CPA注冊會計師公司戰(zhàn)略與風(fēng)險管理專題五公司治理

1、2019 年注冊會計師考試輔導(dǎo)公司戰(zhàn)略與風(fēng)險管理英語專題五 公司治理【考點 1】公司治理問題（一）“內(nèi)部人控制”問題 內(nèi)部人控制問題主要表現(xiàn)有：過高的在職消費，盲目過度投資；信息披露不規(guī)范、不及時；經(jīng) 營者的短期行為，過度耗用資產(chǎn)，工資、獎金等收入增長過快， 侵占 利潤；資產(chǎn)轉(zhuǎn)移，敷衍偷懶； 大量拖欠債務(wù)，甚至嚴重虧損等等。（I）Insider Control IssueThe main problems of insider control are as follows:Excessive on the job consumption, blind excessive investment;

2、 unregulated and untimely information disclosure. short-term behavior of the operator, excessive use of assets, wages, bonus and other income increase too fast,encroach on profits; asset transfer, laziness;a large amount of arrears of debt, even serious loss and so on.（二）“隧道挖掘”問題 Tunnel excavation ”

3、 issue 企業(yè)的控制者從企業(yè)轉(zhuǎn)移資產(chǎn)和利潤到自己手中的各種合法的或者非法的行為，這種行為通常 是大股東對中小股東 利益的侵犯 . “隧道挖掘”有許多種表現(xiàn)形式，例如，可以通過資產(chǎn)購銷、產(chǎn)品 購銷的關(guān)聯(lián)交易，以對控股大股東有利的形式轉(zhuǎn)移定價，債務(wù)擔(dān)保，對公司投資機會進行 侵占 。（ II ） The legal or illegal behavior of the enterprises controller to transfer the assets and profits from the enterpriseto its own hands , which is usually a

4、infringementof the interestsof the small and medium shareholders by the large shareholders. Tunnelexcavation has many forms of expression. For example, it can transfer pricing, debt guarantee and invade the companys investment opportunitiesby buying and selling assetsand buying and selling related t

5、ransactions.【考點 2】內(nèi)部治理結(jié)構(gòu) 公司內(nèi)部治理結(jié)構(gòu)是指主要涵蓋股東大會、董事會（監(jiān)事會）、高級管理團隊以及公司員工之 間責(zé)權(quán)利相互制衡 的制度體系。Internal Governance Mechanism of CompanyThe internal governance structure of the company refers to the system that mainly covers the shareholders meeting, the board of directors（board of supervisors） , the seniormanage

6、ment team and the mutual balance of responsibility and rightsamong the employeesof the company（一）股東大會機構(gòu)投資者 是指用自有資金或者從 分散的公眾 手中籌集的資金專門進行有價證券投資活動的法 人機構(gòu)，包括證券投資基金、社會保障基金、商業(yè)保險公司和各種投資公司等。機構(gòu)投資者通過參 與股東大會表決參與公司管理， 這就形成了 機構(gòu)投資者的行動主義 ，從而使公司治理變得更加有效。（ I ） General meeting of the shareholdersInstitutional investor

7、s refer to corporate bodies, including securities investment funds, social security funds, Business insurance company and various investment companies, with their own funds or funds raised from thedispersed publicto carry out securitiesinvestment activities. Institutional investors participate in th

8、e management of the company by participating in the vote of the shareholders meeting, which forms the activism of the institutional investors, thus making the corporate governance more effective.（二）董事會1. 董事會的職能 董事會是由股東大會選舉產(chǎn)生的，負責(zé)公司及其經(jīng)營活動的指揮與管理。它對股東大會負責(zé)， 是股東大會閉幕期間公司 常設(shè)的權(quán)力機構(gòu) ，是 集體行使權(quán)力 的機構(gòu)。股東大會所做的公司 重大事

9、項第1頁2019 年注冊會計師考試輔導(dǎo)公司戰(zhàn)略與風(fēng)險管理英語的決定，董事會必須執(zhí)行（ II ） Board of directors1. Functions of the board of directorsThe board of directors is elected by the general meeting of shareholders and is responsible for the command and management of the company and its business activities. It is responsible for the gen

