战略管理(第十三章).ppt

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1、Chapter13CorporateGovernanceintheTwenty-FirstCenturyOBJECTIVESExplainwhatismeantbycorporategovernance1Describehowcorporategovernancerelatestocompetitiveadvantageandunderstanditsbasicprinciplesandpractices2Identifytherolesofownersanddifferenttypesofownershipprofiles

2、incorporategovernance3Describehowboardsofdirectorsarestructuredandtherolestheyplayincorporategovernance4Explainanddesignexecutiveincentivesasacorporategovernancedevice5Describehowthemarketforcorporatecontrolisrelatedtocorporategovernance6Compareandcontrastcorporate

3、governancepracticesaroundtheworld71SUNBEAMAlDunlap’smgmt.philosophyShareholdersaremostimportantcorporateconstituentsMostcorporationshavebloatedbureaucraciesDrasticlayoffsareusuallyneededtosavefailingcompaniesLayoffsshouldbequick,one-timeeventsCEOsshouldberewarded

4、likestarswhentheyperformwellandfiredwhentheydonotBoardmembersshouldhavesignificantpersonalinvestmentsinthecompanyResultsBoardfinesDunlapHelooseshisstockoptionsSunbeamstockisdelistedWithR&Dbudgetscut,newproductdevelopmenthamperedGrowthfailstomeettargetsCompanyac

5、cusedof“channelstuffing”CostsslashedStockdoubledinfirstmonthMarketcaprisesfrom$1.1billionto$5billionEarlysuccessFailureSignsofproblems2CORPORATEGOVERNANCECorporategovernanceThesystembywhichorganizations,particularlybusinesscorporations,aredirectedandcontrolledby

6、theirownersInabroaderperspective,governancedetermineshowallstakeholdersinfluencethecorporation:BoardEmployeesShareholdersCorporationEnvironmentManagementSociety3CORPORATEGOVERNANCEIMPACTSPERFORMANCETheItalianstockexchangestartedanewexchangecalledSTARforsmallandmid-

7、sizedcompaniesthatfollowedstrictgovernanceprescriptionsCompaniesoftheSTARexchangeconsistentlyoutperformtheircounterpartsontheregularexchange(e.g.,during2004STARfirmsachievedreturns24.5%greaterthantheircounterparts)4EARLYWARNINGSIGNSOFPROBLEMSWITHKRISPYKREMESource:M

8、.MaremontandR.Brooks,“FreshWoesBatterKrispyKreme;DoughnutFirmtoRestateResults,DelaySECFiling;SharesTakea15%Tumble,”WallStreetJournal(Easternediti