亚洲的企业管治概述VIP免费

第1页共51页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共51页亚洲的企业管治摘要：在企业社会责任推行是否需要良好企业管治配合的争论日益增长的时期，威理夫教授详细地分析了亚太地区企业管治对于企业可持续性发展，推行企业社会责任的重要性，以及在各地区的企业管治的特点。CorporateGovernanceinAsiaAnincreasinglyimportantpartofdebatessurroundingCSRpracticesrevolvesaroundtheneedforgoodcorporategovernanceintheAsia-Pacificregion.Itisclearthataweakinstitutionalframeworkforcorporategovernanceisincompatiblewiththesustainabledevelopmentofaneconomyandthatpoorgovernanceisabarriertoinwardinvestment.Goodgovernancehastobeseenasimportantthereforetothedevelopmentofalleconomies,butparticularlyemergingmarketsintheregion.Therefore,promotingimprovedcorporategovernancealongwithCSRpracticesisan第2页共51页第1页共51页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共51页importantpartofensuringdevelopmentisintheinterestsofmorethanjustadominantminority.Goodcorporategovernanceincreasesinvestorconfidenceandthereisevidencethatsuggeststhatwherecompaniesintroducegoodgovernancepractices,sharepricesrise.Butcorporategovernanceisalsoaboutcreatingbeneficialrelationshipswithallstakeholders,includingshareholders,creditors,employeesandthewidercommunityandenvironment.Thistwo-partarticleseekstoreviewcorporategovernanceissuesfromanAsiaperspective.OwnershipandcontrolofmanycompaniesintheregiondifferfromthatcommonlyseenintheWestandtherearethereforespecificissuesthatneedtobeaddressedinthiscontext.第3页共51页第2页共51页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共51页OnekeycharacteristicaboutAsiaisthatmanyofthelargestcompaniesintheregionareownedandcontrolledbymajorcontrollingshareholders.Theseareoftenindividualsorfamiliesandsometimesthestate.Controllingshareholdershavestrongincentivesformonitoringthecompanyanditsmanagementandcanoftenhaveapositiveimpactonthegovernanceofthecompany.Ontheotherhandtheirdominancealsomeansthattheycanforceacompanytooperateintheinterestsofthecontrollingshareholdersandthiscanhavenegativeimpactsonsmallerminorityshareholders.Thereisthereforeapotentialconflictarisingwhendominantcontrollingshareholdersdecidetoextractprivatebenefitsoutofafirmtothedetrimentofminorities.One第4页共51页第3页共51页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共51页aspectofcorporategovernanceimportantintheregionistomakesurethatpowerfulindividualsandtheirfamiliesdonotdamagetheinterestsofminorityshareholders.Itiscleartoseetherefore,thatpoorcorporategovernancecanbecostlytominorityshareholders.Ontheotherhand,controllingshareholderscanalsosufferfrompoorcorporategovernancestructuresintheformoflowerstockvaluations,restrictedaccesstoequityfinanceanddifficultiesingettingcredit.EvenlargelistedcompaniesinAsiamoreoftenthannothaveacontrollingshareholder.Indeed,itisestimatedbytheOECDthat85%areundersomesortofmajoritycontrol(definedashaving20%ormoreofthevotingrights).Thetablebelowprovidesanoverviewofthesituationwith第5页共51页第4页共51页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第5页共51页respecttopubliclytradedcompaniesinanumberofAsianlocations:Itcanbeseenthereforethatthegreatmajorityofcontrollingshareholdersarefamiliesorindividuals.Insomecasesitisthestate,afinancialinstitutionorforeignmultinational.Insuchcircumstances,itisassumedthatthecontrollingsh...