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维普资讯 http://www.cqvip.

com

Ap
L 2
006,
Vo1
.2
,No.
4(Se
rial
 No。
11)
  Journ alofM odern A ccount
ing 
and 
Audi
ting,I
SSN1548.
6583,USA 
. . . . . . — — — — — — — — — — — — — — — —

Research 
on 
the 
New  vel
opment
s of 
Corporat
e Governance Board 
of 

Di
rect
ors 
and 
M anagem ent
 Account
ing 

Xi
nlong 
Su  Xi
amen 
Uni
ver
sit
yAV
uhan 
Uni
ver
sit
y o
f T
echnol
ogy
 

Abstract:Based 
on cor
porat
e governance t
his
 paper 
concl
udes t
, hat
 the core of 
cor
porat
e gorernance 
is t
he 
bOar
d of
 d r
ect
ors
 of
 t
h e l
ist
ed company It
 al
so anal
. yses t
he f
unct
ion of t
h e board of 
dir
ect
ors
 on prepar
ing
。 

aPPI
ying and apprai
sing t
h e st
rat
egi
c pl
anni
ng It
 draws a concl
. usi
on t
hat
 t
h e new devel
opment
 of 
management
 
account
ing 
IS 
h e 
t appl
icat
ion 
of 
h e 
t boar
d of 
direct
ors 
and i
ts 
sever
al 
com mi
ttees . 

KeY w0rds:
 cor
porat
e gover
nance;
 st
rat
egi
c management
 account
ing; human cul
tur
e of management
 
account
ing  。
 

1.Intr
oduct
ion 


n recent
 years,“rubber
 st
amps”and“non—
direct
ing di
rect
ors”have 
virt
ual
ly become 
synonyms 
of 
the board 
ot
 d’
rect
ors
 of
 li
sted compani
es and di
rect
ors r
espect
ivel
 ̄ whi
, ch ref
lect
s t
h e crux of t
he govem ance of I
ist
ed 
cOmpan 
es and t
he compet
ence of di
rect
ors
 of such compani
es t
o a cer
tain degree
. At
 the same t
ime.new 
deVel
opment
s of
 management
 account
ing have pr
ovi
ded fr
esh i
nsi
ght
s i
nto st
rat
egi
c deci
sion maki
ng
, budget
ing 
and 
eVaJ
uat
’on f
or 
the 
boar
d of 
dir
ect
ors 
of 
list
ed 
compani
es 
from 
a st
rat
egi
c pers
pect
ive

Thi
s paper,st
arti
ng 
wih 

cOrpo at
e govem ance,argues 
h at
t  the 
board 
of 
direct
ors 
of 
list
ed 
compani
es 
shoul
d becom e t
h e core 
of 
corporat
e 
govem ance,and t
h at
 h e appl
t icat
ion 
of 
new devel
opments
 of 
management
 account
ing t
o t
h e 
boar
d of
 di
rect
ors 
of 


 st
ed c0mpames and I
ts var
ious
 speci
ali
zed commi
ttees shoul
d be el
uci
dat
ed i
n t
h e f
orm ul
ati
on
, i
mp1
ement
ati
on 
and 
eval
uat
ion 
of 
h e 
t company’
S st
rat
egi
c pl
anni
ng . 

2.Corporat
e Governance 
and 
Board 
of 
Dir
ect
ors 

lhe essence of corpor
ate gover
n ance l
ies i
n t
h e sepa
r at
ion of t
he ent
erpr
ise’
s pr
opri
etary r
ight
s and 

management
 ight
r s-Under
 h e modem corpor
t ate 
syst
em owners
 are 
general
ly 
unl
ikel
y t
o manage and 
, operat
e t
he 
ent
erpn e m per
son;t
h us,separat
ion of 
ight
r s i
s i
nevi
tabl
e r
equi
ring t
h e ent
erpr
ise’
S power
 to be di
vided i
nto 

pr
opnet
ary nght
s,deci
sion—
m aking r
ight
s management
 ight
r s,and 
supervi
sory r
ight
s The“separ
, ati
on 
of 
the 
f0ur
  .

nght
 ” proVi
des
 checks
 and bal
ances
 for t
he i
nvest
ors’ul
timat
e ownershi
p r
ight

