FIXING THE GAME: HOW RUNAWAY EXPECTATION(ISBN=) 英文原版

　　American capitalism is in dire straits, caught in a perilous
pattern of increasing volatility, decreasing investor returns, and
ongoing bad behavior by executives. And it’s getting worse. Since
the turn of the twenty-first century, we’ve seen two massive
value-destroying market meltdowns and a string of ethics breaches,
including accounting scandals, options-backdating schemes, and the
subprime mortgage debacle. Just what is going on here? Is it the
inevitable decline of the American economy? Is it the new normal in
a technology-enabled global marketplace? Or is it possible that the
very theories we’ve embraced to underpin our capital markets are
actually producing these crises? In “Fixing the Game”, Roger Martin
reveals the culprit behind the sorry state of American capitalism:
our deep and abiding commitment to the idea that the purpose of the
firm is to maximize shareholder value. This theory has led to a
massive growth in stock-based compensation for executives and,
through this, to a naive and wrongheaded linking of the real market
– the business of designing, making, and selling products and
services – with the expectations market – the business of trading
stocks, options, and complex derivatives. Martin shows how this
tight coupling has been engineered and lays out its results: a
single-minded focus on the expectations market that will continue
driving us from crisis to crisis – unless we act now. Using the
National Football League as his primary example, Martin illustrates
that it is possible to take a much more thoughtful and effective
approach than we now do to the intersection of the real and the
expectations markets and to governance in general in the capital
markets. Martin shows how we can act to end the destructive cycle,
including: restructuring executive compensation to focus entirely
on the real market, not the expectations market; rethinking the
meaning of board governance and role of board members; and, reining
in the power of hedge funds and monopoly pension funds. Concise,
hard-hitting, and entertaining, “Fixing the Game” advocates seizing
American capitalism from the jaws of the expectations market and
planting it firmly in the real market – and it presents the steps
we must take now to do so.