Is It Time to Get Rid of Earnings-per-Share (EPS)?

被引：17

作者：

Almeida, Heitor ^{[1
]}

机构：

[1] Univ Illinois, Gies Sch Business, 515 East Gregory Dr,Room 4037, Champaign, IL 61820 USA

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2019年 / 8卷 / 01期

关键词：

MANAGEMENT; INVESTORS; FIRMS;

D O I：

10.1093/rcfs/cfy010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper discusses recent empirical evidence showing that the presence of earnings-per-share (EPS) targets is associated with short-termist behavior. EPS targets affect stock repurchases, R&D investments, capital expenditures, employment, and the structure of M&A deals. The practice of chasing EPS with changes in real investments appears to lead to long-term underperformance and can significantly affect economic growth and welfare. This discussion suggests that analysts, investors, and companies should stop focusing on EPS as a measure of performance. I also discuss how to break the link between performance targets and short-termism.

引用

页码：174 / 206

页数：33

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