【正文】 。 Global Corporate Governance ? Relatively uniform governance structures are evolving ? These structures are moving closer to the . corporate governance model ? Although implementation is slower, merging with . practices is occurring even in transitional economies ? 正演變出相對(duì)統(tǒng)一的治理結(jié)構(gòu) ? 這些結(jié)構(gòu)接近于美國(guó)的公司治理模式 ? 盡管實(shí)施速度慢很，但是在一些轉(zhuǎn)型經(jīng)濟(jì)體也開始出現(xiàn)美國(guó)的治理模式 ? GOVERNANCE MECHANISMS AND ETHICAL BEHAVIOR GOVERNANCE MECHANISMS AND ETHICAL BEHAVIOR It is important to serve the interests of the firm’s multiple stakeholder groups! Capital Market Stakeholders Product Market Stakeholders Organizational Stakeholders ? In the ., shareholders (in the capital market group) are the most important stakeholder group served by the Board of Directors ? Governance mechanisms focus on control of managerial decisions to protect shareholder interests 治理機(jī)制和道德行為 為公司各利益相關(guān)者集團(tuán)的利益服務(wù)是非常重要的 ! 資本市場(chǎng) 利益相關(guān)者 產(chǎn)品市場(chǎng) 利益相關(guān)者 組織利益相關(guān)者 ?在美國(guó)，股東（資本市場(chǎng)）被認(rèn)為是公司最重要的利益相關(guān)者 ?治理機(jī)制對(duì)管理決策的監(jiān)控主要是保護(hù)股東的利益 GOVERNANCE MECHANISMS AND ETHICAL BEHAVIOR It is important to serve the interests of the firm’s multiple stakeholder groups! Capital Market Stakeholders Product Market Stakeholders Organizational Stakeholders ? Product market stakeholders (customers, suppliers, and host munities) and anizational stakeholders (managerial and nonmanagerial employees) are also important stakeholder groups and may withdraw their support of the firm if their needs are not met, at least minimally 治理機(jī)制和道德行為 為公司各利益相關(guān)者集團(tuán)的利益服務(wù)是非常重要的 ! 資本市場(chǎng) 利益相關(guān)者 產(chǎn)品市場(chǎng) 利益相關(guān)者 組織利益相關(guān)者 ?產(chǎn)品市場(chǎng)利益相關(guān)者（如顧客、供應(yīng)商、社區(qū)）和組織利益相關(guān)者（如管理人員和非管理人員）也是非常重要的利益相關(guān)者集團(tuán)，公司至少要滿足它們的最低需求，否則它們就會(huì)收回對(duì)公司的支持而轉(zhuǎn)向其他公司 GOVERNANCE MECHANISMS AND ETHICAL BEHAVIOR It is important to serve the interests of the firm’s multiple stakeholder groups! Capital Market Stakeholders Product Market Stakeholders Organizational Stakeholders ? Some observers believe that ethically responsible panies design and use governance mechanisms that serve all stakeholders’ interests ? Importance of maintaining ethical behavior is seen in the examples of Enron, Arthur Andersen, WorldCom, HealthSouth and Tyco 治理機(jī)制和道德行為 為公司各利益相關(guān)者集團(tuán)的利益服務(wù)是非常重要的 ! 資本市場(chǎng) 利益相關(guān)者 產(chǎn)品市場(chǎng) 利益相關(guān)者 組織利益相關(guān)者 ? 有些人認(rèn)為，具有道德責(zé)任的公司設(shè)計(jì)和運(yùn)用內(nèi)部公司治理機(jī)制，可以增加公司滿足利益相關(guān)者最低利益的可能性 ? 