中文摘要
利益相关者企业(或称负责任企业)最大化其顾客与供应商(包括工人)剩余的(加权或未加权的)总和。尽管这一目标难以进行经验测量,但可以通过依赖受约束的利润最大化的简单管理规则来加以追求。不受约束的利润最大化赋予普通企业竞争优势,但利益相关者企业更有利于社会福利,并能将其活动对社会的若干重要影响内部化。长期进入决策应依赖于经外部性庇古定价调整后的利润,这一结果为污染者付费原则提供了新的理论依据。
Abstract
The stakeholder (or responsible) firm maximizes the (weighted or unweighted) sum of the surpluses of its customers and suppliers (including workers). Although this objective is hard to empirically measure, it can be pursued by simple management rules that rely on constrained profit maximization. Unconstrained profit maximization gives a competitive edge to ordinary firms, but stakeholder firms are better for social welfare and internalize several important effects of their activities on society. Long-term entry decisions should rely on profit modified by Pigouvian pricing of externalities, and this result provides a novel justification for the polluter-pays principle.