。 t
he corpor
ate proper
ty 
owner
shi
P nght
s of t
h e board of di
rect
ors t
h e pr
oduct
, ion and management
 ri
ght
s of t
he oDerat
ion and 
management
 aut
hor
ity
,the 
int
ernal
 supe
rvi
sor
y ight
r s of
 he 
t management
 aut
hor
ity(
grant
ed 
by 
the
 sha
rehol
der
s, 
cont
erenc
e),a
nd t
he ext
er
nal
 super
vis
ory r
ight
s of
 the ce
ti
r ied publ
f ic a
ccount
ant
s f
irm (
grant
ed bv
 the
 

harehol
der
s’c
onf
ere
nce)
. The
 st
ruc
tur
e of
 cor
por
ate
 govemanc
e i
s i
ll
ust
rat
ed 
in 
Figur
e 1 . 

37 
维普资讯 http://www.cqvip.com

Research o n t
— — . —
heNew 
 —
Devel

opment

s 

of 
Cor

porat

e Governance,Boar

d of 
Dir
ect
ors
 and 
M anagement
 Acc
ount
ing 

Fi
gure
 1  Corpor
ate 
Governance 
and 
Separ
ati
on 
of 
Four 
Right
s 

Under
 thi
s bas
ic st
ruct
ure of 
cor
porat
e governance wi
th checks
 and bal
ances,t
he sharehol
ders’conf
erence 


houl
d be t
he or
gan of
 supr
eme 
power
 of
 he
t  company,maki
ng deci
si
ons
 on
 ma
jor
 mat
ter
s of
 t
he c
ompany;
 
m ember
s of t
he board of di
rect
ors
 shoul
d be el
ect
ed by t
he shar
ehol
ders’conf
erence.responsi
ble t
o t
he 


har
ehol
ders’conference,exer
cisi
ng cor
por
ate l
egal
 ent
ity’
s owner
shi
p r
ight
s,and ser
ving as
 the supreme 
deci
sion—
maki
ng organ of t
h e company;company managers
 shoul
d be appoi
nted by t
h e board of di
rect
ors ,
 

res
ponsi
ble t
o t
he 
boa
r d of 
direct
ors;t
he supervi
sor
y boa
rd shoul
d consi
st of 
sharehol
ders’repr
esent
ati
ves and a 

proper
 per
cent
age of empl
oyee repr
esent
ati
ves, responsi
ble for
 super
vis
ing t
he company’
s di
rect
ors
 and 
execut
ives
 to 
saf
egua
r d 
company’
s i
nter
est
s. 

The em er
gence of 
the“sepa
rat
ion of 
the f
our
 r
ight
s” di
ctat
es t
hat
 there exi
st mul
tipl
e compl
icat
ed agency 


elat
ions
hips
 in
 moder
n ent
er
pr
ise
s,cons
ist
ing
 of
 two s
ides:wi
th one
 si
de bei
ng t
he i
nves
tor
s(owner
s)and 
cr
edi
tor
s a
nd 
the 
other
 si
de bei
ng t
he boa
rd of
 di
rec
tor
s a
nd ge
ner
al manager(
oper
ator
s).The i
nves
tor
s and 
cr
edi
tors
 pr
ovi
de f
unds
 for
 the ent
erpr
ise and hol
d t
he cor
porat
e l
egal
 ent
ity’
s pr
oper
ty owner
shi
p r
ight
s;t
he 

cor
p or
ate 
legal
 ent
ity s
epa
rat
es management
 ight
r s fr
om 
its 
legal
 ent
ity 
ownershi
p ight
r s and r
elegat
es 
them 
to t
he 

oper
ator
s(he
t  
gener
al ma
nager
),whi
ch 
in 
fact
 means
 that
 he
t  
oper
ator
s ar
e ent
rus
ted
 wi
th 
he
t  us
e ight
r s of
 t
he 
funds
 and confer
red 
operat
ing deci
sion—
maki
ng 
ight
r s i
n order
 to preserve and 
incr
ease 
the 
val
ue 
of 
assets Thus,
  .

