公司治理和道德培训课件.ppt

PART 3: IMPLEMENTATION OF STRATEGIC ACTIONS KNOWLEDGE OBJECTIVES 1. Corporate governance 2. Separation of ownership and managerial control. 3. Agency Relationship, Agency Problem 4.Governance Mechanisms: three internal governance mechanisms external corporate governance mechanism 5. Corporate governance in international settings, especially in Germany, Japan, and China. 学习目标 1、公司治理定义 2、所有权与经营权分离 3、代理关系、代理问题 4、治理机制：三种内部机制 一种外部机制 5、国际背景下各国公司治理的特点，以德国、日本和中国公司为例 OPENING CASE 1、CORPORATE GOVERNANCE CORPORATE GOVERNANCE Corporate governance: a set of mechanisms used to manage the relationships among stakeholders, and to determine and control the strategic direction and performance of organizations. 公司治理机制：是指用来管理利益相关者之间的关系（以及利益冲突），决定并控制组织战略方向以及组织业绩的一套机制。 公司治理 公司治理的目标是: 确保高层管理者的利益与公司利益相关者(尤其是股东)的利益相一致. When CEOs are motivated to act in the best interests of the firm—particularly, the shareholders—the company’s value should increase. 如果CEO以公司特别是股东利益最大化来采取行动，那么公司的价值就会有所增长。 CORPORATE GOVERNANCE 公司治理的核心： 寻找各种方法、机制来确保决策（特别是战略决策）的有效制定，并促使公司获得战略竞争力。 治理机制：三个内部机制，一个外部机制 Theoretical basis for Corporate governance 2、SEPARATION OF OWNERSHIP AND MANAGERIAL CONTROL SEPARATION OF OWNERSHIP AND MANAGERIAL CONTROL Backround: Historically, firms managed by founder-owners and descendants. 历史上，美国的公司一直是由创立者兼所有者以及他们的继任者来管理的。 Small firms’ managers are high percentage owners, which implies less separation between ownership and management control. 小公司的管理者往往持有公司一大部分的所有权，因此，小公司的所有权和经营权分离的程度就比较低。 SEPARATION OF OWNERSHIP AND MANAGERIAL CONTROL why separate? As Family-owned businesses grow, they may not have access to all needed skills to manage the growing firm and maximize its returns, so may need outsiders to improve management. They may need to seek outside capital (whereby they give up some ownership control). 所有权和经营权的分离 为什么会分离： 随着家族公司不断发展壮大，这些家族成员在有效管理公司并使家族回报最大化方面的技能会出现欠缺。 随着公司的发展，由于需要寻求外部资本，因而必须放弃一部分所有权。 SEPARATION OF OWNERSHIP AND MANAGERIAL CONT