1、亞洲的企業(yè)管治摘要：在企業(yè)社會(huì)責(zé)任推行是否需要良好企業(yè)管治配合的爭(zhēng)論日益增長(zhǎng)的時(shí)期，威理夫教授詳細(xì)地分析了亞太地區(qū)企業(yè)管治對(duì)于企業(yè)可持續(xù)性發(fā)展，推行企業(yè)社會(huì)責(zé)任的重要性，以及在各地區(qū)的企業(yè)管治的特點(diǎn)。 Corpooratte GGoveernaancee inn AssiaAn inncreeasiinglly iimpoortaant parrt oof ddebaatess suurroounddingg CSSR ppraccticces revvolvves arooundd thhe nneedd foor ggoodd coorpooratte ggoveernaancee inn

2、 thhe AAsiaa-Paaciffic reggionn. IIt iis ccleaar tthatt a weaak iinsttituutioonall frrameeworrk ffor corrporratee gooverrnannce is inccomppatiiblee wiith thee suustaainaablee deevellopmmentt off ann ecconoomy andd thhat pooor ggoveernaancee iss a barrrieer tto iinwaard invvesttmennt. Goood ggoveerna

3、ancee haas tto bbe sseenn ass immporrtannt ttherrefoore to thee deevellopmmentt off alll eeconnomiies, buut ppartticuularrly emeergiing marrketts iin tthe reggionn. TTherrefoore, prromootinng iimprroveed ccorpporaate govvernnancce aalonng wwithh CSSR ppraccticces is an impporttantt paart of enssurii

4、ng devveloopmeent is in thee innterrestts oof mmoree thhan jusst aa doominnantt miinorrityy.Good corrporratee gooverrnannce inccreaasess innvesstorr coonfiidennce andd thheree iss evvideencee thhat sugggessts thaat wwherre ccomppaniies inttrodducee goood govvernnancce ppraccticces, shharee prricees

5、rrisee. BBut corrporratee gooverrnannce is alsso aabouut ccreaatinng bbeneeficciall reelattionnshiips witth aall staakehholdderss, iinclludiing shaarehholdderss, ccredditoors, emmplooyeees aand thee wiiderr coommuunitty aand envviroonmeent. Thhis twoo-paart artticlle sseekks tto rreviiew corrporrate

6、e gooverrnannce isssuess frrom an Asiia ppersspecctivve. Ownnersshipp annd cconttroll off maany commpanniess inn thhe rregiion diffferr frrom thaat ccommmonlly sseenn inn thhe WWestt annd ttherre aare theerefforee sppeciificc isssuees tthatt neeed to be adddresssedd inn thhis conntexxt.One kkey chaa

7、raccterristtic aboout Asiia iis tthatt maany of thee laargeest commpanniess inn thhe rregiion aree owwnedd annd cconttrollledd byy maajorr coontrrolllingg shhareehollderrs. Theese aree offtenn inndivviduualss orr faamilliess annd ssomeetimmes thee sttatee. CConttrolllinng ssharrehooldeers havve sstr

8、oong inccenttivees ffor monnitoorinng tthe commpanny aand itss maanaggemeent andd caan oofteen hhavee a possitiive imppactt onn thhe ggoveernaancee off thhe ccomppanyy. OOn tthe othher hannd ttheiir ddomiinannce alsso mmeanns tthatt thhey cann foorcee a commpanny tto ooperratee inn thhe iinteeressts

9、 of thee coontrrolllingg shhareehollderrs aand thiis ccan havve nnegaativve iimpaactss onn smmalller minnoriity shaarehholdderss.Theree iss thhereeforre aa pootenntiaal cconfflicct aarissingg whhen domminaant conntroolliing shaarehholdderss deecidde tto eextrractt prrivaate bennefiits outt off a fir

10、rm tto tthe dettrimmentt off miinorritiies. Onne aaspeect of corrporratee gooverrnannce impporttantt inn thhe rregiion is to makke ssuree thhat powwerfful inddiviiduaals andd thheirr faamilliess doo noot ddamaage thee innterrestts oof mminooritty ssharrehooldeers. It iss cllearr too seee ttherrefoor

11、e, thhat pooor ccorpporaate govvernnancce ccan be cosstlyy too miinorrityy shhareehollderrs. On thee ottherr haand, coontrrolllingg shhareehollderrs ccan alsso ssufffer froom ppoorr coorpooratte ggoveernaancee sttruccturres in thee foorm of lowwer stoock valluattionns, resstriicteed aacceess to equu

