A lex Edmans wants to restore popular trust in capitalism. He aims to do so by defending his normative vision of a central aspect of capitalism—the free functioning of for-profit firms, especially those that are publicly traded. His vision is, as the book title suggests, for these organizations to aim at “growing the pie,” where the pie encompasses all of the forms of “social value” that they can effect and growing the pie consists in increasing the total amount of social value rather than merely transferring value from one group to another. His desired audience is wide: it includes capitalism’s elites—investors, executives, boards of directors—and commoners, including workers and citizens. Edmans’s book is divided into four parts: the why, what, how, and “bigger picture” of pie growing. Edmans’s view of the why behind corporate pie growing is that increasing social value is both noninstrumentally valuable and closely linked to long-term profitability. He chides “pie-splitters” who think that the total amount of social value is fixed and the only kinds of mistakes companies can make are “errors of commission,” causing a loss of social value. The pie-growingmind-set, by contrast, thinks that we can increase the total amount of social value and should avoid errors of omission, that is, failures to create social value. The link between pie growing and profitability is delineated by what Edmans charmingly calls “pieconomics.” Pieconomics specifies both how the pursuit of profit should come only by way of adding social value and how pie-growing firms can be the most profitable in the long term. To make the latter point, he draws on studies about the financial performance of firms that enjoy high levels of employee satisfaction, customer satisfaction, and high scores along environmental, social, and governance (ESG) measures. In the second part of the book—on the what of pie growing—Edmans seeks to vindicate some oft-criticized corporate practices as good for pie growing. He first tackles the growing disparity between executive andworker pay. His central claim is that, if executives contribute to growing the pie, then their stratospheric levels of pay need not be viewed as coming at the expense of others, including workers. He also lays out some evidence for thinking that, when executive compensation comes primarily in the formof company shares with long holding periods, companies performwell for all stakeholders. The following chapters on shareholder engagement and stock buybacks follow a similar pattern: Edmans argues that, done well (or under certain conditions), these practices can be a part of companies growing the pie rather than enriching some at others’ expense (pie splitting). Edmans closes the book with some concrete suggestions about the how of implementing pieconomics, in part by reflecting on his early career in the finance industry. His advice addresses policy makers, investors, workers, and citizens. His 644 Business Ethics Quarterly

中文翻译：

---

做大做强：伟大的公司如何实现目标和利润，亚历克斯·埃德曼斯（Alex Edmans）。剑桥：剑桥大学出版社，2020 年。382 页。

A lex Edmans 希望恢复大众对资本主义的信任。他的目标是捍卫他对资本主义核心方面的规范愿景——营利性公司的自由运作，尤其是那些公开交易的公司。正如书名所暗示的那样，他的愿景是让这些组织以“做大蛋糕”为目标，其中蛋糕包含他们可以影响的所有形式的“社会价值”，而做大蛋糕则在于增加社会价值，而不仅仅是将价值从一个群体转移到另一个群体。他渴望的受众很广泛：包括资本主义的精英——投资者、高管、董事会——以及平民，包括工人和公民。埃德曼斯的书分为四个部分：为什么、什么、如何，以及馅饼增长的“大局”。埃德曼斯对企业馅饼增长背后原因的看法是，增加社会价值不仅具有非工具价值，而且与长期盈利能力密切相关。他谴责那些认为社会价值总量是固定的、公司唯一能犯的错误是“佣金错误”的“分饼派”，从而导致社会价值的损失。相比之下，做大饼的思维模式认为我们可以增加社会价值的总量，应该避免遗漏的错误，即未能创造社会价值。馅饼增长与盈利能力之间的联系被埃德曼斯迷人地称为“pieconomics”所描述。Pieconomics 详细说明了如何只通过增加社会价值来追求利润，以及从长远来看，做馅饼的公司如何才能获得最大的利润。为了说明后一点，他利用对员工满意度、客户满意度和环境、社会和治理 (ESG) 措施得分高的公司财务业绩的研究。在本书的第二部分——关于什么是馅饼种植——埃德曼斯试图证明一些经常受到批评的企业实践对馅饼种植有益。他首先解决了高管和工人薪酬之间日益扩大的差距。他的核心主张是，如果高管们为蛋糕的增长做出了贡献，那么他们的高薪水平就不必被视为以牺牲其他人（包括工人）为代价。他还提供了一些证据来证明，当高管薪酬主要以长期持有的公司股票的形式出现时，公司对所有利益相关者的表现都很好。以下关于股东​​参与和股票回购的章节遵循类似的模式：埃德曼斯认为，如果做得好（或在某些条件下），这些做法可以成为公司扩大馅饼的一部分，而不是以牺牲其他人为代价来丰富一些（馅饼分割） . Edmans 以一些关于如何实施 pieconomics 的具体建议结束了本书，部分是通过反思他在金融业的早期职业生涯。他的建议针对政策制定者、投资者、工人和公民。他的 644 商业道德季刊 Edmans 以一些关于如何实施 pieconomics 的具体建议结束了本书，部分是通过反思他在金融业的早期职业生涯。他的建议针对政策制定者、投资者、工人和公民。他的 644 商业道德季刊 Edmans 以一些关于如何实施 pieconomics 的具体建议结束了本书，部分是通过反思他在金融业的早期职业生涯。他的建议针对政策制定者、投资者、工人和公民。他的 644 商业道德季刊