关键词: 股东治理制度, 新自由主义, 资本积累, 积累的社会结构

Abstract: As the leading management paradigm in the US, shareholder primacy has caused a disconnect between corporate profit margins and the rate of accumulation, leading to a longterm economic stagnation of “prosperity without investment”. Influenced by the principle of “shareholder value maximization”, American listed companies now show distinct characteristics of deaccumulation. The value extraction method represented by stock repurchase and stock dividend aims to expand financial returns, undermining the industrial capital accumulation process of “retainandreinvest”. Based on the growth dynamics of the stock market, enterprises are forced to become shortsighted, which intensifies the speculative nature of investment decisionmaking by managers. Large corporations sit back taking no notice of the decline of their internal innovation capacity, and maintain their market position by monopoly rents. As a key microcomposition of the neoliberal social structure of accumulation (SSA) in the United States, the shareholder governance model takes advantage of the characteristics of innovative activities to capture the social benefits originally belonging to the government and laborers, exposing the exploitative and parasitic nature of the capitalist mode of production. 

Key words: shareholder governance system, neoliberalism, capital accumulation, social structure of accumulation