《公司治理和高阶经营团队lfw.pptx》由会员分享,可在线阅读,更多相关《公司治理和高阶经营团队lfw.pptx(25页珍藏版)》请在淘文阁 - 分享文档赚钱的网站上搜索。
1、公司治理與高階經營團隊ISU 企四B 策略管理 Lecture 102009.12.02公司治理定義 nThe relationship among stakeholders that is used to determine and control the strategic direction and performance of organizationsnMechanisms by which stakeholders of a corporation exercise control over corporate insiders and management such that t
2、heir interests are protected(John&Senbet,1998)n使企業體透過法律的制衡管控與設計,在企業所有權與經營權在企業所有權與經營權分離的組織體系當中分離的組織體系當中,有效監督其組織活動,以及如何健全其組織運作,防止脫法行為之經營舞弊,以實現企業社會責任之高度目標(OECD)Implications from Definitions(1)nProtect whos interest?nStakeholder(利害關係人)or Shareholder(股東)nWhat are the purposes for board?nIdentifying ways
3、to ensure that strategic decisions are made effectivelynReflecting and enforcing the company valuesnEnsuring that the interest of top-level managers are aligned with the interests of the shareholdersImplications from Definitions(2)nSeparation of Ownership and ManagementnAgency theory(代理理論)nManagers
4、are the agent of firms owners(principle)nManagerial opportunismnThe mechanism of aligning the interest of managers and firms ownersnAgency cost&Governance mechanismnThe control role of directorsnImperfect means of controlling managerial opportunismImplications from Definitions(3)n代理理論n代理理論討論的是當主理人(p
5、rinciple)必須委託代理人(agent)執行特定事務時,代理人因為投機主義或自己利益考量,可能與主理人利益發生不一致現象,進而可能造成主理人利益的損失n大型現代公司因為所有權與經營權分離,造成經理人員(代理人)與股東(主理人)之間可能存在代理問題,是多數代理理論所討論的代理關係。Implications from Definitions(4)n利害關係人n利益會受到企業營運所影響的成員n內部利害關係人:如股東、員工、管理者、董事會成員n外部利害關係人:顧客、供應商、政府、社區、銀行、特定社會大眾n確認誰是利害關係人,並且以其重要性,加以管理n各國法令保護利害關係人的規定與程度均有所不同C
6、orporate Governance Mechanisms:Ownership ConcentrationnLarge-block shareholdersnOwn at least 5%of a corporate sharesnFamily,Founder,Institution,ManagersnOwnership and Monitoringn股權愈分散,監督力愈薄弱,經理人員會愈傾向採取投股權愈分散,監督力愈薄弱,經理人員會愈傾向採取投機行為機行為n進行高度非相關多角化非相關多角化n盲目擴大企業的規模n在職消費n股權集中,監督力就比較好嗎?股權集中,監督力就比較好嗎?n利益收斂觀點
7、利益收斂觀點 V.S.掠奪觀點掠奪觀點Corporate Governance Mechanisms:Ownership ConcentrationnInstitutional Owners(機構股東,或法人股東)nThe active role for institutional ownersnThe incentives of institutional ownersnThe attitude of institutions in takeovernManagerial Owners(經營權與所有權集中)nLink the managerial pay with the performan
8、ce of a firmnThe attitude of managers in agency theory and stewardship theory(管家理論)管家理論)n當經營權與所有權集中時,經理人員就好像股東的管家一樣,切實守護公司資產Corporate Governance Mechanisms:Board of Directors(董事會)nA group of elected individualsnAct in the owners interests by formally monitoring and controlling the corporations TMTn
9、Classifications of DirectorsnInsiders,related outsiders,outsidersnThe compositions of directorsnThe Effectiveness of the BoardnThe collective function of board董事會特質nComposition(組成)nInside&outside directors,Male&femalenCharacteristics(特徵)nAge variation,Background diversity nProcess(董事會運作過程)nHow the b
10、oard is held?Trust&conflict among directorsnStructure(董事會結構)nSpecialization,formality,centrality董事會角色nServicenService for Stakeholder or shareholdernStrategic ContributionnEstablish the Major Strategic DirectionsnControlnMonitor TMT,CEO succession,CEO CompensationnBusiness EthicsnMaintain the ethics
11、 and Corporate ValueCorporate Governance Mechanisms:高階經理人薪酬設計nA kind of Governance MechanismnBased on the argument of agency theorynSeeks to align the interests of managers and owners through salaries,bonuses,and long-term incentive compensationnCompensation committeenLevel of pay vary by regionsnDe