h er
t e emer
ges
 a mul
til
ayered agency relat
ionshi
p bet
ween ent
rust
ing r
ight
s and 
iduci
f ary 
respons
ibi
lit
ies.Hence,
 

he 
t cor
por
ate
 lega
l ent
it
y(t
he boar
d of
 di
rect
ors
 repr
ese
nted by t
he chai
rman 
of 
the
 boa
rd)i
s bot
h a
n agent
 

ent
rus
ted 
by 
the
 fund 
cont
ibut
r or)a
nd 
a pr
inci
pal(
ent
rus
ti
ng 
the
 gener
al 
mana
ger
),whe
rea
s t
he 
fund 
cont
ibut
r or 

s h e 
t ult
imat
e pr
inci
pal
 and t
h e 
general
 manager 
is al
so an agent
 of 
h e 
t boa
r d 
of 
direct
ors.At
 h e 
t same t
ime t
he  ,

fund cont
ibut
r or may ent
rust
 t
h e super
visor
y boa
r d and t
h e management
 aut
hor
ity t
o supervi
se t
h e f
ulil
f l
ment
 of 

he 
t ent
rust
ed 
res
ponsi
bil
iti
es of 
the board of 
direct
ors
 and management
 aut
hor
ity,whereas 
the super
vis
ory board 

has onl
y i
nternal
 super
visory r
ight
s wi
h out
t  decisi
on—maki
ng r
ight
s or
 busi
ness
 management
 ights,and r
r eport
s 

di
rect
ly t
o t
h e sha
rehol
der
s’conf
erence.In addi
tion t
o el
ect
ing t
he super
visor
y boa
r d t
o super
vis
e t
he boar
d of
 
di
rect
ors
 and 
he 
t management
 aut
hor
ity,t
he 
sha
rehol
ders’conference 
may al
so 
ent
ust
r  cer
tiied 
f publi
c account
ant
s 


o audi
t he 
t ent
u st
r ed responsi
bil
iti
es of 
company m anagement
,and present
 the audi
t r
epor
t t
o t
he shar
ehol
ders’
 

confer
ence f
or 
del
iber
ati
on,whi
ch 
gives 
ise 
r to t
he 
ext
ernal
 super
vis
ory 
ight
r s ai
ming at
 the 
boa
rd 
of 
dir
ect
ors 
and 

company management
.Thus,t
here emer
ge m ul
tipl
e pr
inci
pal
—agent
 rel
ati
ons
hips
 consi
sti
ng of s
epar
ati
ons
 of
 

ight
r s:t
he s
epa
rat
ion
 of
 t
he deci
sion—
maki
ng r
ight
s of
 shar
ehol
der
s on ma
jor
 ma
tter
s(t
he f
und
 cont
ibut
r or’
S 
ul
ti
mat
e pr
ope
rty
 owner
shi
p f
ight
s)a
nd t
he deci
sion—
maki
ng r
ight
s of
 the
 boar
d of
 di
rect
ors
 wi
h r
t egar
d t
o 

nves
tme
nt and
 oper
ati
ons(
he pr
t ope
ty
r  owner
shi
p r
ight
s of
 the 
cor
por
ate
 lega
l e
nti
ty)
,the s
epa
rat
ion of
 the
 
pr
oper
ty ownershi
p r
ight
s of 
the cor
por
ate l
egal
 ent
ity and t
he busi
ness
 management
 r
ight
s of 
the management
 

38 
维普资讯 http://www.cqvip.com

Research on 
the
 New 
Devel
opment
s of
 Corporat
e Governance,Board 
of 
Dir
ect
ors
 and 
M anagem ent
 Account
ing 
— —

aut
hor
ity(
the
 gene
ral
 manager
),t
he i
nter
nal
 supe
rvi
sor
y r
ight
s of
 the s
uper
vis
ory
 boar
d,and t
he ext
enal
r  

uper
visory 
right
s of
 cer
tiied 
f publ
ic account
ant
s. 
Cor
porat
e gover
nance 
mai
nly 
tar
get
s t
he 
boar
d of 
dir
ect
ors
 and 
the 
management
 aut
hor
ity.Gover
n ance 
of 
the 

boar
d of 
direct
ors
 is
 pr
imar
ily per
formed by 
sharehol
ders
 and r
elat
ed s
takehol
ders
 for
 the 
pur
p ose of 
ensur
ing t
he 

appr
opr
iat
enes
s of
 ma
jor
 st
rat
egi
c de
cis
ions
 ma
de by
 the
 boar
d of
 di
rect
ors
,whe
reas
 gove
rnance
 of
 the
 
management
 aut
h or
ity i
s mai
nly per
for
med by 
the boar
d of 
dir
ect
ors
 for
 the 
pur
p ose of 
ensur
ing t
he 
propri
ety of 
busi
ness management.The cr
iter
ion i
n bot
h cas
es i
s t
hei
r f
ulil
f l
ment
 of 
ent
rust
ed responsi
bil
iti
es G over
.n ance of 


he boar
d of 
dir
ect
ors and t
he management
 aut
hor
ity by t
he sharehol
ders’conf
erence most
ly t
akes
 pl
ace i
n t
he 

orm 
of 
efect
ive 
supervi
sion.
 

