公司治理:驾驭变革之风
Corporate Governance: Harnessing Winds of Change
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2019-12-10 10:28
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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.

新兴市场提供诸多潜在投资机会,但企业治理短板可能带来挑战。多年以来,一些国家和地区比其他国家和地区更快地付诸行动,力图弥补治理上的差距。本系列由两部分组成,在第一部分中,富兰克林邓普顿新兴市场股票团队的切坦•塞加尔和安德鲁•尼斯将解读何为企业治理,以及新兴市场如何在该领域做出改进。

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

本帖还有中文(简体)、法文、德文、意大利文、西班牙文版

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

领会什么是企业治理比定义其含义更容易。它是一个涉及面广博的课题,不同投资者对它的定义不尽相同。也就是说,学术和行业研究倾向于从国家和企业层面看待企业治理。[1]

  • 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(体现在市场的产权、披露标准和其他特征的强度上),以确定他们对市场的信任程度和向其进行投资意愿的大小。这些特征还构成了企业经营所在市场的制度框架。
  • 企业:在这一层面,企业的董事会、管理层和股东之间的相互制衡是个中关键。我们相信,帮助董事会有效监督管理层、激励经理人按照全体股东的最佳利益行事或者使股东能够要求董事会承担责任的内部体系,应对健全的治理有所裨益。

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

就其核心而言,企业治理决定了企业按照全体股东的长期利益进行运营的能力。一项研究提供了这样的定义:“企业治理之道,在于企业的资金提供者确保自己从自己的投资中获得回报的方式。”[2]

The Search for Alpha

寻找 Alpha

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.

成效显著的企业治理为何至关重要?首先,它是企业可持续发展不可或缺的组成部分。一个健康的控制、激励和价值体系(体现在多数独立的董事会、精心设计的高管薪酬方案和合理的资本配置框架等特征上)应当增强管理上的纪律与规范,从而引导企业走向长远。

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,企业治理通常对股票估值有影响。被认为具有欺骗投资者的不良行为或政策的企业估值通常在市场上大打折扣。而治理上的改善则赋予这些企业获得重新评级的机会。

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,研究在很大程度上发现了治理改善与融资渠道增加、资本成本降低、经营业绩增强和企业估值提高之间的相关性。[3]

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,能够影响企业前景和股价的因素不胜枚举,而企业治理只是其中之一。投资者在评估企业治理的同时,应结合传统财务指标,对潜在投资回报和风险形成全面认识。

Governance in the Emerging Market (EM) Context

新兴市场背景下的治理

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,4 standing at 30.0% in June 2019.5 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日益重要的地位,新兴市场的企业治理已成为关注的焦点。过去二十年左右里,新兴市场在全球股票市值中所占的份额翻了一倍多,[4]在二零一九年六月达到百分之三十。[5]但是,新兴市场的治理标准普遍落后于已发展市场,令某些投资者因此望而却步。

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)开展的一项研究中,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。[6]一些人士表示,如果认为一家企业治理不善,他们会避免向这家企业投资。新兴市场企业所有权的集中无疑是一项特别的挑战。大量研究表明,家族企业和国有企业在这些经济体中占据主导地位,少数股东的利益可能受到损害。[7]

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,控股股东会发现,出于个人目的而挪用企业资源会变得更容易,而代价则由少数股东承担。

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,一些新兴市场比其他国家和地区更快地付诸行动,力图弥补治理方面的差距。我们看到两大主要驱动因素在发挥作用。首先是继企业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.

对于某些过度借贷的经济体和企业而言,一九九七年的亚洲金融危机是一个重要转折点,个中部分原因正是在于松懈倦怠的治理。二零零八年至二零零九年的全球金融危机增强了过度负债和监管无效带来的危险。

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和吸引更多资本。对于关注于指数纳入的经济体而言,治理尺度是必须满足的一系列标准中的一个特征。金融市场的准入、效率和透明度,以及监管体系的强度,只是指数提供商评估的其中一些因素。以富时罗素二零一八年将沙特阿拉伯纳入其新兴市场指数的决定为例。该国的市场改革以及在加强企业治理上付出的努力成为它获得批准的保障。[8]

Lessons from Turmoil: Asian Financial Crisis (AFC)

从动荡中学到的教训:亚洲金融危机

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和地区带来麻烦。东亚市场在上世纪九十年代末经历了惨痛的教训,当时它们过度依赖短期美元借款,为亚洲金融危机的爆发埋下了种子。导致此次危机有众多相互关联的原因,而孱弱无力的企业治理正是其中之一。

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.

在市场监管不足、内部控制宽松和基于关系的贷款文化背景下,银行积累了过热行业和高杠杆企业的风险敞口。只要资本保持流动,从表面上看,市场似乎风平浪静。但是,流动性的突然回撤引发了破产,并使银行背上了沉重的不良贷款包袱。

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.

亚洲金融危机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,韩国有几家家族控制的大型综合性企业或财阀纷纷倒闭。复杂的所有权结构、集团内部的贷款和担保,以及其他糟糕的做法使一些财阀能够轻率地借款和投资。紧跟着亚洲金融危机,陷入困境的财阀只有被迫进行重组。韩国因此加强了其金融监管和监督框架,并引进了提升企业内部治理的措施。

Lessons from Turmoil: Global Financial Crisis (GFC)

从动荡中学到的教训:全球金融危机

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.

在亚洲金融危机大约十年之后,银行系统再次陷入重重压力。然而,这次的影响更加广泛。危机始于二零零七年美国次贷市场的崩盘,很快导致美国和欧洲采用过度杠杆投资于抵押贷款支持证券的主要金融机构崩溃。恐慌蔓延至整个跨境金融系统,引发了已发展国家和地区与新兴经济体的流动性紧缩。此次危机的背后是多重治理失效,包括银行风险管理不善和缺乏效率的监管。

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.

全球金融危机在各国家和全球范围内引起广泛的政策反应。例如,作为全球银行监管标准制定者,巴塞尔银行监管委员会公布了旨在增强银行业弹性的《巴塞尔协议 III》框架。《巴塞尔协议 III》提高了银行监管资本金的数量和质量,并且包含对关健风险管理及充分信息披露的要求。

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修复一直存在的治理缺陷创造了动力。

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,切坦和尼斯将探讨在某些国家和地区正取得的进展,以及他们为何认为改善治理已成为推动新兴市场股市的一个结构性主题。

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。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、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。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。

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.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,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.

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。

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.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

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. 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,“新兴市场的企业治理、投资者保护和金融稳定”,《全球金融稳定报告:促进低增长、低利率时代的金融稳定》,2016 年 10 月;Claessens, S. 和 Yurtoglu, B.,《新兴市场的企业治理:专项调查》,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:Shleifer, A. 和 Vishny, R. W.,“企业治理调查”,《金融期刊》52 (2):737-783,1997 年。

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

[3]资料来源:Claessens, S. 和 Yurtoglu, B.,《新兴市场的企业治理:专项调查》,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日益增长的重要性”,《全球金融稳定报告:实现成功正常化的有效政策》,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:Cleary, S.、Alderighi, S. 和 Boukai, B.,《投资新兴市场和前沿市场 — 一名投资者的观点》,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:Aguilera, R.V. 和 Haxhi, I.,“新兴市场的比较企业治理”,即将出版的《牛津新兴市场管理手册》,(合编)R. Grosse 和 K. Meyer,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:Torchia, A. 和 French, D.,“沙特将于明年三月加入富时新兴市场指数,吸引数十亿资金。”路透社,2018 年 3 月 29 日。指数未经管理,也不能直接投资于指数。指数不包括手续费、支出或销售费用。

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