新兴市场的公司治理:驾驭变革之风
Corporate Governance in Emerging Markets: Harnessing Winds of Change
1905字
2019-11-22 10:28
69阅读
火星译客

Emerging markets provide many potential investment opportunities, but corporate governance shortfalls can present challenges. Over the years, some countries have moved faster than others to plug their governance gaps. In the first of this two-part series, Franklin Templeton Emerging Markets Equity’s Chetan Sehgal and Andrew Ness outline what corporate governance is and how emerging markets are making improvements in this area.

尽管新兴市场提供了许多潜在的投资机会,但治理缺陷可能会使公司面临挑战。多年来,一些国家比其他国家更快地填补了治理漏洞。在这个由两部分组成的系列文章的第一部分中,富兰克林邓普顿新兴市场股票公司(Franklin Templeton Emerging Markets Equity)的切坦•塞加尔(Chetan Sehgal)和安德鲁•尼斯(Andrew Ness)概述了什么是公司治理,以及新兴市场如何在这一领域做出改善。

Corporate governance is a term that is easier to grasp than define. It is a sprawling subject, and its definition can vary from one investor to another. That said, academic and industry research tends to view corporate governance at the country and company levels.1

公司治理是一个比定义更容易理解的术语。这是一个涉及面很广的课题,不同投资者对它的定义也不尽相同。也就是说,学术和行业研究倾向于从国家和公司的层面来看待公司治理。

  • Country: Laws, regulations and policies that shape the investment environment typically take center stage. Investors look to the quality of a market’s public institutions, reflected in the strength of its property rights, disclosure standards and other features, to determine how much they can trust the market with their capital. These features also form the institutional framework in which companies operate.
  • Company: Here, checks and balances between a company’s board, management and shareholders are key. We believe internal systems that help the board to effectively monitor management, incentivize managers to act in the best interests of all shareholders, or enable shareholders to hold the board to account should contribute to sound governance.

国家:塑造投资环境的法律、法规和政策通常占据中心位置。投资者通过观察一个市场的公共机构的质量(反映在其产权、信息披露标准和其他特征的强度上),来决定他们可以在多大程度上相信这个市场。这些特征也构成了公司运作的制度框架。

公司:在这里,公司董事会、管理层和股东之间的相互制衡是关键问题。我们认为,有助于健全治理机制的内部制度同样有助于董事会有效监督管理层,激励管理人员以全体股东的最大利益行事,或使股东对董事会负责。

We think, at its core, corporate governance determines how well companies are able to operate in the longer-term interests of all shareholders. One study offers this definition: “Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment.”2

我们认为,公司治理的核心决定了该公司能否从全体股东的长期利益出发从事经营活动。一项研究给出了这样的定义:“公司治理意指为公司提供资金的供应商确保其投资获得回报的方式。

The Search for Alpha

寻找阿尔法

What makes good corporate governance vital? To start, it is integral to a company’s sustainability. A healthy system of controls, incentives and values, reflected in features such as a majority-independent board, well-designed executive remuneration scheme and sensible capital allocation framework, should enforce discipline on management to steer the business for the long haul.

什么决定了确保良好的公司治理所处的重要地位?首先,它是公司可持续发展不可或缺的一部分。一个健康的控制、激励和价值体系——体现在一个独立的董事会、精心设计的高管薪酬计划和合理的资本配置框架等特征上——应该加强管理层的纪律,引导企业走向长远。

Also striking is the impact governance often has on stock valuations. The market has typically discounted companies with poor conduct or policies deemed to shortchange investors. Governance improvements give these companies a chance to achieve re-rating.

同样引人注目的是公司治理对股票估值的影响。市场通常会对那些行为不佳或政策被视为欺骗投资者的公司打折。治理的改善使这些公司有机会实现重新评级。

As a whole, studies have largely found a correlation between better governance and increased access to financing, lower cost of capital, stronger operational performance and higher valuations for companies.3

总体而言,研究发现实现良好治理在很大程度上与增加融资渠道、降低资本成本、提高经营业绩和公司估值密切相关。

But to be clear, corporate governance is just one factor out of many that can affect a company’s prospects and share price. We think investors should assess a firm’s governance alongside traditional financial measures to form a comprehensive view of the potential investment returns and risks.

