新兴市场的企业治理:进展和机遇
Corporate Governance: Progress and Opportunity
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2019-12-01 09:24
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There have been improvements in corporate governance in a number of emerging markets, but it remains a work in progress. In the second of this two-part series, Franklin Templeton Emerging Markets Equity’s Chetan Sehgal and Andrew Ness explore the steps some regulators and companies in emerging economies have taken to improve corporate governance. They also share where they see opportunities for investors to potentially benefit from the positive trajectory of change.  

许多新兴市场的企业治理已经有所改善,但仍需继续付诸努力。本系列由两部分组成,在第二部分中,富兰克林邓普顿新兴市场股票团队的Chetan Sehgal 和 Andrew Ness 将以独到眼光探讨新兴经济体的一些监管机构和企业为改善企业治理而采取的措施。Chetan Sehgal 和 Andrew Ness 还将分享他们发现的令投资者可能从积极的变化轨道中受益的机会。

This post is also available in: Chinese (Simplified), German, Spanish

这篇文章也有中文(简体)、德文、西班牙文版的

Governance improvements across emerging markets (EMs) have been uneven. Nonetheless, the overall progress we have observed in several areas is encouraging. Accounting standards are a case in point. Local standards have increasingly converged with internationally recognized ones, providing a boost for information quality and transparency. Brazil, for example, is among EMs that have fully adopted the International Accounting Standards Board’s International Financial Reporting Standards. ​

不同新兴市场的治理改善效果参差不齐。尽管如此,我们在几个领域观察到的总体进展令人鼓舞。会计准则正是一个恰如其分的例子。本地标准与国际公认的标准逐渐趋同,提高了信息质量和透明度。举例来说,巴西是完全采用国际会计准则委员会《国际财务报告准则》的新兴市场之一。 

Regulators have also taken steps to empower minority shareholders by giving them greater say on related-party transactions, for example. In its annual study on the ease of doing business around the world, the World Bank noted that low-income economies have been catching up with their high-income peers when it comes to the transparency of related-party transactions over the last 10 years.1

例如,监管机构还采取措施赋予小股东更大的权力,让他们在关联方交易中拥有更大的发言权。世界银行在其有关全球营商环境的年度研究报告中指出,过去十年,在关联方交易透明度方面,低收入经济体一直在向高收入经济体看齐。[1]

In India, the securities regulator recently tightened rules around royalty payments made by listed companies to related parties—payments above a certain level would require approval from shareholders (with related parties excluded from voting).​

在印度,证券监管机构最近收紧了有关上市企业向关联方支付特许权使用费的规定,即超过某一特定水平的付款需要获得股东的批准(关联方被排除在投票之外)。​

Moreover, we have seen EM companies pay greater attention to enhancing shareholder value, whether through dividend increases or share buybacks. And, they are generally in a good position to do so, thanks to surging free cash flows. Investors’ hunt for yield in an environment of low interest rates has turned up the heat on companies to distribute more cash to shareholders.

此外,我们看到,新兴市场的企业更加注重提升股东价值,无论是通过增加股息还是股票回购。而且,得益于自由现金流的飙升,它们在这方面通常处于有利地位。投资者在低利率环境下追逐收益,加大了企业向股东分配更多现金的压力。

Critics note that corporate governance reforms in EMs have not gone far enough, and they have a point. While some economies have strengthened their public institutions, others seem to have done too little. In the latest Worldwide Governance Indicators study, low-income economies as a group continued to lag high-income markets considerably in terms of regulatory quality.2

批评人士指出,新兴市场的企业治理改革走得还不够远,而他们的说法确有其道理。尽管一些经济体已强化其公共机构,但其他经济体的动作似乎寥寥可数。在最新的全球治理指标研究中,低收入经济体作为一个整体,在监管质量方面继续明显落后于高收入市场。[2]

Previous financial crises have underscored the perils of regulatory slack, especially when it comes to debt monitoring. With EMs collectively piling on increasing amounts of foreign-currency debt in recent years, their abilities to service or refinance their borrowings bear close watching.3

以往的金融危机凸显了监管松懈的风险,债务监控方面尤其突出。最近几年,新兴市场的外币债务总额不断增加,它们的偿债或借款再融资能力值得密切关注。[3] ​

Meanwhile, minority shareholder protection remains a hot-button issue. We believe that regulators and companies can do more to promote the equitable treatment of minorities in EMs, by enhancing disclosures of related-party transactions or requiring shareholder approval for such deals, for example.

