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CPA 118 Module 4 总结一
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MODULE FOUR
Stakeholder Theory
这个理论是这个章节的一个总括，企业不能再仅仅考虑股东的利益，还需要考虑所有跟企业产生关联主题的需求。Under stakeholder theory, anorganisation is viewed as a nexus of contracts, both explicit and implicit,between the organisation and its various stakeholders。从Figure 4.1中可以看出，一个公司相关的stakeholders主要包括：agents, owners, suppliers/lenders, consumers, competitors, auditors,employees, regulators, government, community, and environment。
The Corporation
我们所熟知的公司的特性通常有：separate legal entity, limitedliability, & perpetual succession。
Agents
在H. L. Bolton (Engineering) Co. Ltd v. T. J. Graham & Sons [1957]
的case里面，法官Lord Denning identified thedifference between mere servants and agents compared with directors andmanagers. It explained how the law places liability on those。
Agencytheory的目的是为了解释因为企业（所有权和管理权分离）代理关系而产生的一系列行为。该理论建立与两个关键的假设：
1）
所有个体都是理性的、自私的个体，因此 where a potential conflict of interest existsbetween the principals and the agent, the agent will act in a way to maximisetheir own benefit；
2）
信息不对称理论，管理者agent比股东拥有更多的信息。
由于agent的这种自利性，agency theory提出了三种agency costs，分别为：bondingcosts, monitoring costs & residual costs。需要注意的是，这三种成本都不包括企业支付给管理者的薪酬，即remuneration。
Directors 在一般情况下需要被正式的任命，but the difficulty arises when a person acts asa director without being formally appointed。在大多数的司法体系里面采取“实质大于形式”的标准对谁作为directors进行判断，这表明了if a person acts as a director, this makes thema director。
在单一层次的董事会中，对于董事会结构的讨论主要集中在三个方面：
1）
the number and proportion ofindependent directors;
2）
the number and proportion ofnon-executive directors;
3）
whether the roles of CEO andchairman of the board should be separate.
其中第三点引起的争论很大，大家需要熟悉table 4.4里面，各种report对CEO/Chairman责任区分的建议。
Duties and Responsibilities of Directors
规定董事成员的责任和义务，是为了保护股东们的权益。这些责任包括：
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avoidconflicts of interest;
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actin the best interests of the corporation;
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retaindiscretionary powers and avoid delegating the director’s responsibility;
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exercisepowers for proper purposes; and
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actwith care, skill and diligence.
Insolvent Trading
Insolvent trading是跟duty of care 相关联的。在大多数立法中规定，directorsshould limit or avoid insolvent trading。这个规定可以认为是对股东负责，也可以看成是对现在/未来的债权者负责。虽然各国的法规对insolvent trading有不同的界定，general principles则为：
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beingaware of the financial situation;
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notbeing insolvent at the time a debt is incurred; and
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personalliability of directors for debts incurred after insolvency arises.
对于insolvent trading责任的defence，董事可以通过生病缺席，或者表明due diligence通过证明一下几点：
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thereare reasonable grounds to expect the company was solvent at the time when thedebt was incurred and would remain solvent;
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thereare reasonable grounds to believe that another person who was competent andreliable and responsible for providing adequate information, suppliedinformation that the company was solvent; and
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allreasonable steps were taken to prevent the company from incurring the debt。
Takeovers
当公司打算加快发展速度的时候，takeover通常是最快的选择之一，其好处包括：gaining cost reductions via eliminatingduplicated roles, increasing market size and power, diversifying operations,& combining skills from each organisation to produce more efficiently andeffectively, and also eliminating a competitor by absorbing it。
而这一行为因其所涉及的团体较多，所以受到了各国司法的较为严格的规定。Takeover 可能产生的道德问题通常包括：conflict of interests, lack of disclosure,& anti-trust and monopoly issues。
Insider Trading
由于所有权和管理权的分离，股东通常情况下得不到完整的信息，导致管理者有能力为自己的利益而进行内部交易。有效的金融市场运行是建立在市场有效性（efficiency）和投资者信心（investor confidence）的条件下，而内部交易则会降低投资者对市场的信心，因此对市场的长期发展有负面的作用。There is a need, therefore, tobalance efficiency with investor confidence and this is what theinsider-trading legislation attempts to deal with。
判断交易是否为内部交易，有两个重要的测试：
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ithas not been disclosed to the broader public; and
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isimportant enough to have a significant or material impact on the price ofsecurity.
Market Manipulation
A commoncharacteristic of market misconduct legislation is the law’s abhorrence ofconduct which creates a false or artificial impression of the true position inrelation to securities in a company.
通常情况下，如果该行为有公司董事会成员参与，那么他们的目的一般是虚高公司股票价格。比较常用的方法包括：churning, pools, runs andfundraising documents。
Ethical Obligations and Codes of Conduct
The AustralianInstitute of Company Directors’ Code of Conduct is an example of a code ofconduct for directors. 材料中列举AICD的十点要求需要熟悉。
另外，ASX的CG建议书中要求公司需要建立自己的一套道德准则。
Accountability
两种保证管理层问责的机制为年度报告（annual report）和股东大会（general meeting of shareholders）。
Enforcement and Remedies
材料中所列举的，公司可像管理层索取的赔偿都是来自于common law而非statutory law，包括：account forprofits, damages and compensation, injunction, declaration, restoration ofproperty, rescission, and statutory derivative actions。 |
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葡萄酒饼干 (2009-5-11) xiaopangzi 
楼主:aying0122
发表于 2010-9-23 23:50