但需要明确的是,公司治理只是影响公司前景和股价的众多因素之一。我们认为,投资者应在评估公司治理的同时,结合传统的财务指标,对潜在的投资回报和风险形成全面的认识。

Governance in the Emerging Market (EM) Context

新兴市场治理

Corporate governance in EMs has come under the spotlight given their growing heft on the global financial stage. In the past 20 years or so, EMs’ share of global stock market capitalization has more than doubled, standing at 30.0% in June 2019. However, their governance standards generally trail those in developed markets, deterring some investors.

鉴于新兴市场在全球金融舞台上的地位日益提升,它们的公司治理已成为人们关注的焦点。在过去20年左右的时间里,新兴市场在全球股市市值中所占的份额增长了一倍多,在2019年6月达到30.0%。

In a study by the World Federation of Exchanges (WFE), investors identified governance concerns as a particular challenge in EM investing.6 Some said they would avoid investing in a company if they believed it had poor governance. A unique challenge lies in the concentration of company ownership in EMs. Extensive research has flagged the dominance of family and state-controlled companies in these economies—and the potential for minority shareholders’ interests to be compromised.7

在世界交易所联合会(WFE)的一项研究中,投资者认为治理问题是新兴市场投资面临的一项特殊挑战。一些人说,如果他们认为一家公司治理不善,他们会避免投资这家公司。这项挑战的独特性在于,企业所有权集中于EMs。大量研究表明,在这些经济体中,家族企业和国有企业占主导地位,相对地少数股东的利益可能受到损害。

Without adequate safeguards, controlling shareholders would find it easier to direct corporate resources to serve their own purposes, and at minorities’ expense.

如果没有足够的保障措施,控股股东在牺牲少数股东利益的条件下,会更加倾向于将公司资源为其所有。

Over the years, some EMs have moved faster than others to plug their governance gaps. We see two main drivers at work. First are the wake-up calls that followed economic storms and corporate scandals sparked by governance failures.

多年来,一些新兴市场国家比其他国家更快地填补了治理漏洞。我们看到两个主要的驱动因素在起作用。首先是在治理失败引发的经济风暴和企业丑闻之后响起的警钟。

The 1997 Asian financial crisis (AFC) was a major turning point for economies and companies that had borrowed excessively, stoked in part by lax governance. The 2008–2009 global financial crisis (GFC) reinforced the dangers of debt excesses and ineffective oversight.

1997年的亚洲金融危机(AFC)对一些经济体和公司来说是一个重要转折点,这些经济体和公司一方面过度借贷,另一方面管理松懈。2008年至2009年的全球金融危机(GFC)进一步凸显出债务过度和监管无效的危险性。

Second is the desire to gain entry to major market indexes and attract more capital. For economies eyeing index inclusion, governance yardsticks feature among the range of criteria they have to meet. The accessibility, efficiency and transparency of their financial markets, plus the strength of their regulatory systems, are just some factors that index providers assess. Consider FTSE Russell’s decision in 2018 to add Saudi Arabia to its emerging market index. The country’s market reforms, as well as its efforts to enhance corporate governance, helped it secure the nod.8

其次是希望进入主要市场指数并吸引更多资本。对于关注指数纳入的经济体来说,治理尺度是它们必须满足的一系列标准之一。金融市场的可及性、效率和透明度,以及监管体系的强度,只是指数提供商纳入评估的部分因素。以富时罗素(FTSE Russell) 2018年将沙特阿拉伯纳入其新兴市场指数的决策为例。中国的市场改革以及在加强公司治理方面所做的努力,使其在国际社会获得了初步认可。

Lessons from Turmoil: Asian Financial Crisis (AFC)

动荡带来的教训:亚洲金融危机(AFC)

Large capital inflows can signal trouble for countries that are ill-equipped to handle them. Markets in East Asia learned this the hard way in the late 1990s, when their over-reliance on short-term US-dollar borrowings sowed the seeds of the AFC. Weak corporate governance was among the multiple inter-related causes of the crisis.

大量资本流入可能会给那些无力应对资本流入的国家带来麻烦。东亚市场在上世纪90年代末经历了惨痛的教训,当时它们对短期美元借款的过度依赖,为亚行播下了种子。公司治理薄弱是导致此次危机的众多相互关联的原因之一。

Banks accumulated exposures to over-heated industries and highly leveraged companies amid inadequate market supervision, loose internal controls and a culture of relationship-based lending. For as long as capital flowed, markets looked fine on the surface. But a sudden pullback of liquidity spawned bankruptcies and saddled banks with a heavy burden of non-performing loans.