同时,小股东保护仍是一个热点问题。例如,我们认为,监管机构和企业可以通过加强对关联方交易的披露,或者要求股东批准此类交易,为促进新兴市场中少数群体的公平待遇做出更多努力。

Pursuing Greater Shareholder Value: Two Country Case Studies

追求更大的股东价值:两个国家的案例研究

South Korea: South Korea’s stock market valuation has historically lagged those on average in Asia or the rest of the world. Governance concerns linked to a chaebol-dominated market often shoulder the blame for this “Korea discount.” But the situation could be looking up. South Korea’s state pension fund and leading institutional investor, National Pension Service (NPS), raised hopes that it would inject governance rigor when it adopted a Stewardship Code in 2018. NPS has since said it would exercise its voting rights to increase shareholder value. Earlier this year, it voted against—and succeeded in blocking—the re-election of Korean Air’s chairman to the board. NPS also named companies that it thought were underpaying dividends.

韩国:历史上,韩国股票市场估值一直落后于亚洲或世界其他地区的平均水平。与财阀主导的市场相关的治理问题,往往要为这种“韩式折让”承担责任。但情况可能正在好转。韩国国家养老基金和首屈一指的机构投资者 — 国民年金公团(National pension Service,NPS)在二零一八年通过了一项管理法规,表示会注入严格的治理,令人们燃起希望。随后,NPS 表示将行使投票权,以增加股东价值。今年早些时候,NPS 投票反对并成功阻止了大韩航空董事长的连任。NPS 还列出了它认为股息支付不足的企业。

NPS’s actions to promote shareholder value could prompt other institutional investors to take up a similar cause, and we expect South Korean companies to share more wealth with investors. They would be building on a positive trend. The dividend payout ratio in South Korea rose from 11.1% at end-2013 to 20.6% at end-2018.4 And there could be scope for further growth, with the ratio remaining below the EM universe’s 36.8%.5

NPS 提升股东价值的行动可能促使其他机构投资者采取类似行动,我们预计韩国企业将与投资者分享更多的财富。这无疑将营造一个积极趋势。韩国的股息支付率从二零一三年末的11.1%上升至二零一八年末的20.6%。[4]而且,可能还有进一步增长的空间,因为这一比例仍低于新兴市场普遍的36.8%。[5]

We see many undervalued companies in South Korea, and healthier governance could help shrink the “Korea discount.” Companies that have shown progress in recent years include smartphone and semiconductor maker Samsung Electronics. It decided in 2015 to introduce a rolling three-year shareholder return policy that has resulted in higher dividends and share buybacks. It also started quarterly dividend payments in 2017 to provide shareholders with more evenly distributed payouts.

我们看到,韩国许多企业的价值被低估,而更健康的治理有助于缩小“韩式折让”。近年来取得进展的企业包括智能手机和半导体制造商三星电子 (Samsung Electronics)。该企业在二零一五年决定推出一项连续三年的股东回报政策,这造就了更高的股息和股票回购。该企业还在二零一七年开始支付季度股息,为股东提供更均匀的派息。

Russia: Most investors are unlikely to associate Russia with governance excellence. What often comes to mind is its patchy track record in privatization, which began in the 1990s before its institutions were ready for a market-based economy.6 The government has also retained a sizable presence in corporate Russia.7

俄罗斯:大多数投资者不太可能将俄罗斯与卓越的治理联系在一起。人们经常想起该国始于上世纪九十年代的私有化问题上难以令人满意的记录,而在此之前,俄罗斯的各大机构还没有为市场经济做好准备。[6]政府在俄罗斯企业中也保留了相当大的份额。[7]

Yet, many Russian companies have taken the initiative to set higher bars for their conduct and promote shareholder value. Some recognized the need to do so to appeal to foreign investors. Those that sought overseas listings adopted international standards.

