In recent weeks, politicians have offered a range of proposals that would impose new government restrictions on how companies use stock buybacks and dividends. While the proposals are billed as solutions to promote inclusive economic growth and sound corporate governance, attempts to restrict buybacks and dividends are misguided. They would undermine economic security rather than enhance it.
Many companies rely on investments by individuals and institutions, such as pension funds, to finance their operations. Successful companies use this capital to generate profits, which they then deploy to expand, invest in research and development, attract and retain the best talent and invest in their communities. Companies also use profits to pay down debt or return capital to shareholders, via buybacks or dividends. This can make them more attractive to investors, and companies need investors’ confidence and support to flourish.
How do companies decide what to do with their profits? Companies are always looking for ways to invest profits to increase their future growth. At some point, they may run out of investment opportunities with enough growth potential to justify an investment. In those cases, companies often decide to use their profits in another way, to buy back shares of the company or to issue dividends. Making it harder for companies to do so could force them to sit on cash or waste it on projects with a low potential for success. This is often not the wisest use of a company’s profits, as it can hurt growth and erode investor confidence.
At the same time, returning some profits to shareholders is not necessarily a bad thing, either for the company or for society at large. Some critics of buybacks miss this point: Money returned to shareholders through buybacks and dividends does not disappear from the economy. Individual investors can use it to purchase something they’ve been saving for. The money can be lent to other companies that are hiring and growing. It can be invested in new businesses as seed money for start-ups or financing for emerging technologies.
Moreover, it is a myth that buybacks and dividends displace investments that companies would otherwise make to grow or develop innovations. While there was a substantial increase in buybacks and dividends last year, business investment also increased substantially and grew at the fastest rate since 2011. American companies invested nearly trillion in the economy during 2018, including 0 billion in research and development. And the firms doing the largest buybacks are also the ones doing the most capital investment. Among large public companies, those that repurchased stock in the first three quarters of 2018 tended to engage in more capital expenditures and research and development investment than those electing not to do buybacks, according to our analysis of Securities and Exchange Commission filings of companies in the S & P 500.
Not only do buybacks and dividends support a stronger and more dynamic economy, they also contribute to Americans’ retirement security. According to the Federal Reserve, the majority of American households have direct or indirect ownership of corporate stock through pensions, retirement accounts or investment accounts. Similarly, stocks are owned by thousands of pension funds and mutual funds, and millions of Americans benefit from asset price increases or when shares in those funds receive a dividend.