银行在市场监管不足、内部控制宽松和基于关系的放贷文化的背景下,累积了针对过热行业和高杠杆企业的敞口。只要资本流动,从表面上看市场就能正常运作。但流动性的突然回落导致银行破产,同时背上了不良贷款带来的沉重负担。

The AFC was a powerful catalyst for governance reforms in the hardest-hit economies. South Korea, for example, witnessed the fall of several large family-controlled conglomerates, or chaebols. Complex ownership structures, intra-group loans and guarantees, and other poor practices enabled some chaebols to borrow and invest imprudently. In the wake of the AFC, struggling chaebols were forced to restructure. South Korea shored up its financial regulatory and supervisory framework and introduced measures to bolster governance within companies.

AFC是受冲击最严重的经济体进行治理改革的强大催化剂。例如,韩国有几家大型家族企业集团(chaebol)倒闭。复杂的所有权结构、集团内部的贷款和担保,以及其它不当做法,都导致某些财阀在借贷和投资方面缺乏谨慎考虑。AFC成立后,陷入困境的财阀被迫进行重组。韩国的金融监管框架进一步加强,同时强化公司内部治理的具体措施才提上日程。

Lessons from Turmoil: Global Financial Crisis (GFC)

动荡带来的教训:全球金融危机(GFC)

Some 10 years after the AFC, banking systems again came under pressure. This time, however, the impact was far wider. What started as a crash of the US subprime mortgage market in 2007 soon led to the collapse of major US and European financial institutions that had over-leveraged to invest in mortgage-backed securities. Panic spread throughout the cross-border financial system, triggering a liquidity crunch in developed and emerging economies. Behind the crisis were multiple governance lapses, including poor risk management in banks and ineffective regulatory oversight.

在AFC成立约10年后,银行体系再次面临压力。然而,这次的影响要大得多。始于2007年美国次贷市场崩盘的危机,导致美国和欧洲主要金融机构突然崩溃,缘于这些银行家在投资抵押贷款支持证券方面过度杠杆化。这种恐慌蔓延至整个跨境金融体系,导致发达国家和新兴经济体出现流动性紧缩。此次危机的背后是多重治理失误,包括银行风险管理不善和监管不力。

The GFC prompted sweeping policy responses on national and global scales. For instance, the Basel Committee on Banking Supervision, the world’s standard-setter for bank regulations, unveiled a Basel III framework aimed at bolstering the industry’s resilience. Basel III raised both the quantity and quality of banks’ regulatory capital base and contained requirements for sound risk management and adequate disclosures.

全球金融危机使部分国家乃至国际社会都纷纷诉诸于政策性的应对措施。例如,全球银行监管标准制定者巴塞尔银行监管委员会(Basel Committee on Banking Supervision)公布了旨在增强银行业弹性的《巴塞尔协议III》(Basel III)框架。《巴塞尔协议III》提升了银行监管资本金的数量及质量标准,并在健全的风险管理和实现充分披露方面提出了新的要求。

Though the crisis did not start in EMs, it created momentum for policymakers in these economies to fix governance deficiencies that remain.

尽管危机并非始于新兴市场,但它为这些经济体的政策制定者们创造了动力,让他们得以修复仍存在的治理缺陷。

In the next post in this series, Sehgal and Ness will explore the progress being made in select countries, and why they believe improving governance has become a structural theme driving EM equities.

在本系列的下一篇文章中,塞赫加和内斯将探讨某些国家正在取得的进展,以及他们为何认为改善治理已成为推动新兴市场股市的结构性主题。

What Are the Risks?

有哪些风险?

All investments involve risks, including possible loss of principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments. Investments in emerging markets involve heightened risks related to the same factors, in addition to those associated with these markets’ smaller size and lesser liquidity.

所有的投资都有风险,包括可能的本金损失。投资价值存在上升或下降的可能性,投资者可能无法收回全部投资。由于影响个别公司、特定行业或部门或一般市场状况的因素,股票价格有时会急剧波动。债券价格通常与利率走势相反。因此,当投资组合中的债券价格随着利率的上升而调整时,投资组合的价值可能会下降。特定风险,包括货币波动、经济不稳定和政治发展都与对外投资相关。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本资料只供一般人士参考,不应被视为个人投资建议,或建议或招揽投资者购买、出售或持有任何证券,或采纳任何投资策略。它不构成法律或税务咨询。本文所列的公司和案例研究仅用于说明目的;富兰克林邓普顿投资公司(Franklin Templeton Investments)建议的投资组合目前可能持有任何投资,也可能不持有任何投资。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为了让人们了解证券是如何被分析的。所提供的信息不是针对任何特定证券、策略或投资产品的推荐或个人投资建议,也不是富兰克林邓普顿管理投资组合交易意图的指示。这并不是对任何行业、证券或投资的任一重大事实的全面分析,不应被视为投资建议。其目的旨在提供对投资组合选择和研究过程的探究发现。事实陈述的来源可靠,但没有经过独立的完整性或准确性的验证。这些意见不得作为投资建议或任何特定证券的要约。过去的表现并不能保证未来的结果。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

