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Tanken om aktionærværdi har hjulpet aktionærerne

Tanken om aktionærværdi har hjulpet aktionærerne Det ser ud til, at historien er en anden for de ansatte.

John Rekenthaler, CFA 11/09/2019

Aktionærerne først

Amerikanske aktier har overgået selv de vildeste drømme. Over de sidste 30 år har det amerikanske indeks, S&P 500, givet et annualiseret afkast på 9,8 procent, hvilket har resulteret i et samlet afkast på over 1.600 procent. I 1989 var hele verdens samlede bruttonationalprodukt 20 billioner dollar udtrykt i nuværende priser. I dag er den samlede værdi af børsnoterede amerikanske aktier over 30 billioner dollar.

Selv jeg har mistænkt, at skiftende virksomhedsledelse delvist har været skyld i de stigende aktiekurser.  I slutningen af 80’erne var konceptet om ”maksimering af aktionærværdi” allerede udbredt. Konceptet, som primært var udviklet af økonomen Milton Friedman, blev benyttet på de fleste MBA programmer. Tanken er, at ledelsen kun fokuserer på én interessent; aktionærerne. Andre interessenter er således kun relevante, såfremt de fremmer forholdet til aktionærerne.

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Om forfatteren

John Rekenthaler, CFA  John Rekenthaler is Vice President of Research for Morningstar.

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