Of course buybacks, like other methods of raising and allocating capital, can be abused, as is the case when companies may attempt to artificially inflate their stock prices in the short term by buying back shares. To avoid such abuses, public companies should have strong corporate governance practices guiding how the decisions about stock buybacks and dividends are made, to ensure they are made with the long-term interests in mind.
By contrast, imposing federal limitations on how companies decide to use their capital would stifle innovation and opportunity in America. Recent proposals to restrict buybacks and dividends, while presumably made with the laudable intent of increasing wages and capital investment, will only make it more difficult to achieve sustained and inclusive economic growth in the United States.
Joshua Bolten is president and chief executive of Business Roundtable. Ken Bertsch is executive director of the Council of Institutional Investors.
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2017当日特i码玄机报a【刺】【头】？【霍】【子】【琛】？ 【顾】【一】【念】【想】【象】【不】【出】【来】。 【好】【像】【霍】【子】【琛】【天】【生】【就】【该】【是】【这】【么】【一】【副】【胸】【有】【丘】【壑】【而】【不】【显】【的】【模】【样】。 【许】【是】【看】【出】【了】【顾】【一】【念】【眼】【底】【困】【惑】，【霍】【子】【琛】【苦】【笑】【一】【声】，【将】【她】【鬓】【边】【散】【下】【的】【发】【绕】【至】【耳】【后】，【声】【音】【沉】【洌】，“【你】【以】【为】，【我】【是】【为】【什】【么】【被】【送】【到】【英】【国】【的】？” 【顾】【一】【念】【眨】【了】【眨】【眼】。 【所】【以】【霍】【子】【琛】【被】【送】【去】【英】【国】，【是】【因】【为】【他】【难】【以】【管】【教】？
【同】【一】【时】【刻】，【高】【谭】【市】【城】【西】，【市】【郊】【某】【农】【家】【乐】【饭】【店】【大】【堂】 【罗】【宾】：“（【突】【然】【感】【到】【一】【阵】【恶】【寒】）”——【皱】【眉】 【邓】【特】：“（【发】【觉】）【怎】【么】【了】？【菜】【不】【合】【胃】【口】？”——【停】【下】【筷】【子】 【罗】【宾】：“【不】【是】，【我】【也】【搞】【不】【清】【楚】（【转】【动】【脖】【子】）【后】【背】，【莫】【名】【其】【妙】【的】【发】【凉】。”——【不】【舒】【服】 【邓】【特】：“（【瞅】【向】【【罗】【宾】】【的】‘【主】【治】【医】【生】’-
“【哎】，【牛】【蛋】，【票】【买】【好】【了】。”【已】【经】【买】【好】***【的】【李】【成】【功】【走】【了】【过】【来】，【对】【站】【在】【人】【群】【中】【发】【愣】【的】【牛】【耿】【说】【道】：“【马】【上】【就】【开】【车】【了】，【走】【吧】！” “【老】【板】，【你】【过】【来】，【你】【来】【看】【看】。”【牛】【耿】【回】【过】【神】【来】，【没】【有】【去】【接】***，【而】【是】【一】【把】【拽】【住】【李】【成】【功】，【向】【被】【围】【在】【人】【群】【中】【跪】【在】【地】【上】【的】【女】【教】【师】【看】【去】。 “【干】【嘛】【啊】【这】【是】？”【李】【成】【功】【目】【光】【看】【了】【过】【去】，【却】【是】【一】【脸】
【慕】【言】【脸】【色】【微】【微】【有】【些】【发】【红】。“【又】【是】【从】【那】【些】【无】【聊】【的】【书】【里】【看】【到】【的】【歪】【理】？” 【沈】【随】【之】【立】【刻】【开】【口】【反】【驳】。“【这】【怎】【么】【能】【是】【歪】【理】【呢】！【我】【这】【叫】【持】【家】【有】【道】！【反】【正】【小】【孩】【子】【管】【长】【辈】【要】【压】【岁】【钱】【是】【理】【所】【应】【当】【的】【嘛】。” 【慕】【言】【说】【这】【句】【话】【的】【时】【候】【声】【音】【有】【些】【小】，【不】【过】【沈】【随】【之】【还】【是】【听】【了】【个】【一】【清】【二】【楚】。“【你】【做】【我】【一】【个】【人】【的】【小】【孩】【就】【好】，【我】【不】【希】【望】【别】【人】【也】【把】【你】【宠】【成】【个】2017当日特i码玄机报a【噢】【耶】，【终】【于】【写】【完】【了】，【写】【这】【本】【书】【的】【起】【因】【是】【某】【天】【中】【午】【饿】【了】【不】【想】【吃】【饭】，【想】【了】【骷】【髅】【这】【个】【设】【定】，【就】【在】【电】【脑】【上】【写】【了】【一】【章】，【然】【后】【就】【开】【始】【了】【码】【字】【的】【日】【子】。 【吐】【槽】【之】【前】，【先】【表】【达】【感】【激】【之】【情】。【感】【谢】Dip，【没】【想】【到】【会】【收】【到】【打】【赏】，【真】【的】【是】【非】【常】【意】【外】【以】【及】【非】【常】【的】【惊】【喜】；【感】【谢】【苦】【逼】【猫】【粮】，【还】【有】【订】【阅】、【投】【票】【和】【评】【论】【的】【书】【友】【们】。【正】【是】【因】【为】【有】【你】【们】，【每】【当】【我】
“【这】【是】【个】【危】【险】【人】【物】，【我】【们】【需】【要】【贾】【维】【斯】【的】【帮】【忙】。”【弗】【瑞】【非】【常】【认】【真】【的】【对】【史】【塔】【克】【说】【道】。 【这】【已】【经】【是】【在】【解】【决】【了】【基】【里】【安】【事】【件】【后】【的】【第】【三】【天】，【弗】【瑞】【把】【其】【他】【的】【事】【情】【处】【理】【完】【之】【后】，【亲】【自】【去】【找】【因】【马】【里】【布】【别】【墅】【被】【毁】，【而】【暂】【时】【住】【在】【纽】【约】【史】【塔】【克】【大】【厦】【的】【史】【塔】【克】，【叫】【他】【处】【理】【魔】【多】【克】【的】【事】【情】。 “【这】【个】【什】【么】？【乔】【治】·【塔】【尔】【顿】，【真】【是】【不】【可】【思】【议】，【你】【们】【有】【更】
【本】【来】【好】【好】【的】【烧】【烤】【氛】【围】，【但】【在】【四】【五】【个】【黄】【毛】【混】【混】【来】【了】【之】【后】【就】【变】【得】【有】【些】【不】【一】【样】【了】。 【上】【官】【婉】【见】【到】【这】【一】【幕】，【眉】【头】【微】【不】【可】【查】【的】【一】【皱】，【有】【种】【不】【妙】【的】【感】【觉】。 “【老】【板】，【整】【一】【箱】【啤】【酒】。” 【一】【名】【略】【精】【瘦】【的】【不】【良】【叫】【道】，【面】【色】【嚣】【张】。 【烧】【烤】【老】【板】【没】【有】【出】【来】【招】【呼】，【因】【为】【他】【手】【上】【的】【活】【放】【不】【下】【来】，【所】【以】【让】【店】【里】【的】【伙】【计】【抬】【上】。 【一】【群】【不】【良】【各】【自】