公司治理与高阶经营团队

按一下以編輯母片標題樣式,按一下以編輯母片,第二層,第三層,第四層,第五層,*,公司治,理,理與高,階,階經營,團,團隊,ISU,企四,B,策略管,理,理,Lecture 10,2009.12.02,公司治,理,理定義,Therelationship among stakeholdersthat is usedtodetermineand controlthe strategicdirectionand performance of organizations,Mechanisms by which stakeholdersofa corporation exercise controlovercorporateinsidersand managementsuchthattheirinterestsare protected,(John&Senbet,1998),使企業,體,體透過,法,法律的,制,制衡管,控,控與設,計,計，,在企業,所,所有權,與,與經營,權,權分離,的,的組織,體,體系當,中,中,，有效,監,監督其,組,組織活,動,動，以,及,及如何,健,健全其,組,組織運,作,作，防,止,止脫法,行,行為之,經,經營舞,弊,弊，以,實,實現企,業,業社會,責,責任之,高,高度目,標,標（,OECD,）,ImplicationsfromDefinitions(1),Protect whos interest?,Stakeholder,（利害,關,關係人,),orShareholder,(,股東）,What arethepurposesfor board?,Identifyingways to ensurethat strategicdecisionsare madeeffectively,Reflecting andenforcingthe companyvalues,Ensuringthat theinterestoftop-levelmanagersarealignedwith theinterestsofthe shareholders,ImplicationsfromDefinitions(2),Separation of OwnershipandManagement,Agencytheory,（代理,理,理論）,Managersarethe agent of firm,sowners(principle),Managerial opportunism,Themechanism of aligning theinterestofmanagersandfirms owners,Agencycost&Governance mechanism,Thecontrolrole of directors,Imperfectmeansofcontrollingmanagerialopportunism,ImplicationsfromDefinitions(3),代理理,論,論,代理理,論,論討論,的,的是當,主,主理人,（,（,principle,）必須,委,委託代,理,理人（,agent,）執行,特,特定事,務,務時，,代,代理人,因,因為投,機,機主義,或,或自己,利,利益考,量,量，可,能,能與主,理,理人利,益,益發生,不,不一致,現,現象，,進,進而可,能,能造成,主,主理人,利,利益的,損,損失,大型現,代,代公司,因,因為所,有,有權與,經,經營權,分,分離，,造,造成經,理,理人員,（,（代理,人,人）與,股,股東（,主,主理人,）,）之間,可,可能存,在,在代理,問,問題，,是,是多數,代,代理理,論,論所討,論,論的代,理,理關係,。,。,ImplicationsfromDefinitions(4),利害關,係,係人,利益會,受,受到企,業,業營運,所,所影響,的,的成員,內部利,害,害關係,人,人：如,股,股東、,員,員工、,管,管理者,、,、董事,會,會成員,外部利,害,害關係,人,人：顧,客,客、供,應,應商、,政,政府、,社,社區、,銀,銀行、,特,特定社,會,會大眾,確認誰,是,是利害,關,關係人,，,，並且,以,以其重,要,要性，,加,加以管,理,理,各國法,令,令保護,利,利害關,係,係人的,規,規定與,程,程度均,有,有所不,同,同,CorporateGovernanceMechanisms:,OwnershipConcentration,Large-blockshareholders,Ownatleast5%ofacorporateshares,Family,Founder,Institution,Managers,Ownershipand Monitoring,股權愈,分,分散，,監,監督力,愈,愈薄弱,，,，經理,人,人員會,愈,愈傾向,採,採取投,機,機行為,進行高,度,度,非相關,多,多角化,盲目,擴,擴大,企,企業,的,的規,模,模,在職,消,消費,股權,集,集中,，,，監,督,督力,就,就比,較,較好,嗎,嗎？,利益,收,收斂,觀,觀點,V.S.,掠奪,觀,觀點,CorporateGovernanceMechanisms:,OwnershipConcentration,InstitutionalOwners,（機,構,構股,東,東，,或,或法,人,人股,東,東）,Theactiveroleforinstitutionalowners,Theincentivesofinstitutionalowners,Theattitudeofinstitutionsintakeover,ManagerialOwners,（,經營,權,權與,所,所有,權,權集,中,中,）,Linkthemanagerialpaywiththeperformanceofafirm,Theattitudeofmanagersin,agencytheory,and,stewardshiptheory,（,管家,理,理論,）,）,當經,營,營權,與,與所,有,有權,集,集中,時,時，,經,經理,人,人員,就,就好,像,像股,東,東的,管,管家,一,一樣,，,，切,實,實守,護,護公,司,司資,產,產,CorporateGovernanceMechanisms:,BoardofDirectors,（董,事,事會,）,）,Agroupofelectedindividuals,ActintheownersinterestsbyformallymonitoringandcontrollingthecorporationsTMT,ClassificationsofDirectors,Insiders,relatedoutsiders,outsiders,Thecompositionsofdirectors,TheEffectivenessoftheBoard,Thecollectivefunctionofboard,董事,會,會特,質,質,Composition,（組,成,成）,Inside&outsidedirectors,Male&female,Characteristics,（特,徵,徵）,Agevariation,Backgrounddiversity,Process,（董,事,事會,運,運作,過,過程,）,）,Howtheboardisheld?Trust&conflictamongdirectors,Structure,（董,事,事會,結,結構,）,）,Specialization,formality,centrality,董事,會,會角,色,色,Service,ServiceforStakeholderorshareholder,StrategicContribution,EstablishtheMajorStrategicDirections,Control,MonitorTMT,CEOsuccession,CEOCompensation,BusinessEthics,MaintaintheethicsandCorporateValue,CorporateGovernanceMechanisms:,高階,經,經理,人,人薪,酬,酬設,計,計,AkindofGovernanceMechanism,Basedontheargumentof,agencytheory,Seeksto,aligntheinterestsofmanagersandowners,throughsalaries,bonuses,and long-termincentive compensation,Compensationcommittee,Level ofpayvary by,regions,Deficitof compensationbased onstock or stockoptions,Corporate GovernanceMechanisms:,市場治理,機,機制,Market for CorporateControl,Takeover,mergerandacquisition,Often Trigger bypoorperformance,Deficiency of external corporatecontrol,管理者抵,抗,抗惡意收,購,購的技巧,Golden parachute,（金色降,落,落傘）,Poison pill,（毒藥丸,）,）,Greenmail,（綠色郵,件,件）,International CorporateGovernance:Germany,No Agency Problem,Theowner and the manager are the same,Bankisat the center:Monitoring&Controlling,Two-tiered BoardStructure,Management board:Executivethefunctionofdirection&management,Supervisorytier:Appointment tothemanagementboard,executedby unionmembers,employees,International CorporateGovernance:Japan,TheImportance ofObligation,FamilyandConsensus,Keiretsu,（經連）,as asystemofrelationshipinvestments,（和台灣,的,的集團企,業,業類似）,Employeeisonemember of the company family,Consensus amongTMTor Boardofdirectors,Bankplays importantrole,Bank-based financingandmonitoring,Thechangingofcorporate governanceinJapan,International CorporateGovernance:America,TheSeparation of OwnershipandManagement,Theagency problem,TheImportant Role of CEO,Individualism culture,TheCommittee inBoard of Directors,TheRestricted Roleof Bankin CorporateGovernance,International CorporateGovernance:Comparison,美國,英國,加拿大,法國,德國,股權分散,非常高,高,低,中等,低,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,經理人,外部董事,經理人,外部董事,所有者,經