韩国的商业和政治
Business and Politics in South Korea
1904字
2019-12-14 09:10
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火星译客

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

本帖还提供中文(简体)、法文、德文、意大利文、西班牙文版

My recent travels took me to South Korea at an interesting time given mounting tensions with its neighbor to the north. My colleagues and I got a pulse check on some of the reforms taking place, including those related to the family-run conglomerate companies known as chaebols.

最近韩国与朝鲜的关系日趋紧张,我正是在这么一个有意思的时间里去了韩国旅行。我和同事们为该国正在进行的一些改革把脉,其中包括与家族经营的综合公司(被称为财阀)相关的改革。

Political Influences

政治影响

I first came to South Korea in the 1970s, and politics have been contentious there as long as I can remember. Over the years several Korean presidents have been jailed for corruption and one unfortunately committed sui/cide when his family came under investigation.

我第一次来韩国是在二十世纪七十年代,在我的记忆中,该国的政治一直存在争议。多年来,有几位韩国总统因腐败而入狱,其中一位在其家人被调查时不幸自杀身亡。

The most recent president to be jailed is former President Park Geun-hye, the daughter of Park Chung-hee, the previous strongman leader who ruled South Korea from 1963 until his assassination in 1979. As a teenager, she became de-facto “first lady” when a North Korean sympathizer assassinated her mother.

最近被监禁的总统是前总统朴槿惠,她父亲正是前铁腕总统朴正熙,他对韩国的统治始于一九六三年,直至一九七九年被暗杀。在她十几岁时,一位朝鲜支持者暗杀了她的母亲,让她成为了名副其实的“第一夫人”。

Perhaps not surprising given her traumatic past, she fell under the influences of a religious group in South Korea called the Church of Eternal Life. Its leader and later his daughter, Choi Soon-sil, were said to be Park's confidantes.

毕竟经历了痛苦的过去,她受到韩国宗教团体“永生教会”的影响也就不足为奇。据说教会的领导人和他的女儿崔顺实均是朴槿惠的亲信。

When Park was elected president in 2013, Choi and her followers gained influence over a wide range of issues, including government budget proposals. Allegedly, Choi also used her position to pressure leading Korean chaebols to donate millions of dollars to her foundations, among other alleged illegal activities.

二零一三年朴槿惠当选总统后,崔顺实和她的追随者们在一系列问题上有一定的影响力,包括政府预算草案。据称,崔顺实还利用她的职务向韩国财阀施压,让其向她的基金会捐赠数百万美元,其中包括所谓的非法活动。

It's important to note that US federal law and the Foreign Corrupt Practices Act could result in penalties on the embroiled chaebols and restriction of their business activities in the United States.

值得注意的是,美国联邦法律和《海外反腐败法》可对涉案的财阀处以罚款,并限制其在美国的商业活动。

Corporate Governance and Reform

企业治理和改革

Park's scandal and subsequent impeachment heightened awareness of corporate governance in South Korean companies. In May 2017, Moon Jae-in, a reform candidate from the opposition party, was elected president on a platform calling for a number of reforms and measures to weaken the chaebols' power.

朴槿惠的丑闻以及随后的弹劾提高了韩国公司对企业治理的意识。二零一七年五月,反对党的改革候选人文在寅当选总统,这归功于他呼吁推行一系列改革和措施来削弱财阀权力的政纲。

Scandal seems to be part and parcel to politics in South Korea. Some commentators say that it is very difficult for South Korea to break the tie between politics and business, but we have seen corporate governance undergoing substantial change as a result of recent scandals.

在韩国,丑闻似乎是政治的一部分。一些评论家称,韩国很难打破政治与商业间的联系,但最近的丑闻正导致企业治理发生巨大变革。

The National Pension Service (NPS) has been key in the effort to help clean things up. It is the third-largest pension fund in the world with more than US$450 billion in assets. NPS has held substantial shares in companies listed in South Korea, so it has often had the deciding vote on various measures at shareholder meetings.

