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Donald Trump’s endorsement this week of a six-monthly reporting cycle for US-listed companies is far from his worst idea. Switching from quarterly earnings could encourage more strategic thinking by removing the three-monthly temptation for companies to “beat” analysts’ expectations. Unfortunately, it is exactly this strategic mindset that the US president lacks.
唐纳德•特朗普(Donald Trump)本周支持将美国上市公司的财报周期改为每六个月一次，这绝不是他最糟糕的主意。由发布季度财报转为发布半年度财报，可以通过消除企业受到的每三个月“击败”一次分析师预期的诱惑，促使它们进行更战略性的思考。不幸的是，这种战略思维恰恰正是美国总统所欠缺的。
His preference for twice-yearly reporting is one of a series of deregulatory measures that he or his officials have announced, threatened or hinted at recently. Together they would work against corporate transparency, set back shareholder rights, push the balance of boardroom power too far towards chief executives and, at worst, open the door to self-dealing or fraud.
他对每年发布两次财报的偏好，是他本人或手下官员近期宣布、威胁或暗示的一系列放松监管举措之一。合在一起，这些举措将削弱企业透明度，阻碍股东权利，让董事会的权力平衡过度倾向于首席执行官，并在最糟情况下为自利交易或欺诈敞开大门。
Since taking over in January, Securities and Exchange Commission chair Paul Atkins has aimed to cut “compliance burdens” on companies. Last week, on a visit to Europe, he told the FT the SEC would in future alert businesses about technical violations rather than first sending regulators to “bash down their door”.
自1月上任以来，美国证交会(SEC)主席保罗•阿特金斯(Paul Atkins)一直致力于为公司减轻“合规负担”。上周，他在访问欧洲期间对英国《金融时报》表示，美国证交会今后在发现技术性违规时将先向企业发出警示，而不是先派监管人员去“砸门”。
Atkins has also taken issue with EU corporate sustainability directives and threatened to ban non-US companies from using International Financial Reporting Standards if rulemakers continue to press for disclosures on issues such as climate impact. In a speech last week, he urged the International Accounting Standards Board to “promote high-quality accounting standards that are focused solely on driving reliable financial reporting and are not used as a backdoor to achieve political or social agendas”.
阿特金斯还对欧盟的企业可持续发展指令提出异议，并威胁如果规则制定者继续施压就气候影响等问题进行信息披露，将禁止非美国公司采用国际财务报告准则(IFRS)。在上周的一次演讲中，他敦促国际会计准则理事会(IASB)“推动高质量的会计准则，专注于推出可靠的财务报告，而非被用作实现政治或社会议程的后门”。
Other measures include the SEC’s decision to let oil company Exxon automate voting by retail investors so their shares are counted in favour of management unless they opt out. On Wednesday, the SEC said it would no longer block companies from public markets if they banned shareholders from filing class-action lawsuits. Atkins, a crypto advocate, has also dropped investigations against cryptocurrency platforms.
其他举措包括美国证交会决定允许石油公司埃克森(Exxon)自动化散户投资者的投票——除非他们选择不参与，否则其所持股份将被计入管理层一方。周三，美国证交会表示，如果公司禁止股东提起集体诉讼，它也不会再阻止这些公司进入公开市场。加密货币支持者阿特金斯还叫停了对加密货币平台的调查。
The Financial Times favours, as far as possible, common and predictable corporate standards that allow investors to compare companies in different jurisdictions and that keep the cost of capital down. Where different regulators choose different paths — for instance, in corporate governance guidelines — a live-and-let-live approach should prevail, allowing investors to choose where to deploy their capital.
英国《金融时报》支持尽可能采用统一且可预期的公司标准，以便投资者可以比较不同司法辖区的公司，并降低资本成本。对于不同监管机构选择不同路径的情况——例如在公司治理指引方面——应当秉持“各行其是”的态度，让投资者自行决定将资本投向何处。
A shift to six-monthly reporting would bring the US in line with other large capital markets including the UK, EU and Singapore. But a firm mandate is not essential. Setting six months as the maximum reporting period would give companies a choice of whether to report more frequently, following their investors’ preference for quarterly or even more radical and frequent financial transparency, as the technology allows.
改为发布半年度财报，将使美国与包括英国、欧盟和新加坡在内的其他大型资本市场保持一致。但并非必须强制要求。将六个月设为最长报告周期，可让公司选择是否更频繁地披露，遵循其投资者对发布季度财报，甚至更激进、更高频财务透明度的偏好——在技术允许的条件下。
When it comes to sustainability, many investors and companies, particularly in Europe, are already edging towards greater disclosure of climate risks. What is damaging for the environment is also potentially ruinous for companies and their investors. Europe’s “agenda” is no more political than the one Trump and his officials are pursuing to sweep sustainability considerations from corporate reporting. Their repeated message that non-US watchdogs and companies must choose the American way smacks of extraterritorial over-reach.
在可持续发展方面，许多投资者和公司，尤其在欧洲，已开始逐步增加披露气候风险。对环境有害的行为，同样可能给公司及其投资者带来破坏性后果。欧洲的“议程”并不比特朗普及其官员寻求把可持续性考虑从公司报告中剔除更具政治性。他们一再传递的讯息——非美国的监管机构和公司必须选择“美国方式”——带有明显的域外越权意味。
As for activism, many executives would welcome a reduction in pressure. But lessening overall investor and regulatory scrutiny and removing tools such as lawsuits, which US shareholders can use to hold boards to account, would give chief executives too much leeway.
至于股东行动主义，许多高管会乐见压力减轻。但若总体上削弱投资者和监管审查的力度，并取消美国股东可用来追究董事会责任的诉讼等工具，就会给首席执行官留下过多的自由裁量空间。
In his speech last week, Atkins set out a creditable goal: to “provide clear, predictable rules of the road so that [US] innovators can thrive”. But tearing up established measures for investor protection is no way to entice long-term capital.
阿特金斯上周在演讲中提出了一个值得肯定的目标：“提供清晰、可预测的行路规则，以便（美国）创新者能够蓬勃发展”。但撕碎既有的投资者保护措施绝不是吸引长期资本的办法。