TheNewCorporateGovernance

Oliver Hart1, Luigi Zingales2

(1.DepartmentofEconomics,HarvardUniversity,Massachusetts; 2.BoothSchoolofBusiness,UniversityofChicago,Chicago)

LI Guang-wu, Trans.

(SchoolofEconomics,RenminUniversityofChina,Beijing100872,China)

Abstract: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.

Keywords:Corporate Governance; Shareholder Welfare Maximization; Shareholder Value Maximization

ABriefDiscussionontheDevelopmentoftheTheoryofPeople’sNatureinLiteraturewithChineseCharacteristicsintheNewEra

DONG Xi-wen

(SchoolofLiterature,LudongUniversity,YantaiShandong264025,China)

Abstract:The evolution of the connotation of “people” has led to the continuous flow of the people’s nature of literature, which has experienced four stages: germination, creation, development and prosperity. The “people-centered orientation” advocated by General Secretary Xi Jinping is the basis for a theory of the people’s nature of literature with Chinese characteristics in the new era. His insight that “the people need literature, literature needs the people, and literature must love the people” has improved the relationship between literature and the people, effectively so as to direct the artistic practice activities in current. During the prosperous period, the theory of the people’s nature of literature in the new era is still developing, and its development must be comprehensively coordinated in four dimensions of focusing on practice, cherishing our cultural roots, drawing on other cultures, and being forward-thinking.

Keywords:Literature in the New Era; the People’s Nature; People-centered