Cl
earl
y,cor
p orat
e gover
n ance i
ncl
udes
 a 
set
 of 
oper
ati
ng 
rul
es and s
yst
ems whi
ch 
the ent
er
prise def
ines
 and 

egul
ates 
the i
nteract
ions
 bet
ween shar
ehol
ders,t
h e boar
d of 
direct
ors,and 
company management
.It
s pur
p os
e i
s 


o pr
ovi
de const
rai
nt and i
ncent
ive f
or company managem ent
 through checks
 and bal
ances
 in order
 to achi
eve 

maxi
mum sat
isf
act
ion of
 the demand f
or equi
ty by sharehol
ders
 and rel
ated s
a kehol
t ders.Chi
na’
s promi
nent
 

chol
ar Prof.Ji
nli
an W u pr
ovi
des t
he f
oll
owi
ng i
n—dept
h descr
ipt
ion of cor
p or
ate gover
n ance:“The so—
cal
led 

cor
p orat
e gover
n ance st
ruct
ure i
s an or
gani
zat
ional
 st
ructur
e consi
sti
ng of owners,t
he boar
d of
 di
rect
ors,and 

eni
or 
execut
ive 
ofi cers,i.
e.seni
or 
manager
s.I
n t
his
 st
ruct
ure,t
hese 
three 
part
ies 
cons
tit
ute 
checks 
and 
balances.
 
Through t
his
 st
u ct
r ure,t
h e owners
 rel
egat
e t
hei
r pr
opert
y t
o t
h e t
rust
 of t
h e company’
s boar
d of di
rect
ors;t
he 

company’
s board of di
rect
ors i
s t
he company’
s deci
sion-maki
ng organi
zat
ion whi
ch has
 the f
ight
 to appoi
nt,
 
rewar
d,puni
sh 
and 
dismiss 
seni
or management
 pers
onnel
;seni
or 
manager
s ar
e hi
red 
by t
he 
boar
d of 
direct
ors 
and 

o rm an execut
f ive or
gani
zat
ion under
 t
h e l
eader
shi
p of 
h e boar
t d of 
direct
ors,and manage t
h e ent
erpr
ise wi
hi
t n 

he
t  
scope
 of
 aut
hor
ity 
ent
rus
ted 
by 
he
t  
boa
rd 
of 
dir
ect
ors.
”(J
inl
ian 
W u,1
 994)
 
Chi
na’
s Company Law best
ows consi
derabl
e power upon t
he boar
d of di
rect
ors.As t
he f
iduci
ary of t
he 

owner
s,t
he board 
of 
direct
ors
 hol
ds 
deci
sion・
maki
ng 
ights
r  on t
he company’
s busi
ness
 management
 and 
occupi
es 

he 
cent
ral
 posi
tion 
in 
the gover
n ance 
struct
ure of 
h e 
t cor
p or
ate 
legal
 ent
ity,pl
ayi
ng an ess
ent
ial
 rol
e.The 
boar
d of 

dir
ect
ors
 m ust
 not
 onl
y f
ait
hful
ly di
scharge i
ts dut
ies
 f
or shar
ehol
der
s and saf
egua
r d s
har ehol
ders’i
nter
est
s,but
 

al
so 
render
 cor
rect
 deci
sions
 to 
faci
lit
ate 
h e 
t company’
s devel
opment
. 