然而,许多俄罗斯企业已经主动为自己的行为设定了更高的标准,并积极提升股东价值。一些企业认识到,这是吸引外国投资者的必要之举。而那些寻求海外上市的企业则采用了国际标准。

Indicating the shift in corporate mindsets, the dividend payout ratio in Russia increased from 21.8% at end-2013 to 33.0% at end-2018.8

俄罗斯的股息支付率从二零一三年末的21.8%上升至二零一八年末的33%,反映出企业理念上发生的转变。[8]

One company that has sharpened its focus on shareholder value is Lukoil, one of the largest integrated oil and gas groups in Russia. Lukoil stands out to us for its clearly articulated capital allocation framework, which aims to distribute a significant portion of its free cash flow as dividends to shareholders. The company also announced a new share buyback program, worth up to US$3 billion in 2019.

俄罗斯大型综合性油气集团之一的卢克石油(Lukoil) 加强了对股东价值的关注。在我们看来,卢克石油与众不同之处在于其清晰的资本配置框架,该框架旨在将其自由现金流的很大一部分作为股息分配给股东。2019 年,该企业还宣布了一项价值高达三十亿美元的新股票回购计划。

Tailwind for EM equities

新兴市场股市顺风顺水

We believe improving governance has become a structural theme driving EM equities. We also think active investors are in a favorable position to capture this tailwind. Differences in languages and disclosure rules can hinder information collection. Above all, screens tend to be backward-looking, which means they are likely to filter out poorly rated companies that are nonetheless ready for change.

我们认为,改善治理已成为推动新兴市场股市的一个结构性主题。我们还认为,主动型投资者处于有利地位,能够抓住这股顺风乘势而起。语言和披露规则的差异会妨碍信息收集。最重要的是,筛选往往是往回看,而这意味着可能会过滤掉评级较差、但对变革做好准备的企业。

We see few substitutes for first-hand, bottom-up research when it comes to assessing corporate conduct. Through local company visits, face-to-face interactions with management and other forms of fieldwork, active investors are more likely to gain a richer understanding of companies’ attitudes to governance and their appetites for reform.

当涉及到评估企业行为时,我们很少看到第一手的、自下而上的研究替代品。通过拜访本地企业、与管理层面对面交流以及其他形式的实地考察,主动型投资者更有可能对企业的治理态度以及对改革的渴望获得更深刻的了解。

Relationship-Driven Engagement

关系驱动型参与

We think direct engagement with companies creates opportunities for investors to effect governance improvements. We strive to be responsible stewards of our clients’ capital, and we consider it our responsibility to promote stronger governance and pursue better outcomes for all stakeholders.

我们认为,与企业直接接触为投资者创造了影响治理改善结果的机会。我们努力成为客户资金负责任的管理者,而且我们认为,促进更强有力的治理和为所有利益相关者追求更好的结果是我们义不容辞的责任。

How do we advocate change? We see value in building trusting relationships with companies, forged through frequent and constructive conversations that reflect our understanding of their governance considerations, as well as our interest in their long-term success. We believe longstanding and credible relationships give us a competitive advantage in offering suggestions and seeding lasting governance improvements.

我们如何倡导变革?我们看到了与企业建立信任关系的价值,这种关系是通过频繁的、有建设性的对话铸就而成的,而对话反映了我们对其企业治理考量的了解,以及我们对企业长期成功的兴趣。就提供建议和播下持久治理改善的种子而言,长期的可信关系为我们带来竞争优势。

Our engagement activities can go further. This happens when governance concerns arise, and we believe working directly with companies to drive changes could enhance investment returns and serve the best interests of our clients. The circumstances of each case guide our responses, which can include the filing of shareholder resolutions and the nomination of directors.