所表达的观点是投资经理的观点,其评论、意见和分析在发表之日即已提出,可随时更改,恕不另行通知。本材料中提供的信息并不是对任何国家、地区或市场的任一重大事实的完整分析。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

来自第三方的数据可能被用于材料准备,富兰克林邓普顿投资公司(“FT”)并未对这些数据进行单独检验、验证或审计。英国《金融时报》不为任何人应用本信息以及材料评论、意见和分析导致的任何损失负责。产品、服务和信息可能无法在所有司法管辖区获得,并由美国以外的英国《金融时报》的其他附属机构和/或其分销商根据当地法律法规许可提供。请咨询您自己的专业顾问或富兰克林邓普顿机构联系在您的管辖范围内的产品和服务的进一步信息。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

特许金融分析师是特许金融分析师协会的商标。

________________________

________________________

1. Sources: International Monetary Fund, “Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets,” Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era, October 2016; Claessens, S. and Yurtoglu, B., Corporate Governance in Emerging Markets: A Survey, January 15, 2012.

1. 资料来源:国际货币基金组织,《新兴市场的公司治理、投资者保护和金融稳定》,《全球金融稳定报告:在低增长、低利率时代促进稳定》,2016年10月;克莱森斯,S.和尤托卢,B。《新兴市场公司治理:调查报告》,2012年1月15日。

2. Source: Shleifer, A. and Vishny, R. W., “A Survey of Corporate Governance,” Journal of Finance 52 (2): 737-783, 1997.

2. 资料来源:施莱费尔,A.和维希尼,R.W。“公司治理研究”,《金融期刊》第52卷第2期,第737-783页,1997年。

3. Source: Claessens, S. and Yurtoglu, B., Corporate Governance in Emerging Markets: A Survey, January 15, 2012.

3.资料来源:克莱森斯,S.和尤托卢,B。《新兴市场公司治理:调查报告》,2012年1月15日。

4. Source: International Monetary Fund, “The Growing Importance of Financial Spillovers from Emerging Market Economies,” Global Financial Stability Report: Potent Policies for a Successful Normalization, April 2016.

4. 资料来源:国际货币基金组织,“新兴市场经济体金融溢出效应的日益重要性”,《全球金融稳定报告:成功正常化的有力政策》,2016年4月。

5. Source: Bloomberg. As of June 2019.

5. 资料来源:彭博资讯。截至2019年6月。

6. Source: Cleary, S., Alderighi, S. and Boukai, B., Investing in Emerging and Frontier Markets—An Investor Viewpoint, World Federation of Exchanges, January 2019.

6. 资料来源:克利里,S.,阿尔德德拉吉,S.和布凯,B。《投资于新兴市场和前沿市场——一个投资者的观点》,世界交易所联合会,2019年1月。

7. Source: Aguilera, R.V. and Haxhi, I., “Comparative Corporate Governance in Emerging Markets,” forthcoming in Oxford Handbook on Management in Emerging Markets, (Eds.) R. Grosse & K. Meyer, May 14, 2018.

7. 资料来源:阿奎莱拉,R.V.和哈希,I。“新兴市场的比较公司治理”,即将出版的《牛津新兴市场管理手册》(合编)。R.格罗斯 & K.迈耶,2018年5月14日。

8. Source: Torchia, A. and French, D., “Saudi to join FTSE emerging index from next March, attract billions,” Reuters, March 29, 2018. Indexes are unmanaged and one cannot directly invest in them. They do not include fees, expenses or sales charges.

8. 资料来源:托尔基亚,A.和弗伦奇,D.。2018年3月29日,路透社报道,“沙特将于明年3月加入富时新兴市场指数,吸引数十亿投资。”索引是非托管的,不能直接投资。它们不包括费用、开支或销售费用。

0 条评论
评论不能为空