Opponents of post-meltdown reforms to corporate governance are trying to hold back change by focusing on Washington. The US Chamber of Commerce is spending $100m (€69m, ￡63m) to try to defeat any substantive reforms. They are missing the point. No matter what happens in Washington, the market is forcing through significant and pervasive reforms. The companies that first understand that will benefit from a lower cost of capital and more committed long-term investors. As we understand better the mistakes of the past and the challenges ahead, fund managers and analysts will look at “new fundamentals”, four elements that will become as important as cash flow and return on investment.
反對在危機過后改革公司治理的人士，正把精力集中在華盛頓方面，企圖阻止變革。美國商會(US Chamber of Commerce)計劃花費1億美元，試圖挫敗任何實質性的改革。但他們未能領會問題的關鍵所在。不管華盛頓發生什么情況，市場都將強行推進重大而普遍的改革。最早領會這一點的企業，將受益于更低廉的資金成本和更堅定的長期投資者。隨著我們對過去的錯誤和未來的挑戰加深了解，基金經理和分析師們將著眼于“新基本面”，這四大要素將變得與現金流和投資回報率同等重要。