10、eral meeting of shareholders. It is thepermanent power organof the company during the closing period of shareholders meeting, and it is the organthat collectively exercises power.The board of directors must execute decisions made by the shareholders meeting on major matters of the company.2. 董事及其分類。

11、 董事按照其與公司的關(guān)系分為 內(nèi)部董事 與 外部董事 。2. Directors and their classification.Directors are divided into internal directors and external directors according to their relationship with the company.3. 董事的權(quán)力及義務(wù) 【善管義務(wù)】 可以分為以下三條： 董事必須 忠實于 公司： 遵守公司章程， 忠實履行職務(wù)， 維護公司利益， 不得利用在公司的地位和職權(quán)為自己謀取私利； 公司董事應(yīng)當(dāng)向公司申報所持有的本公司的股份，并 在任職期

12、內(nèi) 不得轉(zhuǎn)讓。3. Powers and obligations of directors【 Good management of obligations】It can be divided into the following three sections:The directors mustbe faithful tothe company:Abide by the articles of association, perform their duties faithfully, maintain the interests of the company, do not use the p

13、osition and authority of the company to seek private interests for themselves;A company director shall declare to the company the shares held by the company and shall not be transferred duringthe term of office .董事必須維護公司資產(chǎn)。不私自挪用公司資金或者擅自將公司資金借貸給他人； 不將公司資產(chǎn)以其個人名義或者以其他個人名義 開立賬戶 存儲；不以公司資產(chǎn)為本公司的股東 或者其他個人債務(wù)

14、提供擔(dān)保。The director must maintain the companys assets. Not tomisappropriate the funds ofthe company or to lend the company funds to others without authorization;Don t to open the account of the companys assets in its own name or in the name of other individuals; not to guarantee the shareholders or ot

15、her personal debts of the company with the companys assets.董事在董事會上有審慎行使決議權(quán)的義務(wù)。Directors have the obligation toexercise discretionin the board of directors.【競業(yè)禁止義務(wù)】 董事不得自營或者為他人經(jīng)營與其所任職公司同類的營業(yè)。The obligation of prohibition of competition .A director shall not operate independently or conduct business s

16、imilar to thecompanyhe works for.4. 幾個專門委員會。 董事會的這些委員會原則上都應(yīng)由獨立董事構(gòu)成。第2頁2019 年注冊會計師考試輔導(dǎo)公司戰(zhàn)略與風(fēng)險管理英語其中，最常見的是審計委員會、薪酬委員會、提名委員會與戰(zhàn)略委員會。4.Special committees.These committees of the board of directors should be composed of independent directors in principle .Among them, the audit committee,remuneration commi

17、ttee, nomination committee andstrategic committee are the most common.（三）監(jiān)事會我國公司法規(guī)定： 股份有限公司設(shè)監(jiān)事會 ，其成員不得少于 3 人。董事、經(jīng)理及 財務(wù)負責(zé) 人不得兼任監(jiān)事。The company law of China stipulates that: incorporated company should set up a board of supervisors with no less than 3 members.Directors, managers andheads of Finance sha

18、ll notserve as supervisors.（四）經(jīng)理層 經(jīng)理人的薪酬激勵。（1）年薪制：將經(jīng)營者收入與業(yè)績掛鉤；易導(dǎo)致短期行為。（2）股權(quán)激勵：兼具“報酬激勵”與“所有權(quán)激勵”雙重作用。（ IV ） management managers salary incentives.（ 1） annual salary system: linking operators income to performance; easily leading to short-term behavior .（ 2） Equity Incentive: dual function of reward in

19、centive and ownership incentive.【考點 3】公司外部治理機制 外部治理機制主要是指各個市場機制（如產(chǎn)品市場、資本市場、經(jīng)理人市場）對公司的監(jiān)控和 約束。External Governance Mechanism of CompanyThe external governance mechanism mainly refers to the supervision and restriction of every market mechanism, such as product market, capital market and manager market.