12、ityy fiinannce andd diiffiiculltiees iin ggetttingg crrediit. Even larrge lisstedd coompaaniees iin AAsiaa moore oftten thaan nnot havve aa coontrrolllingg shhareehollderr. IIndeeed, itt iss esstimmateed bby tthe OECCD tthatt 855% aare undder somme ssortt off maajorrityy coontrrol (deefinned as havv

13、ingg 200% oor mmoree off thhe vvotiing rigghtss). Thee taablee beeloww prroviidess ann ovvervvieww off thhe ssituuatiion witth rresppectt too puubliiclyy trradeed ccomppaniies in a nnumbber of Asiian loccatiionss:Itt caan bbe sseenn thhereeforre tthatt thhe ggreaat mmajooritty oof cconttrolllinng ss

14、harrehooldeers aree faamilliess orr inndivviduualss. IIn ssomee caasess itt iss thhe sstatte, a ffinaanciial insstittutiion or forreiggn mmulttinaatioonall. IIn ssuchh ciircuumsttancces, itt iss asssummed thaat tthe conntroolliing shaarehholdder hass ennouggh vvotees tto pprevventt unnwanntedd taake

15、ooverrs, apppoinnt ddireectoors andd deeterrminnes thee ouutcoome of a nnormmal votte aat aa geenerral meeetinng oof tthe commpanny. Conntroolliing shaarehholdderss raarelly nneedd 500% oof tthe votte. In mosst ccasees, in commbinnatiion witth “allliedd” shhareehollderrs aand passsivve vvoteers whoo

16、 doo noot vvotee att alll, conntrool ccan be exeerteed wwithh 300% oor llesss off thhe vvotiing rigghtss.But tthe parrticculaar ssituuatiion in Asiia ssomeetimmes meaans thaat cconttrolllinng ssharrehooldeers acttuallly havve eevenn smmalller prooporrtioons of equuityy thhan thiis bbut usee a nummbe

17、rr off deevicces to gett thhemsselvves eveen ggreaaterr vootinng rrighhts. Onne wway of doiing thiis iis tto uuse stoock witth speeciaal vootinng rrighhts whiich is allloweed iin ssomee coounttriees. Butt a morre ccommmon wayy off gaainiing conntrool ooverr a whoole grooup of commpanniess iss too ma

18、ake usee off soo-caalleed conntrool ppyraamidds. TThiss iss beest expplaiinedd thhrouugh usee off ann exxampple.Lett uss asssumme tthatt a fammilyy owwns 40% off a glooball hooldiing commpanny (commpanny AA). Commpanny AA thhen hass a 40% hooldiing in an Asiia Paccifiic ssubssidiiaryy off thhat comm

19、panny (commpanny BB). Commpanny BB hooldss 400% oof aa paartiicullar serrvicce ccomppanyy (ccomppanyy C) annd, in turrn ccomppanyy C hollds 40% off thhe sstocck oof oone of itss coontrracttorss (ccomppanyy D). SSincce 440% is morre tthann ennouggh sstocck tto eeffeectiivelly cconttroll a commpanny,

20、thee faamilly hhas conntrool ooverr thhis whoole grooup. Itt haas cconttroll ovver 40% off thhe vvotiing powwer of commpanny DD, bbut, inn acctuaal ffactt onnly reaallyy owwns onlly 22.566% oof tthe stoock .In Hoong Konng tthe bussineess emppiree ceenteeredd arrounnd CCheuung Konng aand Huttchiinsoo

21、n WWamppoa ownned larrgelly bby LLi KKa-SShinng aand hiss faamilly iis hhugeely succcesssfuul aand enoormoous. A stuudy by Stiijn Claasseens in 20000 ssugggestted thaat tthe Li fammilyy haad 334% of thee voote in Honng KKongg Ellecttricc, ffor exaamplle, butt duue tto aan eelabboraate ownnersshipp s

22、ttruccturre eeffeectiivelly oowneed oonlyy 2.5% of it.Thesee soortss off conntrool ppyraamidds arre wwideesprreadd. IIn MMalaaysiia, thee Phhiliippiiness annd TTaiwwan oveer 335% of lisstedd coompaaniees aare conntroolleed wwithh a pyrramiid sstruuctuure. Inn Inndonnesiia aand Sinngapporee, iit iis

23、wwelll ovver 50%. SSomeetimmes theey aare verry uusefful to briing a ggrouup oof ccomppaniies toggethher undder onee weell knoown braand. Buut tthiss seeparratiion of ownnersshipp annd cconttroll haas iimpoortaant imppliccatiionss foor tthe commpanniess miinorrityy shhareehollderrs. As nootedd prrev

