12根据苹果公司披露的信息，从2012年下半年到2015年初的不到三年时间里，苹果公司为股东支付了1120亿美元，其中，800亿美元用于公司股票回购。2014年，苹果公司董事会获得了900亿美元的回购额度授权，而2015年，这一授权额度进一步提高到了1400亿美元。有评论指出：为维持股价，为保住自己CEO的位置，在未来拿到高额的期权收益，库克基本上把能用的财务手段都用了。在经济增长缓慢的背景下，美国高管正将公司大量资金用于收购和回购股票，以提高营收和每股盈利，与此同时，他们自己却又在大量卖出手中持有的公司股票。
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17余菁：《走出国有企业理论纷争的丛林:一个关于国有企业目标、绩效和治理问题的综合分析》，《中国工业经济》，2008年第1期。
Modern Corporate Governance Reform and Institutional Innovation of the SOEs
Yu Jing
Abstract: Although the modern corporate governance is regarded as extremely important, there is not a universally applicable principle of practice. In the world, the practice of corporate governance shows the trend of institutional convergence and differentiation at the same time, which makes it difficult for people to make a definite trade-off choice between the advantages and disadvantages of different governance arrangements. The SOEs make setting up and improving corporate governance the direction of practice, but their governance problem is more complex than the problem of private companies. China needs a corporate governance mode suited to its national conditions. The SOEs should take a correct view of their own nature as well as the nature of other companies as the economic organization system, actively explore the multi-type and multi-level system of SOEs, work hard to build a clearly defined government-enterprise relationship with the operation cost controllable, and energetically explore and innovate the modern enterprise system suitable for its national conditions.
Keywords: corporate governance, SOEs, institutional innovation, government-enterprise relationship, reform of SOEs