国民年金公团一直是协助解决这些问题的关键所在。国民年金公团是世界第三大养老基金公司,资产超过4,500亿美元。国民年金公团持有韩国上市公司大量股份,因此经常对股东大会提出的各项措施有决定性的投票权。

But alas, even the NPS has been subject to scandal. In 2016, Moon Hyung-pyo, a former South Korean minister of health and welfare and subsequent chairman of the NPS, was arrested for abusing his authority to pressure the NPS to cast a key vote in a corporate merger deal. The NPS held a substantial stake in both companies involved.

但遗憾的是,就连国民年金公团也被卷入丑闻中。二零一六年,韩国前卫生与福利部部长、后来的国民年金公团主席文亨杓,因滥用职权向国民年金公团施压,要求其在一项企业并购交易中投下关键的一票而被捕。国民年金公团在涉案的两家公司都持有大量股份。

We were very interested in this case because approval of the merger would be disadvantageous to minority investors like us. We had hoped that the NPS would support minority investors. Instead, the NPS supported the merger at unfair prices that favored the vice chairman of one of the involved companies and his family. During the investigations, one of the NPS officials said he was pressured by a senior official of the South Korean Health and Welfare Ministry to back the deal. We were quite disappointed in the NPS action.

我们对此案非常感兴趣,因为批准并购对我们这样的中小投资者不利。我们曾希望国民年金公团能够支持中小投资者。然而,国民年金公团支持以不公平价格进行的并购,而这一价格利好涉及其中的一间公司的副董事长和他的家族。在调查期间,国民年金公团的一名官员表示,韩国卫生与福利部的一名高级官员曾向他施压,迫使他支持这笔交易。我们对国民年金公团的作为感到非常失望。

Nonetheless, we were starting to see signs the system was improving.

尽管如此,该系统已开始有改善的迹象。

There has been a lot of debate regarding the proper organizational structure for the chaebols to achieve good corporate governance. One debate centers around the holding company structure, which some observers saw as a way to clarify the very complex ownership structures of the chaebol. These conglomerates often include a plethora of subsidiaries with multiple small holdings by the controlling family.

究竟哪种组织结构才能让财阀实现良好企业治理,这一问题一直备受争议。其中就包括控股公司的结构问题,一些观察人士认为这是可以理清财阀极其复杂的所有权结构的一种途径。这些企业集团通常包括大量子公司以及控股家族拥有的多家小型公司。

Since 1987, the government had prohibited the holding company structure, because it was thought that the chaebols could utilize the structure to strengthen their power. After the Asian Financial Crisis in 1999, the holding company structure was allowed again, regarded as a way to restructure the chaebols' ownership to make them more transparent.

自一九八七年以来,政府禁止了控股公司结构,认为财阀可以利用公司结构来加强他们的势力。一九九九年亚洲金融危机之后,控股公司结构再次被允许,这一结构被视为是重组财阀所有权从而提高透明度的一种方式。

At that time, the holding company structure was subject to many regulations. This was relaxed, so the end result was a holding company pyramid ownership structure.

当时,控股公司结构受到很多监管。监管放松后,最终形成的是控股公司金字塔所有权结构。

Stewardship

尽责管理

After its scandal, the NPS mandated the Asian Institute of Corporate Governance (AICG), a research institute at Korea University, to develop standards. The AICG had been looking at the stewardship codes of the United Kingdom and Japan as models.

丑闻曝光后,国民年金公团委托高丽大学研究机构亚洲公司治理研究院制定标准。该院一直将英国和日本的管理准则视为模范。

In Seoul, my colleagues and I visited a university professor who was leading a group to enhance minority shareholders' power and influence in listed company affairs. Another professor with whom we'd worked with in the past, Ha-Sung Jang, had been a strong supporter of corporate governance. President Moon recently appointed him to a key cabinet post. We view this as a positive step since it puts corporate governance issues in the heart of the Korean government.

