Social Security Reform and Corporate Governance

Lee Redding
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Abstract

Abstract This paper considers implementation issues arising from potential reforms to the United States Social Security system. Many reform proposals involve individually invested accounts, but the corporate governance implications of such accounts have not been fully explored. Existing reform plans will result in a large fraction of votes being concentrated at one private fund manager. The implications for corporate governance and debt management under alternative fund management strategies are evaluated. The use of futures to construct synthetic investments could alleviate corporate governance and debt management problems.
社会保障改革与公司治理
摘要本文考虑了美国社会保障制度潜在改革所带来的实施问题。许多改革建议涉及个人投资账户,但这类账户对公司治理的影响尚未得到充分探讨。现有的改革计划将导致大部分选票集中在一家私人基金管理公司手中。评估了不同基金管理策略对公司治理和债务管理的影响。利用期货构建综合投资可以缓解公司治理和债务管理问题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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