P.A.Fisher十五要点之十五

20 Mar 2018

第15个要点出现，为15个要点划上句号。

Point 15. Does the company have a management of unquestionable integrity?

公司管理层的行动表现诚实正直与否？

The management of a company is always far closer to its assets than is the stockholder.

管理层最易接近股东资产，如果管理层的行为不正直诚实，那么可以利用职务之变，假公济私。比如A公司是个上市企业，其进口设备购买必须经过自身的进出口公司；其物料供应商是自家亲戚或朋友开办的小公司；原材料的供应也需其亲戚所开的贸易公司提供等等，类似中间商赚差价。这些都是隐藏在下面的，谁又知道背后的利益群体，复杂关系呢？投资遇到这样的企业，还是远离为上。

管理层不按自身能力，赋予不平常的薪资，这也需要投资者警惕。管理层的薪资水平是否符合常态。

There is only one real protection against abuses like these.This is to confine investments to companies the managements of which have a highly developed sense of trusteeship and moral responsibility to their stockholders. This is a point concerning which the “scuttlebutt” method can be very helpful.

Regardless of how high the rating may be in all other matters, however, if there is a serious question of the lack of a strong management sense of trusteeship for stockholders, the investor should never seriously consider participating in such an enterprise.

对股东不诚信，不负责的管理层，投资者一定要退而远之，即使在其他14点上得分很好。

不单单是管理层，开办企业，个人行事为人也应坦荡荡，诚实正直。