第4章全球各地的公司治理.ppt
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第4章全球各地的公司治理.ppt
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INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFifthEditionCopyright2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapterObjective:
Thischapterdiscussescorporategovernancestructures,whichvariesagreatdealacrosscountries,reflectingdivergentcultural,economic,political,andlegalenvironments.4ChapterFourCorporateGovernanceAroundtheWorld4-1ChapterOutline4.1GovernanceandthePublicCorporation:
KeyIssues4.2TheAgencyProblem4.3RemediesfortheAgencyProblem4.4ConsequencesofLaw4.5CorporateGovernanceReform4-2什么是公司治理?
公司治理是公司的控制权和现金流借此在公司股东、管理人员和公司的其他利益相关者之间进行分配的经济、法律和制度方面的框架。
34.1GovernanceandthePublicCorporation:
KeyIssues1、Thepubliccorporation(上市公司)(上市公司),whichisjointlyownedbyamultitudeofshareholdersprotectedwithlimitedliability,isamajororganizationalinnovationofvasteconomicconsequences.2、上市公司的优势Itisanefficientrisksharingmechanismthatallowscorporationstoraiselargeamountsofcapital.4-44.1GovernanceandthePublicCorporation:
KeyIssues3、Akeyweaknessofthepubliccorporation(上市公司(上市公司的致命弱点)的致命弱点)istheconflictofinterestbetweenmanagersandshareholders.4、管理人员和股东利益冲突的原因
(1)所有权分散下,Inprinciple,shareholderselectaboardofdirectors,whointurnhireandfirethemanagerswhoactuallyrunthecompany.Inreality,management-friendlyinsidersoftendominatetheboardofdirectors,withrelativelyfewoutsidedirectorswhocanindependentlymonitorthemanagement.4-54.1GovernanceandthePublicCorporation:
KeyIssuesFurthermore,withdiffusedownership,mostshareholdershavestrongenoughincentivetoincurthecostsofmonitoringmanagementthemselves.
(2)所有权集中下,大股东和外部小股东之间的利益冲突比经济人和股东之间的利益和冲突要严重。
LLSVshowsthat各国在以下fouracepts存在差异4-64.1GovernanceandthePublicCorporation:
KeyIssuesThecentralproblemincorporategovernanceishowtobestprotectoutsiderinvestorsfromexpropriationbythecontrollinginsiderssothattheformercanreceivefairreturnsontheirinvestmentThedetailissuesarethefollowingagencyproblemremedieslawandgovernanceconsequencesoflawreformofgovernance4.2TheAgencyProblem1、Agencyproblemreferstothepossibleconflictsofinterestbetweenself-interestedmanagersasagentsandshareholdersofthefirmwhoaretheprincipals.Whythereisagencyproblem?
Nocompletecontract84.2TheAgencyProblemShareholdersallocatedecision-makingauthoritytothemanagers.Thatswhythemanagersarehiredinthefirstplace.Manyshareholdersarenotqualifiedtomakecomplexbusinessdecisions.Ashareholderwithadiversifiedportfoliowouldnothavethetimetodevotetomakingthenumerousdecisionsateachofhismanycompaniesanyway.2、Themanagershaveresidualcontrolrightresidualcontrolright(剩余(剩余(剩余(剩余控制权)控制权)控制权)控制权)4-94.2TheAgencyProblem3、Themanagershaveresidualcontrolrightresidualcontrolrightsothatsothattthemanagerscandosomethingssuchas:
P82提供高津贴浪费公司资金104.2TheAgencyProblem4、Freecashflow(自由现金流)(自由现金流)willmaketheagencyproblemmoreseriousbecause
(1)独立于资本市场。
(2)更多的补偿金。
(3)社会的政治的影响力、声望Theheartoftheagencyproblemis管理者外部投资者如何处理自由现金流所产生的利益冲突。
114.2TheAgencyProblemHavingtheshort-termcontrolofthefirmsassets,managersmightbetemptedtoactinthemanagersshort-termbestinterestinsteadoftheshareholderslong-termbestinterest.Consumptionoflavishperquisitesisoneexample.Outrightstealingisanotherexample.SomeRussianoilcompaniesareknowntoselloiltomanager-ownedtradingcompaniesatbelowmarketprices.Evenatthat,theydontalwaysbothertocollectthebills!
4-12TheAgencyProblematEnronEnronhadabout3,500subsidiariesandaffiliatesManyofthesewererunandpartlyownedbyEnronexecutives.Inretrospect,conflictofinterestshouldhavebeenanobviousconcern.ThepartnershipsdidhundredsofmillionsofdollarsoftransactionswithEnronitself,insomecasesbuyingassetsfromthecompanyorsellingassetstoit.Theproblemisthis:
Wheredidtheexecutivesloyaltieslie?
Aretheytryingtonegotiatethebestdealforthecompanythatemploysthemandtheshareholderswhoownthecompany,orthebestdealforthepartnershipwheretheyhadanownershipstake?
4-13TheAgencyProblematEnronTheboardofdirectorsclaimedthatthesepartnershipswithexecutiveownershipallowedthefirmtospeedupcontracting.Toprotectitselfindealingswiththesepartnerships,thecompanysaysthatitsetupsafeguardsthatrequiredtopcompanyofficersandtheboardtoreviewandapprovedealsbetweenEnronandthepartnerships.Clearlythesesafeguardswereinsufficient.4-144.3RemediesfortheAgencyProblem4.3.1boardofdirector董事会4.3.2incentivecontract激励合同4.3.3concentratedownership所有权集中4.3.4accountingtransparency会计透明度4.3.5debt债务4.3.6overseasstocklisting海外股票上市4.3.7marketforcorporatecontrol公司控制权市场4-154.3.1boardofdirector1、IntheU.S.,shareholdershavetherighttoelecttheboardofdirectors.2、董事会的作用If
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