24、iioussly, inn maany casses conntroolliing shaarehholdderss haave an inttereest in seeeingg a welll mmanaagedd coompaany andd caan bbe eeffeectiive in oveerseeeinng tthe corrporratee gooverrnannce of thee coompaany. Buut, at othher timmes, coontrrolllingg shhareehollderrs aare in a pposiitioon tto tt

25、akee acctioons thaat bbeneefitt thhemsselvves at thee exxpennse of othher shaarehholdderss. TThe treeatmmentt off miinorrityy shhareehollderrs iis ttherrefoore a bbig isssue forr coorpooratte ggoveernaancee inn thhe rregiion. Thhe ssoluutioon iis tto ccreddiblly ssignnal to exiistiing andd pootennti

26、aal ssharrehooldeers thaat ttheiir iinteeressts willl bbe uupheeld. Thheree arre aa nuumbeer oof vvoluuntaary commplyy annd ddiscclosse coodess off coonduuct thaat ccan be adoopteed bby ccomppaniies andd crrediiblyy auuditted. Hoowevver, suuch coddes, coommoon iin tthe Lonndonn annd NNew Yorrk sstoc

27、ck eexchhangges, foor eexammplee, hhavee seeen a mmuchh poooreer uuptaake in Asiia. It mayy weell be, thhereeforre, thaat iin tthiss reegioon, theere neeeds to be meaasurres inttrodduceed tthatt arre bbackked up by strrongg leegall prroteectiion. (TThiss iss fuurthher exaaminned in thee seeconnd ppa

28、rtt off thhis artticlle).Theree arre aa nuumbeer oof iissuues connnecctedd wiith conntroolliing shaarehholdderss thhat havve tto bbe aaddrresssed thrrouggh ssuchh meeasuuress. IIn AAsiaa, iin ppartticuularr, tthe mosst ccommmon conntroolliing shaarehholdder is thee faamilly. Thiis rraisses bigg isss

29、uees wwhenn itt coomess too suucceessiion plaanniing andd thhe mmanaagemmentt annd cconttroll off coompaaniees. Wheen tthe fammilyy fooundder deccidees tto sstepp assidee foor eexammplee, wwe mmay seee annothher fammilyy meembeer ttakee ovver thee leeadeershhip rolle eevenn whhen thee skkillls aand

30、tallentts oof tthatt faamilly mmembber wouuld norrmallly dicctatte ootheerwiise. Inn thhis casse aa pooor govvernnancce sstruuctuure meaans thaat tthe commpanny mmighht bbe mmanaagedd byy leess thaan ffullly ccomppeteent perrsonnnell. IIn aaddiitioon, howweveer, a ccomppanyy wiith pooor ggoveernaanc

31、ee miightt acctuaallyy fiind it diffficcultt too reecruuit proofesssioonall maanaggemeent to runn thhe bbusiinesss ggrouup.Compaaniees hhavee coonsiiderrablle ddisccrettionn abboutt whhat divvideendss wiill be paiid tto ssharrehooldeers. Shhareehollderr buuy tthe shaaress off coompaaniees llookkingg

32、 foor ffinaanciial bennefiit iin ttermms oof bbothh thhe ddiviidennd iincoome andd caapittal gaiins asssociiateed wwithh thhe ssharre ppricce. Theey nneedd asssurrancce tthatt faair divvideendss wiill be paiid (sinnce thiis aalsoo immpaccts on shaare priice). MMoreeoveer, theey nneedd too knnow thaa

33、t ttheiir iinteeressts as shaarehholdderss wiill nott bee diiscrrimiinatted agaainsst iin ffavoour of othher shaarehholdderss. IIn ppartticuularr, iit iis iimpoortaant thaat cconttrolllinng ssharrehooldeers aree noot aalloowedd too geet mmoneey oout of thee coompaany in othher wayys tthatt suuitss t

34、hheirr owwn iinteeressts.One wway in whiich thiis oofteen ooccuurs in emeergiing marrkett ecconoomiees iis tthrooughh thhe ppraccticce ccommmonlly kknowwn aand tunnnellingg. TThiss iss thhe ssituuatiion wheere commpanny inssideers taake thee asssetts ffor theemseelvees. Tunnnellingg coomess att thhe

35、 eexpeensee off shhareehollderrs aand othher staakehholdderss annd iin tthe proocesss rreduucess innvesstorr coonfiidennce, reetarrds cappitaal mmarkket devveloopmeent, reeducces acccesss too eqquitty ffinaancee annd uultiimattelyy slloweer ggrowwingg annd llesss sttablle eeconnomiies. Liike corrrup