3.Board 
of 
Direct
ors 
and 
All
 Speci
ali
zed 
Commi
ttees 

To 
faci
liat
t e t
he di
scha
r ge of 
its
 dut
ies,t
h e boa
rd of
 di
rect
ors t
ypi
cal
ly set
s up s
ome relat
ed comm i
ttees.I
n 

for
eign count
ries,t
he boa
rd of 
direct
ors
 general
ly es
tabl
ishes
 va
rious speci
ali
zed commi
ttees
 to gi
ve maxi
mum 

pl
ay t
o t
hes
e speci
alized ski
lls,and t
he exi
stence and format
ion of t
hese commit
tees
 a
r e wi
dely vi
ewed as an 


mpor
tan
t y
rds
a ic
t k
 of
 he
t  
inde
pen
denc
e o
f he
t  
boa
rd 
of 
dir
ect
ors
.On
e o
f t
wo 
maj
or 
func
ti
ons
 of
 th
e b
oar
d o
f 
dir
ect
ors
 is
 to check and super
vis
e t
he company’
s l
ong—
ter
m i
nvest
ment
 st
rat
egi
es.To sol
ve pr
obl
ems
 relat
ing t
o 

deci
sion—maki
ng,t
he company’
s boa
r d of 
dir
ect
ors
 is
 incl
ined t
owa
r ds est
abl
ishi
ng a f
inance commi
ttee and a 


ong—
term i
nves
tment
 comm
itt
ee,whi
ch 
is al
so cal
led a st
rat
egi
c devel
opment
 commi
ttee.The 
other
 funct
ion 
is 
to 
reduce 
and 
all
evi
ate t
h e 
agency 
conf
lict
 bet
ween 
sha
rehol
der
s and s
upr
eme company 
management.In general
,the 

company pref
ers t
he boa
r d of 
dir
ect
ors t
o set
 up an audi
t comm
i t
tee and a r
emuner
ati
on comm i
ttee,whi
ch pl
ay 
h e 
t rol
e of 
independent
 super
visi
on.
 

The 
set
up 
of 
speci
ali
zed 
commi
ttees
 di
fers
 fr
om 
com pany 
to 
company,dependi
ng 
on t
h e 
company’
s si
ze 
and 

nat
ure.I
n most
 Br
iti
sh and Amer
ican compani
es,t
her
e a
re st
rat
egi
c devel
opment
 commi
ttee,audi
t commi
ttee,
 

39 
维普资讯 http://www.cqvip.com

Res
earc
h on 
the 
New 
Devel
opm ent
s of
 Corpor
ate 
Governance,Boar
d of
 Di
rect
ors
 and 
M anagement
 Acc
ount
ing 

nomi
nat
ion 
commi
ttee,remuner
ati
on commi
ttee,et
c..A 
singl
e—l
ayer 
struct
ure 
of 
the 
boar
d of 
dir
ect
ors
 is
 shown i
n 

Fi
gure 
2. 

Fi
gure 
2  Str
uct
ure 
of 
Singl
e-Ti
er 
Board 
of 
Dire
ctors 

Thes
e s
peci
ali
zed 
commi
tt
ees
 di
scha
rge
 thei
r r
espect
ive
 dut
ies
 and 
joi
ntl
y per
for
m t
he 
deci
sion—
maki
ng 
and 
supervi
sing funct
ions
 of t
he boa
rd of di
rect
ors.W hi
le bei
ng i
nvol
ved i
n cor
por
ate gover
nance.i
ndependent
 
di
rect
ors,besi
des
 servi
ng on t
he boa
r d of di
rect
ors
 in t
he capaci
ty of di
rect
or,al
so pl
ay a vi
tal
 rol
e i
n t
he 

speci
ali
zed 
commi
ttees 
of 
the 
company’
S boa
r d 
of 
direct
ors.
 

Ar
ti
cle 
52 
of 
The
 Code
 ofGover
nance
 ofLi
sted 
Compani
es 
in 
Chi
na 
provi
des
 t
hat
 t
he 
boa
rd 
of 
dir
ect
ors
 of
 a 

ist
ed company may set
 up st
rat
egy, audi
t, nominat
ion, r
emuner
ati
on, eval
uat
ion  and ot
her
 speci
ali
zed 

commi
ttees i
n accor
dal
ice wi
th t
he r
esolut
ions
 of t
he sha
r ehol
ders’confer
ence.T
h e Det
ail
ed I
mpl
ement
ati
on 

Meas
ures
 for
 Spe
cial
ize
d Commi
tt
ees
 of 
the Boar
d o
f Di
rect
ors
 dr
awn
 up by t
he Sha
nghai
 As
soci
ati
on of
 