我们可以借此更深入地参与其中。当治理出现问题时,就会发生这种情况。我们相信,与企业直接合作推动变革,可以提高投资回报,并服务于客户的切身利益。我们根据每个案例的具体情况做出响应,包括提交股东决议和提名董事等等。

Corporate governance has come a long way in EMs, even as unfinished business remains. Individual economies and companies have moved at different speeds in narrowing their governance gaps with their developed market peers, and laggards striving to catch up could give rise to compelling investment opportunities.

尽管革命尚未成功,新兴市场的企业治理却已走过漫长历程。在缩小与已发展市场的治理差距方面,各个经济体和企业的行动速度各不相同,而努力迎头赶上的后来者或许会带来引人注目的投资机会。

阅读本系列的第一部分,“新兴市场的企业治理:驾驭变幻之风云。”

What Are the Risks?

有何风险?

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.

所有投资均涉及风险,包括可能损失本金。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低的相关风险。

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.

本材料仅供一般性参考,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

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. 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.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。本材料代表股票经理的观点,不应被视为投资建议或推荐投资于任何特定证券的建议。评论、意见及分析都以公布日期当日为准,若有更改恕不另行通知。该材料不作为有关任何国家、地区、市场任何重大事件的完整分析。

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.

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

Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

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1. Source: World Bank, “Doing Business 2019: Training for Reform,” October 31, 2018.

[1]资料来源:世界银行, 《2019 年营商环境报告:改革培训》,2018 年 10 月 31 日。

2. Source: Kaufmann, D., Kraay, A. and Mastruzzi, M., “The Worldwide Governance Indicators: Methodology and Analytical Issues,” World Bank Policy Research Working Paper No. 5430, September 2010. Last available data covers 2017.

[2]资料来源:Kaufmann, D.、Kraay, A. 和 Mastruzzi, M.,“全球治理指标:方法和分析问题”,世界银行政策研究工作文件第 5430 号,2010 年 9 月。最新数据涵盖 2017 年。

3. Sources: Stohecker, H., “Emerging market debt soars to record $69.1 trillion in Q1 on falling interest rates – IIF,” Reuters, July 15, 2019; Bank for International Settlements, Statistical release: BIS global liquidity indicators at end-March 2019, July 31, 2019.

[3]资料来源:Stohecker, H.,“由于利率下降,新兴市场债务在第一季度飙升至创纪录的 69.1 万亿美元 -IIF”,路透社,2019 年 7 月 15 日;国际清算银行,统计发布:国际清算银行 2019 年 3 月末全球流动性指标,2019 年 7 月 31 日。

4. Sources: MSCI, Bloomberg. As of June 28, 2019. See www.franklintempletondatasources.com for additional data provider information.

[4]资料来源:MSCI、彭博资讯。截至 2019 年 6 月 28 日。欲获得更多数据提供者的资料,敬请浏览网站 www.franklintempletondatasources.com

5. Ibid.

[5] 出处同上。

6. Source: World Bank, 2013. Corporate Governance Country Assessment: Russian Federation. Washington, DC. @World Bank, https://openknowledge.worldbank.org/handle/10986/21422 License: CC BY 3.0 IGO

[6]资料来源:世界银行,2013 年。企业治理国家评估:俄罗斯联邦。哥伦比亚特区华盛顿。@世界银行, https://openknowledge.worldbank.org/handle/10986/21422 License:CC BY 3.0 IGO

7. Ibid.

[7] 出处同上。

8. Sources: MSCI, Bloomberg. As of June 28, 2019. See franklintempletondatasources.com for additional data provider information.

[8]资料来源:MSCI、彭博资讯。截至 2019 年 6 月 28 日。欲获得更多数据提供者的资料,敬请浏览网站franklintempletondatasources.com。

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