36、ptioon, morre ggeneerallly, itt deestrroyss coonfiidennce in a wwholle eeconnomyy, sstiffless innwarrd iinveestmmentt annd mmakees tthe poooresst ppartts oof ssociietyy evven pooorerr. TTunnneliing cann bee eaasilly ddonee byy coontrrolllingg shhareehollderrs wwho cann offtenn trranssferr mooneyy an

37、nd ootheer aasseets outt off a commpanny, bennefiitinng tthemmsellvess annd hharmmingg miinorrityy shhareehollderrs, empployyeess annd llocaal ccommmuniitiees. Theese acttiviitiees ccan sevvereely dammagee a commpanny aand eveen lleadd too baankrrupttcy. Thheree haave beeen ccasees wwherre cconttrol

38、llinng ssharrehooldeers havve iinteentiionaallyy “holllowwed outt” thhe ccomppanyy, lleavvingg deebtss unnpaiid aand worrkerrs wwithhoutt joobs.Theree arre aa nuumbeer oof fformms oof ttunnneliing thaat eexisst. Thee fiirstt reelattes to acttingg onn prriviilegged infformmatiion forr peersoonall gaa

39、in. Adddittionnal purrchaasess off shharees bby aa coontrrolllingg shhareehollderr orr meembeers of thee faamilly oor aassoociaatedd buusinnessses cann bee doone priior to an annnounncemmentt off a deaal tthatt wiill sennd tthe shaare priice higgherr. SSuchh innsidder deaalinng iis iilleegall inn ma

40、any Asiian couuntrriess buut mmanyy seee iit aas pprevvaleent andd laargeely uncchalllenngedd Assset traansfferss onn ovverlly ffavoouraablee teermss too ottherr coompaaniees oowneed bby cconttrolllinng ssharrehooldeers is anootheer ttunnneliing taccticc. GGranntinng oof sspeccifiic cconttraccts to

41、parrticculaar ccomppaniies on favvourrablle ttermms aand thee trranssferr off liiabiilittiess caan aall bennefiit cconttrolllinng ssharrehooldeers oveer mminooritty ooness. TTrannsfeer ppriccingg taactiics bettweeen ccomppaniies ownned by thee saame conntroolliing shaarehholdder cann exxplooit botth

42、 mminooritty ssharrehooldeers andd crrediitorrs. One wway in whiich conntroolliing shaarehholdderss caan ttunnnel a ccomppanyy reelattes to cappitaal iincrreasses. Itt iss noot uuncoommoon ffor neww shharees iin aa coompaany to be isssuedd annd ssoldd eiitheer ddireectlly oor tthrooughh a rellateed

43、ppartty tto tthe conntroolliing shaarehholdder on favvourrablle ttermms. Thiis nnot onlly pprovvidees aa buuiltt inn prremiium forr thhe ddomiinannt ppartty, butt allso deccreaasess thhe hholddingg off miinorrityy shhareehollderrs. We retturnn too thhis isssue bellow.In kiind conntriibuttionns tto c

44、conttrolllinng ssharrehooldeers cann allso exttracct rresoourcces froom aa coompaany eveen bbefoore theey rreacch tthe botttomm liine, reeduccingg prrofiitabbiliity andd diividdendds tto bbe ppaidd. CCarss, hhousses, yaachtts, luxxuryy bussineess traavell annd ootheer pperkks mmay be givven to connt

45、roolliing shaarehholdderss buut nnot othherss. IIn aaddiitioon, thee coontrrolllingg shhareehollderr, aalonng wwithh frriennds andd reelattivees mmay alsso hhavee maanaggemeent possitiionss foor wwhicch ttheyy arre ooverrcommpennsatted. Innvesstmeent deccisiionss maay rrefllectt thhe pperssonaal iin

46、teeressts of thee coontrrolllingg shhareehollderrs aand loww prrofiit ssubssidiiariies of thee coompaany creeateed iin oordeer tto ssatiisfyy thhe wwhimms oof cchilldreen oof tthe fouundeer.The ggreaatesst ooppoortuunitty ffor minnoriity shaarehholdderss too coome toggethher andd haave theeir voiice

47、ss heeardd iss thhe ggeneerall meeetiing of thee coompaany wheere (inn thheorry) shaarehholdderss caan uuse theeir funndammenttal rigghtss ass owwnerrs oof tthe commpanny tto ppartticiipatte iin ddeciisioon-mmakiing. Unnforrtunnateely, suuch meeetinngs oftten do nott liive up to thaat pprommisee. TT

48、herre hhavee beeen casses in somme AAsiaan ccounntriies of shaarehholdderss acctuaallyy beeingg keept awaay ffromm meeetiingss, mmeettinggs bbeinng hheldd unnannnounncedd, llocaatioons chaangeed aat tthe lasst mminuute andd noot ccommmuniicatted andd seecurrityy chheckks bbeinng sso ttighht aas tto

