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为什么一家好公司可能是一笔坏投资

投资者应将治理结构作为风险评估的一部分加以考量

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    • 一项投资的价值不仅取决于公司创造利润的能力，也取决于股东的利益受到多大程度的保护。
    • 一项投资的价值不仅取决于公司创造利润的能力，也取决于股东的利益受到多大程度的保护。 照片：YEN MENG JIIN, 《商业时报》

    Peter Lai

    Published Thu, Aug 27, 2026 · 07:00 AM

    本文由 AI 翻译，关键事实请以原文为准。

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    投资者在决定将资金投向何处时，总会问一些耳熟能详的问题：公司增长有多快？利润率是多少？资产负债表是否稳健？估值如何？

    但在关注市盈率之前，我们或许应该先问：谁才是真正的掌权者？

    一家好的企业未必是一项好的投资。投资者应将公司的治理质量视为风险回报权衡的一部分，而不是将其当作财务分析的附注。

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