifted more than one salaryman out of his recessionary blues albeit temporarily by producing Y150 ($) cans of happoshu, or lowmalt beer, with a pricing scheme tailored to the country39。s deflationary environment. 朝日啤酒被列在該指數(shù)的榜首，凸顯了日本與美歐投資者在社會(huì)責(zé)任投資（ socially responsible investing， SRI）的道德理念上的差異。 The inclusion of Asahi Breweries in the index in the first place highlights the difference between the socially responsible investing (SRI) ethos of Japanese investors pared with that of US and European counterparts. 日本晨星機(jī)構(gòu)的一位發(fā)言人承認(rèn)：“按照美國或歐洲的社會(huì)責(zé)任投資標(biāo)準(zhǔn)，選擇朝日似乎有些奇怪?！钡又f ，根據(jù) 5 項(xiàng)標(biāo)準(zhǔn)，該公司高居榜首。 A Morningstar spokesman admitted the choice of Asahi may seem strange in terms of US or European SRI standards, adding that the pany ranked highest according to the five criteria. 現(xiàn)在，日本一些社會(huì)責(zé)任投資指數(shù)都是采用“優(yōu)選”的方式，而非回避諸如煙酒等“罪惡”行業(yè)。這樣投資者 可以在被認(rèn)為是相對(duì)文明的產(chǎn)業(yè)中，對(duì)部分公司進(jìn)行投資。 Instead of avoiding sinful sectors, such as alcohol or tobacco, some Japanese SRI indices are using a best in breed approach, which allows them to invest in a limited range of panies in industries that they believe are relatively enlightened. 隨著近年來一系列丑聞的曝光，日本投資者開始更加關(guān)注公司治理的行為方式以及社會(huì)責(zé)任投資。雪印乳業(yè)（ Snow Brand）和日本火腿（ Nippon Meat Packers）等家喻戶曉的品牌，因貼錯(cuò)食品標(biāo)簽而打擊了消費(fèi)者的信心。去年，日本最大的公用事業(yè)公司 —— 東京電力（ Tepco）承認(rèn) ,曾篡改核電站的安全報(bào)告。 Japanese investors have started to pay closer attention to corporate governance practises and SRI following a string of scandals in recent years. Household names such as Snow Brand and Nippon Meat Packers dealt a blow to consumer confidence by mislabelling food products. Last year, Tepco, Japan39。s largest utility, admitted doctoring safety reports on its nuclear power plants. 在此背景下，社會(huì)責(zé)任投資的基金、指數(shù)和審核服務(wù)等在過去兩年中蓬勃興起。兩年前，秋山（ One Akiyama）創(chuàng)建了 Integrex，專向客戶提供對(duì)社會(huì)負(fù)責(zé)的公司信息。秋山曾是一名債券交易員，在美國工作期間首次聽說了社會(huì)責(zé)任投資。 Against this backdrop, SRI funds, indices and screening services have sprouted up over the past two years. Integrex, which provides information to clients regarding socially responsible panies, was formed two years ago by One Akiyama, a former bond trader who first heard about SRI while working in the US. 秋山女士說：“兩年前，沒人知道‘符合’(pliance)是什么含義。但現(xiàn)在社會(huì)變了，人們懂得了這些術(shù)語。公司必須進(jìn)行調(diào)整，以適應(yīng)社會(huì)的變化。” Two years ago, no one knew what pliance meant, says Ms Akiyama. But society has changed, and people recognise these terms in Japan now. Companies have to change as well to adapt to the shift in society. 根據(jù)以下標(biāo)準(zhǔn) Integrex 調(diào)查了 3609 家公司：首席執(zhí)行官對(duì)積極改善公司道德行為的承諾、透 明度、公司治理、責(zé)任感、風(fēng)險(xiǎn)和危機(jī)管理、以及環(huán)境問題等。 Integrex polled and screened 3,609 panies according to several criteria: mitment of the chief executive to corporate ethics initiatives, transparency, corporate governance, accountability, risk and crisis management and environmental issues. 然后，它把公司總數(shù)大幅縮減至評(píng)分最高的 100家。從 1991 年 1 月到 2020 年 5 月，這些公司的市價(jià)總值增長約 10%，而范圍更廣的東證股指（ Topix）同期卻下挫 30%。 It then whittled down its list to the top 100 firms. These panies gained roughly 10 per cent in terms of their bined market capitalisation from January 1991 to May 2020, while the broader Topix index fell 30 per cent in the same period. 秋山女士說：“問題不僅在于公司是否贏利，而在于如何贏利。迄今為止，人們只關(guān)注企業(yè)的經(jīng)濟(jì)價(jià)值而非社會(huì)價(jià)值?！? It39。s not just about a pany39。s profits, but how firms are achieving those profits, says Ms Akiyam