公司治理和高阶经营团队.pptxVIP

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 The relationship among stakeholders that is used to determine and control the strategic direction and performance of organizationsMechanisms by which stakeholders of a corporation exercise control over corporate insiders and management such that their interests are protected (John Senbet, 1998)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)Protect who’s interest?Stakeholder （利害關係人) or Shareholder (股東）What are the purposes for board?Identifying ways to ensure that strategic decisions are made effectivelyReflecting and enforcing the company valuesEnsuring that the interest of top-level managers are aligned with the interests of the shareholdersImplications from Definitions (2)Separation of Ownership and ManagementAgency theory （代理理論）Managers are the agent of firm’s owners (principle)Managerial opportunismThe mechanism of aligning the interest of managers and firm’s ownersAgency cost Governance mechanismThe control role of directorsImperfect means of controlling managerial opportunismImplications from Definitions (3)代理理論代理理論討論的是當主理人（principle）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)利害關係人利益會受到企業營運所影響的成員內部利害關係人：如股東、員工、管理者、董事會成員…外部利害關係人：顧客、供應商、政府、社區、銀行、特定社會大眾…確認誰是利害關係人，並且以其重要性，加以管理各國法令保護利害關係人的規定與程度均有所不同Corporate Governance Mechanisms: Ownership ConcentrationLarge-block shareholdersOwn at least 5% of a corporate sharesFamily, Founder, Institution, Managers…Ownership and Monitoring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進行高度非相關多角化盲目擴大企業的規模在職消費股權集中，監督力就比較好嗎？利益收斂觀點 V.S. 掠奪觀點Corporate Governance Mechanisms: Ownership ConcentrationInstitutional Owners （機構股東，或法人股東）The active role for institutional ownersThe incentives of institutional ownersThe attitude of institutions in takeoverManagerial Owners （經營權與所有權集中）Link the managerial pay with the