12、ficit of compensation based on stock or stock optionsCorporate Governance Mechanisms:市場治理機制nMarket for Corporate ControlnTakeover,merger and acquisitionnOften Trigger by poor performancenDeficiency of external corporate controln管理者抵抗惡意收購的技巧nGolden parachute(金色降落傘)nPoison pill(毒藥丸)nGreenmail(綠色郵件)Int
13、ernational Corporate Governance:GermanynNo Agency ProblemnThe owner and the manager are the samenBank is at the center:Monitoring&ControllingnTwo-tiered Board StructurenManagement board:Executive the function of direction&managementnSupervisory tier:Appointment to the management board,executed by un
14、ion members,employeesInternational Corporate Governance:JapannThe Importance of Obligation,Family and ConsensusnKeiretsu(經連)as a system of relationship investments(和台灣的集團企業類似)nEmployee is one member of the company familynConsensus among TMT or Board of directorsnBank plays important rolenBank-based
15、financing and monitoringnThe changing of corporate governance in JapanInternational Corporate Governance:America nThe Separation of Ownership and ManagementnThe agency problemnThe Important Role of CEO nIndividualism culturenThe Committee in Board of DirectorsnThe Restricted Role of Bank in Corporat
16、e GovernanceInternational Corporate Governance:Comparison美國美國 英國英國 加拿大加拿大 法國法國 德國德國 股權分散股權分散 非常高 高 低中等低股權比例股權比例 個人退休基金共同基金 退休基金共同基金 家族企業公司 公司政府 銀行公司 董事身份董事身份 經理人外部董事 經理人外部董事 所有者經理人外部董事 所有者員工 所有者員工 股東權力股東權力 低低中等高高接管威脅接管威脅 高高中等低低融資方式融資方式 股票股票股票/債券 債券/股票 債券Corporate Governance in TaiwannThe Family-owne
17、d structurenThe non-separation of Ownership and managementnThe monitoring and controlling role of board of directors is restrictednCEO succession is restricted on the family membershipnThe relationship among shareholders,directors and managers is different from AmericanStewardship theory is useful o
18、r not?Corporate Governance in TaiwannThe Dominance of the Family in the business is totally declined or is contingent on the industry structure n家族不一定在所有的產業當中都吃得開nThe independent director is useful in Taiwans business environment or notnHow to protect the minor shareholders right(小股東權益)n如何透過制度設計,降低大
19、股東(家族)與小股東之間的資訊不對稱程度(information asymmetry)理想董事會運作調查(1)理想的董事會規模(1)3或5人(9.8%)(2)7或9人(59.1%)(3)11或13人(19.6%)(4)15人以上(6.4%)(5)其他(5.1%)您認為董事組成應該包括哪些人(1)大股東(87.0%)(2)公司高階主管,如總經理(87.4%)(3)獨立外部董事(60.3%)(4)員工代表(35.1%)(5)其他(4.2%)認為董事會最能發揮功能之處(1)行使獨立監督權,設法維護各方利益(22.2%)(2)考核公司高階主管(10.3%)(3)公司大方向、策略,與財務績效的監控(83
20、.8%)(4)企業價值、倫理的維持(5.1%)贊不贊成所謂的外部董事 贊成(60.8%)、反對(38.8%)贊不贊成所謂的員工董事 贊成(47.5%)、反對(52.0%)對目前有關公司法中任期規定之看法(1)太長(0.9%)(2)太短(1.9%)(3)適中(96.7%)(4)其他(0.5%)理想董事會運作調查(2)n相關法規看法相關法規看法n選任過於浮濫n委託書制度弊端太多n董事會最需改善之處董事會最需改善之處n家族控制n專業董事不足n委任制度不當n無法管制惡意利益輸送董事n董事會流於形式理想董事會運作n提高董事會運作功能提高董事會運作功能方法方法n降低家族對於企業所有權與經營權之干預n提高專
21、業董事比例n嚴格把關選任董事辦法n有效限制董事股權轉讓比例n財政部擬定公司治理方財政部擬定公司治理方向向n導入獨立董事、獨立監察人制度n制訂公司治理最佳實務準則n強化資訊揭露n健全公開收購制度n制訂證券投資人及期貨交易人保護法高階經營團隊n高層核心理論n高階經營團隊的心理特質n價值觀n認知基礎n高階經營團隊的經驗n年資、教育背景、功能背景n高階經營團隊特質的歧異程度n變異程度愈高,衝突會愈多,但愈有利於創新或是產生新點子Discussionsn如何以實證方式證明公司治理與長期競爭力之間的關係?n董事會所揭露之資訊,與社會對董事會之期待,有哪些可以對話之處?n如何看待企業不同成長階段中,公司治理的演變過程?台灣企業是否有隨著規模愈大,或是多角化程度愈高,而使董事會之比例或是股權結構產生改變?Discussionsn什麼是好的公司治理機制好的公司治理機制n對亞洲企業來說,是否會有一些不同於歐美企業的運作法則n是否有所謂適合台灣企業的公司治理機制n家族董事在企業董事會中所扮演的角色n如何衡量董事會績效n可能衡量指標、如何提升 n董事成員之間的信任與衝突關係
限制150内