在首尔,我和同事拜访了一位大学教授,他带领一个团队,致力研究如何加强中小股东对上市公司事务的权力和影响力。另一位是我们过去一起共事的张夏成教授,他曾强烈支持企业治理。总统文在寅最近任命他担任内阁要职。我们将这视为积极的一步,企业治理已成为韩国政府的核心问题。

There are many barriers to the application of a stewardship code. Up until recently, foreign investors have led shareholder activism. However, they have not been effective.

尽责管理守则的应用面临很多阻碍。直到最近,外国投资者领导了股东权益运动。然而,他们并未取得成效。

A great deal of antagonism is expressed in the local press, which is typically under chaebol influence. Chaebols are the largest advertisers, and some even control the newspapers directly. So, nationalist sentiment against foreign influence is a popular subject for the local press.

本地媒体表达出激烈的敌对情绪,这些媒体通常受到财阀的影响。财阀是最大的广告商,而且部分财阀甚至直接控制着报纸。因此,反对外国影响的民族主义观点是本地媒体的热门话题。

If you want a sense of the situation, the Korean film “Inside Men” is worth checking out. The film deals with corruption in the chaebols and the nexus between politicians, banks, the press, the underworld, the police, prosecutors and the powerful chaebol business groups.

如果你想了解这种情况,韩国电影《局内人》值得一看。该电影涉及财阀的腐败,以及政客、银行、媒体、黑社会、警察、检察官和强大的财阀企业集团之间的关系。

Power of the Chaebols

财阀的势力

In Korea, the power of the chaebols is evident by the number of small- and medium-sized companies dependent on them for business. The chaebols are well-known acquirers of businesses that look profitable. They also establish businesses against incumbent firms and then drive the incumbents out of business in order to take the lion's part of market shares.

在韩国,财阀的势力,从大量中小型公司要依赖他们进行商业活动即可见一斑。众所周知,财阀是有利可图的企业的收购者。他们还会针对现有公司建立公司,然后将现有公司赶出此业务领域,以抢占最大的市场份额。

One example being a supplier to a major chaebol electronics manufacturer we met. The smaller supply company made parts for the giant's smartphone business. The small firm's earnings were highly dependent on the chaebol's smartphone operations. So, a recent decline in the larger firm's smartphone sales caused the smaller company to also suffer. Some 60% of the smaller firm's sales were dependent on the larger chaebol. In order to gradually move out of this difficult situation, the management's plan was to start soliciting business from Chinese smartphone manufacturers. However, it was unclear whether the chaebol would allow it.

我们拜访的一间大型财阀电子产品制造商的一名供应商就是一个例子。规模较小的供应公司为智能手机巨头生产零部件。这家小公司的盈利高度依赖于财阀的智能手机业务。因此,最近较大型公司的智能手机销量下降,使得小公司也受到了影响。小公司约60%的销售依赖于大财阀。为了逐步摆脱这种困境,管理层计划开始从中国的智能手机制造商那里招揽生意。然而,财阀是否会同意还是未知数。

Despite an apparent weakening of chaebol power in recent days, the families controlling chaebols still prosper using their connections with affiliate companies and their financial power.

尽管最近财阀势力明显削弱,但控制财阀的家族依然凭借他们与关联公司的关系及其财力而繁荣兴旺。

Given the various dynamics involved, it's quite complicated to reform the system. Chaebol reform is still a work in progress.

考虑到所涉及的各种因素,改革这一系统将相当复杂。财阀改革仍在进行中。

Mark Mobius's comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

莫比乌斯博士的评论、意见及分析仅供参考之用,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。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

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.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

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Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

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。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿(Franklin Templeton)的邮件中了解更多信息,请订阅“新兴市场的投资冒险”(Investment Adventures in Emerging Markets)博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

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