Secr
etar
ies
 of
 Boa
rds 
of 
Diect
r ors
 consi
sts of 
the gui
de t
o t
he 
detai
led i
mpl
ement
ati
on measur
es 
for 
the 
strat
egy 
commi
ttee of
 the boar
d of
 di
rect
ors,t
he gui
de to t
he det
ail
ed i
mpl
ement
ati
on measures
 for
 the nomi
nat
ion 

commi
ttee 
of 
the 
boa
r d 
of 
dir
ect
ors,t
he 
gui
de 
to 
the 
det
ail
ed i
mpl
ement
ati
on 
measur
es 
for
 the audi
t commit
tee 
of 


he 
board of 
direct
ors,and 
the gui
de t
o t
he 
det
ail
ed i
mpl
ement
ati
on measures 
for
 the 
rem unerat
ion and eval
uat
ion 

commi
ttee 
of 
the boa
r d 
of 
dir
ector
s.Each gui
de 
cont
ains 
comment
s and 
recom mendat
ions
 for 
the st
a币 ng.dut
ies.
 
decis
ion—maki
ng pr
ocedur
es 
and del
iberat
ion 
ul
r es 
of 
the 
speci
ali
zed 
com i
ttees.
 

4.New 
Devel
opm ent
s wi
th 
Regard t
o Deci
sion-
m aki
ng 
by t
he 
Board 
of 
Direct
ors
 and i
n 
M anagement
 Account
ing 


n a l
arge—s
cal
e ent
er
pri
se,especi
all
y a congl
omer
ate,t
he company’
S st
rat
egi
es can be cl
assi
ied i
f nto t
hree 


evel
s:cor
por
ate st
rat
egi
es,busi
ness
 st
rat
egi
es,and funct
ional
 st
rat
egi
es,wi
th cor
p orat
e st
rat
egi
es bei
ng t
he 
hi
ghest
—level
 st
rat
egi
es.Cor
p orat
e st
rat
egi
es are formul
ated by t
he st
rat
egy commi
ttee of t
he boar
d of di
rect
ors
 

and submi
aed t
o he 
t company’
S boa
rd of 
dir
ect
ors
 for
 revi
ew and approval
;thei
r pur
p ose i
s t
o i
dent
ify busi
ness 

re
a a
s f
or 
the
 ent
epr
r i
se 
and
 to
 de
plo
y i
ts
 r
eso
urc
es 
in 
acc
ord
anc
e wi
th 
it
s 
obj
ect
ive
s.S
O t
hat
 al
lit
s 
bus
ine
sse
s c
an 
suppor
t and coordi
nat
e wi
th each ot
her
.Ther
efor
e,cor
p orat
e st
rat
egi
es a
r e l
ong—
ter
m  hol
isti
c s
rat
t egi
c behavi
ors 


n t
he Uni
ted St
ates,s
ome
 compani
es have separ
ated r
emune
rat
ion and eval
uat
ion commi
ttees whi
. le ot
her
s have con1
bined 

emu
ner
ati
on 
nd
a  
eva
lua
tio
n c
ommi
tt
ees
.In
 Ch
ina
,the
y a
re 
joi
ntl
y c
all
ed 
remu
ner
ati
on 
nd
a  
eva
luat

on 
comm
itt
ees
.Thi
s p
ape
r d
oes
 
not
 di
sti
ngui
sh 
bet
ween 
the
m. 
维普资讯 http://www.cqvip.com

Resear
ch 
0n 
the 
New 
Devel
opm ent
s of
 Corporat
e Governance,Board 
of 
Diect
r ors
  M anagement
and   

A ccount
ing 

whi
ch 
have a 
direct
 beari
ng on 
the 
ent
erpr
ise’
s overal
l devel
opment,whereas s
trategi
c management
 accounti
ng i
s 


