There is widespread concern that the bonus culture for senior managers in limited liability companies is having adverse effects, e.g. on risk-taking, leverage and lower longer-term investment. The moral hazard of limited liability was appreciated in the 19th century, when unlimited or multiple liability, especially for bankers, was widely adopted. Whereas outside, notably retail, investors still need the protection of limited liability, we advocate moving towards a two-tier equity system, primarily for banks, with insiders, senior managers and others with influence over corporate decisions, becoming subject to multiple liability. But the transition costs of doing so suddenly would be great, so our proposal is to start by applying this initially just to Systemically Important Financial Intermediaries.

中文翻译：

---

股权融资：将责任与权力相匹配

人们普遍担心，有限责任公司高级管理人员的奖金文化正在产生不利影响，例如，对冒险，杠杆和较低的长期投资产生不利影响。在19世纪人们意识到有限责任的道德风险，当时广泛采用了无限责任或多重责任，尤其是对银行家而言。尽管外部（尤其是零售业）投资者仍然需要保护有限责任，但我们主张采用两级股权制，主要是针对银行，内部人士，高级管理人员和其他对公司决策有影响的人，以承担多重责任。但是突然这样做的过渡成本将是巨大的，因此我们的建议是首先将其最初仅应用于具有系统重要性的金融中介机构。