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美国留学生作业:美国资本主义变形弊端分析

论文作者:meisishow论文属性:课程作业 Coursework登出时间:2014-08-12编辑:meisishow点击率:4245

论文字数:1390论文编号:org201408112036535225语种:英语 English地区:美国价格:免费论文

关键词:美国资本主义变形弊端分析innovative company

摘要:作为一篇美国留学生作业,文章以安然公司为例,详细描述了泡沫一旦破裂,美国银行将不会再得到像2008年那样的新一轮救援方案。相反,美国将会堕入一个零和紧缩与恶性政治冲突交织的时代,就连目前这种经济增长的微小残痕也会消失殆尽。

在1996年之时,理查德·金德出任安然公司高级行政总裁,他显然也是肯尼思·莱的法定继承人,顺理成章的成为这家能源公司的最高决策者。但是事实并不是这样的。他并没有得到最上层的工作,他的决策显得过于保守,并不适用于美国新兴公司的创新管理,他的下一步举措,就是和一个合伙人从肯尼思·莱手上收购一些管道和一处运煤中心。收购会生锈的东西?这都是些老式经济学了。


十六年之后,这位曾经打败安然公司最高行政长官的金德先生目前身处监牢,安然公司也继而成为欺骗的代名词。与之相反的就是金德摩根公司当时市场价值为一千零九十亿美元,金德个人股份达90亿美元,就单单去年一年,他个人分红就有三亿七千六百万美元。金德能有此成就,一部分归功于欣欣向荣的美国能源业以及他本人的才能,更关键的还在于他精明地运用独特的公司组织构架。


IN 1996 Richard Kinder was the president of Enron and the heir-apparent to Ken Lay, the energy firm’s boss. It was not to be. He was passed over for the top job, apparently judged too conservative to take the helm of America’s most innovative company. His next move, with a partner, was to buy some pipelines and a coal terminal from his former employer. Buying things that rust? It was all very old economy.


Sixteen years later the man who bested Mr Kinder to become Enron’s chief executive is in jail and that company is a byword for misleading accounting. By contrast Kinder Morgan is worth $109 billion, Mr Kinder’s personal stake approaches $9 billion and in the past year alone he has received distributions of $376m. That success is partly due to America’s energy boom and Mr Kinder’s talents; but it is also due to his shrewd use of a distinctive corporate structure.


The “master limited partnership” (MLP) combines the limited liability of a corporation, the tax advantages of a partnership and the governance of a private firm. MLPs do not pay corporate taxes so long as profits are passed on to investors each year. They also pay less attention to shareholder rights. A tidal wave of capital is washing towards these and other, similar “pass-through” structures. Together, they represent a mere 9% of the number of listed companies in America, but in 2012 they took in 28% of the equity raised on public markets and paid one-third of Wall Street fees. Add in private entities of the same type and these sorts of “corporate form” account for over two-thirds of new firms. Some industries like fracking are intertwined with them. Unnoticed, the face of American capitalism has changed.


That should surprise no one. Time and again, the imposition of new burdens on businesses distorts the flow of money. Enron’s demise led to the Sarbanes-Oxley act, a well-intentioned law that changed the economic calculus for going public in America. Finance has yet to meet a rule it doesn’t want to game. Before the crisis, regulations that made it relatively expensive for banks to hold assets encouraged them, disastrously, to squirrel them away in off-balance-sheet vehicles.


Since the crisis, the regulatory burden on firms has shot up. Many of the new rules designed to make finance safer—raising capital levels, improving transparency in derivatives markets—are vital. Plenty are laudable: allowing “say on pay” votes for shareholders, for example. But the effect is the same: capital is again flowing to where frictions are lowest. As the constraints on regulated banks pile up, the global shadow-banking system grows: from $62 trillion in 2007 to $67 trillion in 2011.


Even when rules are rolled back, new distortions can easily result. The 2010 Dodd-Frank act permanently exempted smaller public companies from some of the most burdensome elements of Sarbanes-Oxley, for example. But some firms deliberately s论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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