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.
反对在危机过后改革公司治理的人士，正把精力集中在华盛顿方面，企图阻止变革。美国商会(US Chamber of Commerce)计划花费1亿美元，试图挫败任何实质性的改革。但他们未能领会问题的关键所在。不管华盛顿发生什么情况，市场都将强行推进重大而普遍的改革。最早领会这一点的企业，将受益于更低廉的资金成本和更坚定的长期投资者。随着我们对过去的错误和未来的挑战加深了解，基金经理和分析师们将着眼于“新基本面”，这四大要素将变得与现金流和投资回报率同等重要。