安然、世通、美國(guó)醫(yī)療服務(wù)公司（ HealthSout）、薩蒂揚(yáng)（ Satyam）（印度的一家大型信息技術(shù)公司）的例子可以說明道德行為的重要性 GOVERNANCE MECHANISMS AND ETHICAL BEHAVIOR ● For 2023, some of World Finance’s “Best Corporate Governance Awards” by country were given to: ? Royal Bank of Canada (Canada) ? Vestas Wind Systems A/S (Denmark) ? BSF AG (Germany) ? Empresas ICA (Mexico) ? Cisco Systems (United States) 治理機(jī)制和道德行為 ● 2023年 《 世界金融 》 將“最佳公司治理獎(jiǎng)”頒給了以下幾個(gè)公司： ? 加拿大皇家銀行（ Royal Bank of Canada）（加拿大） ? 維斯塔風(fēng)力系統(tǒng)（ Vestas Wind Systems A/S）（丹麥） ? BSF AG（德國(guó)） ? Empresas ICA（墨西哥） ? 思科系統(tǒng)（美國(guó)） ? 作業(yè)： ? 預(yù)習(xí)下一章案例。 ? ? 中國(guó)的公司治理機(jī)制傾正在轉(zhuǎn)向西方模式 。前些年，大量的內(nèi)幕交易使這些市場(chǎng)比較疲軟，但隨著治理機(jī)制的加強(qiáng)，這些市場(chǎng)得到了進(jìn)一步的完善 ●但是政府仍然依靠直接和 /或間接的控制來影響公司的戰(zhàn)略 Corporate Governance in China ● Firms with higher state ownership have lower market value and more volatility ● The state is imposing social goals on these firms and executives are not trying to maximize shareholder wealth ● Moving toward a Westernstyle model ● Chinese executives are being pensated based on the firm’s financial performance ● Much work remains if the governance of Chinese panies is to meet international and Western standards 中國(guó)的公司治理 ? 國(guó)有所有權(quán)比例越高的公司往往市場(chǎng)價(jià)值越低，并且價(jià)值的波動(dòng)也越大 。 Corporate Governance in China ? Changes: ? Major changes over the past decade ? Privatization of business and the development and integrity of equity market ? The stock markets in China remain young and underdeveloped。 ●由于日本的銀行逐漸發(fā)展成為經(jīng)濟(jì)組織，因此，銀行在監(jiān)管和控制管理者行為和公司業(yè)績(jī)方面的重要作用已經(jīng)遠(yuǎn)不如從前。 ● 這種傳統(tǒng)體制由于缺乏外部所有權(quán)力量也產(chǎn)生了代理成本。 ? 由于 銀行在德國(guó)公司治理結(jié)構(gòu)中的影響力，私人股東很少能在公司中占有主要所有權(quán)。 ? 批評(píng)者卻認(rèn)為，它減緩了決策的制定速度并且限制住了 CEO的手腳。 ? 員工人數(shù)超過 2023的公司必須具有雙線的董事結(jié)構(gòu)，從而將監(jiān)督和控制管理決策和行動(dòng)的責(zé)任交給兩個(gè)不同的集體。 ? 和美國(guó)一樣，所有權(quán)集中在德國(guó)也是一個(gè)重要的公司治理機(jī)制 。 在這種情況下，就不存在代理問題 。 ? P278 Table HOSTILE TAKEOVER DEFENSE STRATEGIES TABLE Hostile Takeover Defense Strategies 惡意接管的防范策略 表 惡意接管的防范策略 HOSTILE TAKEOVER DEFENSE STRATEGIES TABLE Hostile Takeover Defense Strategies (Cont’d) 惡意接管的防范策略 表 惡意接管的防范策略（續(xù)） ? INTERNATIONAL CORPORATE GOVERNANCE Corporate Governance in Germany ? Concentration of ownership is strong ? In many private German firms, the owner and manager may be the same individual ? In these instances, agency problems are not present. ? In publicly traded German corporations, a single shareholder is often dominant, frequently a bank ? The concentration of ownership is an important means of corporate governance in Germany, as it is in the . 德國(guó)的公司治理 ? 強(qiáng)調(diào)所有權(quán)的集中 。 MARKET FOR CORPORATE