20、（一）產(chǎn)品市場1. 只有最有效率的企業(yè)才能生存，作為企業(yè)的經(jīng)理人員自然也就面臨更大的壓力。（ 1） Product Market1. Only the most efficient enterprise can survive . As a manager of an enterprise, it will naturally face greater pressure.2. 產(chǎn)品市場的競爭可以提供有關(guān)經(jīng)理人員行為的 更有價值的信息 。2. The market can providemore valuable informa tion about the behavior of manage

21、rs.（二）資本市場 資本市場對經(jīng)理人員行為的約束是通過 接管和兼并 方式進行的，也就是通過資本市場上對企業(yè) 控制權(quán)的爭奪的方式進行的。（ II ） capital marketThe constraint of the capital market to the managers behavior is carried out through the way of takeover and merger , that is, through thecontention of the right of controlof the enterprise in the capital market

22、.（三）經(jīng)理人市場 經(jīng)理人市場之所以對經(jīng)理人員的行為有約束作用，是因為在競爭的市場上聲譽是決定個人價值 的重要因素。（ III ） Manager marketThe reason why the manager market has a constraint on the behavior of managers is that第3頁2019 年注冊會計師考試輔導(dǎo)公司戰(zhàn)略與風(fēng)險管理英語reputation is an important factor in determining the value of individuals in a competitive market.【考點 4】公

23、司治理的基礎(chǔ)設(shè)施（一）信息披露制度 中國上市公司信息披露包括三類：（1）上市披露。（2）定期披露。（3）臨時披露。Corporate governance infrastructure（ I ） information disclosure systemdisclosure of the listing. periodic disclosure. temporary disclosure.The information disclosure of Chinese listed companies includes three categories:（1）（2）（3）從四個方面評估信息披露的質(zhì)量

24、：財務(wù)信息。審計信息。披露的公司治理信息。信息披露的及時性。Assessment of the quality of information disclosure（1）（2）（3）（4）financial information.audit information.disclosure of corporate governance information. the timeliness of information disclosure.in four aspects會計信息披露在公司治理結(jié)構(gòu)中的作用表現(xiàn)在：The role of accounting information disclos

25、ure in corporate governance structurein :1. 在內(nèi)部治理結(jié)構(gòu)中的 監(jiān)督、激勵和契約溝通 作用。2. 有助于外部治理機制的 有序運作 。1. the role ofsupervision, motivation and contractual communicationgovernance structure.2. is helpful to the（二）中介機構(gòu)liesin the internalorderly operationof the external governance mechanism.信用中介機構(gòu)需要保持足夠的獨立性，主要的信用中介

26、機構(gòu)包括：會計師事務(wù)所、投資銀行和 律師事務(wù)所等。（ II ） AgencyCredit intermediaries need to maintain sufficient independence. The main credit intermediaries include: accounting firms, investment banks and law firms.（三）法律法規(guī) 公司治理是以法治為基礎(chǔ)的。對中小投資者法律保護的越好，公司價值越高。（ III ） Laws and regulationsCorporate governance is based on the ru

27、le of law. The better the legal protection for small and medium investors, the higher the company value.（四）政府監(jiān)管 有效的政府監(jiān)管體系包括以下四個方面的內(nèi)容：法律監(jiān)管，行政監(jiān)管，市場環(huán)境監(jiān)管和信息披 露監(jiān)管。第4頁2019 年注冊會計師考試輔導(dǎo)公司戰(zhàn)略與風(fēng)險管理英語（ IV ） Government regulationEffective government supervision system includes the following four aspects: legal su

28、pervision, administrative supervision, market environment supervision and information disclosure supervision.（五）媒體、專業(yè)人士的輿論監(jiān)督現(xiàn)實和潛在的 監(jiān)督。a realistic and媒體監(jiān)督具有全方位性和獨立性，它對公司治理的主體和客體構(gòu)成（ V） Media and professional supervisionMedia supervision is comprehensive and independent. It constitutespotentialsupervis

29、ion of the subject and object of corporate governance.公眾監(jiān)督對公司治理的影響主要來自專業(yè)人士的作用，包括公司治理和公司財務(wù)等方面的專家 和學(xué)者。The influence of public supervision on corporate governance mainly comes from the role of professionals, including experts and scholars in corporate governance and corporatefinance.【考點 5】公司治理的原則一、確保有效

30、的公司治理框架 公司治理框架應(yīng)促進透明和公平的市場，以及資源的有效配置。Principles of corporate governanceI. Ensuring an effective corporate governance frameworkThe corporate governance framework should promote transparent and fair markets, and the efficient allocation of resources.它應(yīng)該與法治相一致，并支持有效的監(jiān)督和執(zhí)行。It should be consistent withthe