49、nnot alllow memmberrs ppastt dooorss innto thee meeetiing.But tthe ulttimaate queestiion is wheetheer tthe shaarehholdder genneraal mmeettingg evven mattterrs iif ttherre eexissts a cconttrolllinng ssharrehooldeer. By deffiniitioon tthe conntroolliing shaarehholdder cann muusteer eenouugh vottes to

50、conntrool tthe outtcommes of thee meeetiing. Buut ttherre aare wayys oof ooverrcommingg thhis buiilt-in biaas. Onee iss too usse ssupeer-mmajooritty rrequuireemennts forr ceertaain majjor traansaactiion of impporttantt sttrattegiic ccomppanyy deecissionns. A tthreeshoold of achhievvingg att leeastt

51、twwo-tthirrds or eveen 775% of thee voote migght be inttrodduceed iin ssuchh ciircuumsttancces.Majorr trranssacttionns, in parrticculaar, reqquirre sspecciall trreattmennt wwhenn itt coomess too deevellopiing corrporratee gooverrnannce guiidellinees bbecaausee thhesee caan hhavee a hugge iimpaact on

52、 thee coompaany, itts eemplloyeees andd shhareehollderrs. In addditiion, soo caalleed rrelaatedd-paartyy trranssacttionns tthatt diirecctlyy innvollve thee innterrestts oof mmembberss off thhe bboarrd, mannageemennt oor tthe conntroolliing shaarehholdder musst bbe ssubjjectt too sppeciial proovissio

53、nns. Commpanny llaw andd, wwithh reespeect to disscloosurre, seccuriitiees rreguulattionns sshouuld norrmallly havve aaddiitioonall gooverrnannce reqquirremeentss foor ssuchh trranssacttionns. It mayy weell be thaat wwherre ttherre iis aa peersoonall beeneffit to be gaiinedd ouut oof aa trranssactti

54、onn, tthatt beenefficiiaryy (iinclludiing conntroolliing shaarehholdderss) sshouuld nott taake plaace in thee deecissionn-maakinng ssurrrounndinng iit. In Siingaaporre, acccounntinng sstanndarrds reqquirre tthe disscloosurre oof rrelaatedd-paartyy reelattionnshiips andd reelatted-parrty traansaactii

55、onss haave to be pubblisshedd wiith finnancciall sttateemennts. Thhey reqquirre iimmeediaate repporttingg off trranssacttionns eexceeediing 3% of thee coompaanys bbookk vaaluee annd ddetaailss off alll pparttiess thhat havve aan iinteeresst iin tthe traansaactiion. Foor rrelaatedd-paartyy trranssact

56、tionns tthatt exxceeed 55% oof tthe isssuerrs bbookk vaaluee, ssharrehooldeer aapprrovaal iis rrequuireed.Wheree thheree iss a majjor traansaactiion in a ccomppanyy thhen goood ccorpporaate govvernnancce sshouuld graant shaarehholdderss apppraaisaal rrighhts linnkedd too thhat traansaactiion. Thhis

57、meaans thaat tthrooughh a faiir aand acccuraate (annd oofteen iindeepenndennt) apppraiisall, ssharrehooldeers shoouldd bee abble to connfirrm tthatt a traansaactiion wass goood forr thhe ccomppanyy annd nnot biaasedd inn faavouur oof oone inttereesteed ppartty. In manny ccounntriies acccesss too app

58、praaisaal rrighhts is beiing brooadeenedd, bbut in othherss thhe pproccesss iss sttilll deepenndennt oon ssharrehooldeers goiing to couurt or pettitiioniing reggulaatorrs tto gget onee caarriied outt. GGetttingg a faiir aand acccuraate apppraiisall iss hoowevver a cchalllennge if thee coompaany choo

59、osees wwho carrriees iit oout.Some couuntrriess, mmostt nootabbly Korrea, allso proovidde ssharrehooldeers witth ddisssentter rigghtss iff thhey votte aagaiinstt a parrticculaar ppropposaal aat tthe genneraal mmeettingg buut iit iis sstilll ppushhed thrrouggh bby aa maajorrityy off thhe vvoteers. Un

60、nderr suuch cirrcummstaancees ddisssenttingg shhareehollderrs hhavee thhe rrighht tto sselll thheirr shharees bbackk too thhe ccomppanyy att thhe ppricce pprevvaleent befforee thhe ddeciisioon wwas takken (asssummingg thhat is higgherr), forr exxampple.In maany couuntrriess prroxyy vootinng iis bbei