31、 rule of law and support effective supervision andenforcement.二、股東權(quán)利與關(guān)鍵所有權(quán)功能 公司治理框架應(yīng)保護和促進股東權(quán)益的行使。II. The rights and key ownership functionsThe corporate governance framework should protect and facilitate the exercise of shareholders rights.三、平等對待全體股東公司治理框架應(yīng)確保所有股東（包括少數(shù)股東和外國股東）受到 平等對待 。III. equitable

32、treatment of shareholdersequitable treatment of allThe corporate governance framework should ensure theshareholders, including minority and foreign shareholders. 所有股東在權(quán)利受到侵害時都有權(quán)得到 有效的賠償 。 All shareholders should have the opportunity to obtain effective redress for violationof their rights.四、利益相關(guān)者在公司

33、治理中的作用公司治理框架應(yīng)該 承認法律或通過 相互協(xié)議 建立的利益相關(guān)者的權(quán)利IV. The role of stakeholders in corporate governancerecognise the rights of stakeholdersThe corporate governance framework should established by law or through mutual agreements. 并鼓勵企業(yè)和利益相關(guān)者在創(chuàng)造財富、工作和財務(wù)健全企業(yè)的 可持續(xù)性方面 的 積極合作 。 and encourage active co-operation betw

34、een corporations and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises.第5頁2019 年注冊會計師考試輔導(dǎo)公司戰(zhàn)略與風(fēng)險管理英語五、披露和透明度 公司治理框架應(yīng)確保及時、準確地披露公司 所有重大事件 的信息，V. Disclosure and transparencyThe corporate governance framework should ensure that timely and accurate disclosure

35、is made on all material mattersregarding the corporation,包括財務(wù)狀況、業(yè)績、所有權(quán)及公司的治理情況。including the financial situation, performance, ownership, and governance of the company六、董事會的義務(wù) 公司治理框架應(yīng)確保公司的戰(zhàn)略指導(dǎo)、 董事會管理的有效監(jiān)控、 董事會對公司和股東負起責(zé)任。VI. The responsibilities of the boardThe corporate governance framework should e

36、nsure the strategic guidance of the company, the effective monitoring of management by the board, and the board s accountability tothe company and the shareholders.【案例】 高宏公司是一家集團企業(yè)，公司的董事會由主席即首席執(zhí)行官及 9名執(zhí)行董事和 2 名獨立董事 組成。公司主要管理崗位，例如財務(wù)總監(jiān)等職位統(tǒng)一由首席執(zhí)行官批準任免。 公司還另外設(shè)立了獨立的審計委員會和提名委員會。內(nèi)審部門每月向會計部門主管作口頭匯報。 最近，該公司一名

37、獨立董事的兒子在隱瞞了自己與該獨立董事關(guān)系的情況下被公司聘為營銷總 監(jiān)。另外一名獨立董事每年從公司領(lǐng)取的薪酬為 30 萬元，由于還在其他單位有重要工作， 一直未能 參加公司舉行的相關(guān)會議。問題：該公司在企業(yè)治理方面存在哪些問題？【答案】 基于上述事實 , 與公司治理 規(guī)定 比較，公司有 下列瑕疵 :（ 1）公司應(yīng)當(dāng)有 獨立董事 ，其人數(shù) 應(yīng)超過執(zhí)行董事。這確保了董事會作出獨立和客觀的決定。 Solution ：Based on the above facts , compared with corporate governance requirements , the company has

38、the following flaws :（ 1） It should have independent directors whose number should exceed those of Executive Directors.This ensures the Board to make an independent and objective decision.（ 2）董事長和首席執(zhí)行官的職位由不同的人擔(dān)任。這將確保任何部門的員工 不至于影響 公司的運營，并平衡公司內(nèi)部的力量。（ 2） The position of board chairman and CEO should be

39、 held by different people.This would ensure that any office staffare not too influential onthe companys operations,andbalance the power within company.（3）內(nèi)部審計部門應(yīng)向董事會和非會計部門負責(zé)人報告，以確保 董事會執(zhí)行內(nèi)部審計員的建議。（3） Internal audit department should report to the board and non-accounting department heads, so as to ensure that the board will implement the recommendations from the