・an account
ing sys
tem ser
ving st
rat
egi
c management
'’and “management
 account
ing agai
nst
 the backgr
ound ot
 

he 
strat
egi
es 
formul
ated and 
impl
ement
ed by 
the 
ent
er
p ri
se”.“St
rat
egi
c management
 accounti
ng i
s a 
new tl
eld i
n 


he mOdem  management
 account
ing syst
em.I
t forms
 a ‘
st
rat
egi
c t
iangl
r e’f
rom t
he s
trat
egi
c pr
ospectI
Ve and 

cent
ers
 on t
he 
ent
erpr
ise,cl
ient
s and 
busi
ness
 compet
itor
s;i
t not
 onl
y provi
des 
ext
ernal
 informat
ion 
on 
cli
ent
 and 
busi
ness
 compet
itors
 wi
th 
strat
egi
c r
elevance,but
 al
so st
rat
egi
cal
ly s
crut
ini
zes
 the 
company’
s i
nter
n al
 inf
ormat
’on,
 


n Or
der
 to hel
p l
eaders
 devel
op a bet
ter
 under
standi
ng of t
he company and busi
ness
 compet
itors
 and perf
Om  


nsi
ght
ful
 st
rat
egi
c t
hinki
ng,and event
ual
ly 
draw up 
and 
car
ry 
out
 compet
iti
on 
str
ategi
es-
 
New devel
opment
s of 
management
 account
ing.i
ncl
udi
ng st
rat
egi
c management
 account
n g,ar
i e mani
lest
 m 

si
x areas.i
ncl
udi
ng t
he f
orm ul
ati
on,budget
ing,i
mpl
em entat
ion st
atus r
evi
ew,perf
ormance r
evi
ew and ser
v  ces 

cor
p or
ate 
strat
egi
es.
 

 1
  As“outwar
d management
 accounti
ng” whi
ch serves
 the f
orm ul
ati
on and i
mpl
ement
ati
on of cor
p orat
e 


trat
egi
es.s
tra
tegi
c management
 ac
count
ing 
is 
sub
ject
ed 
to 
he
t  
gui
del
ines
 of
 cor
por
ate
 st
rat
egi
es,conc
emed
 w 
tn 
bot
h t
he ent
er
prise’
s i
nter
n al
 and ext
er
n al
 fact
ors;
 whi
le bei
ng concer
n ed wi
th t
h e ent
erpr
ise’
s ext
emal
 


nf0nnat
ion,st
rat
egi
c management
 accounti
ng i
s concer
n ed not
 onl
y wi
h  mi
t cro i
nformat
ion i
n t
he ent
erp n e。
 

ext
em a1
 envi
I.
0nment
,such as i
nfor
m at
ion about
 busi
ness
 compet
itor
s,i
ndust
ry market
 demand,suppl
iers
 and 

cl
ient
s.but
 al
so wi
h macro ext
t er
n al
 infor
m at
ion,such as
 infor
m at
ion about
 the pol
iti
cal
 si
tuat
ion,soci
al and 
cul
tural
 envi
ronment
,nat
ural
 envi
ronment,l
egal
 envi
ronment
,and economi
c envi
ronment
-St
rat
egi
c management
 

account
ing pl
aces
 a 
st
rong 
emphasi
s on t
he anal
ysi
s and st
udy 
of 
the ent
erp ri
se’
s ext
ern al
 envi
ronment
 so 
that
 the 

ent
er
pri
se 
can 
dwel
l upon e
xter
n al
 envi
ronme
nt,oppor
tuni
ti
es f
or 
he 
t ent
er
pri
se t
o s
urvi
ve 
and t
hr
ive 【
such 
as 

govemment
 s
uppor
t,appl
icat
ion 
of 
high 
tec
hnol
ogy,a
nd 
posi
ti
ve 
buyer
-sel
ler
 rel
ati
ons
hip)
,and
 res
ult
ing 
negat
 Ve 

mpact
s f
such 
as 
busi
ness
 compet
itors,sl
owi
ng mar
ket
 gr
owt
h rat
e,r
isi
ng ba
r gai
ning abi
lit
ies
 bet
ween buyer 
and 


ell
er.a
nd 
agei
ng 
technol
ogy)
,di
scer
n t
he 
int
ent
s and 
cour
ses
 of
 fut
ure
 act
ions
 of
 exi
sti
ng 
and 
pot
ent
ial
 bu
 ne
 
compet
itor
s.i
dent
ify t
he t
rends of s
oci
al,pol
iti
cal
,legal
,technol
ogi
cal
 and cul
tural
 devel
opment
s f
or t
he 

for
eseeabl
e f
utur
e,and 
improve t
h e 
ent
erpr
ise’
s com pat
ibi
lit
y wi
h 
t and 
adapt
abi
lit
y t
o t
h e 
envi
ronment
- 


21 Cons
ist
ent
 wi
h t
t he company’
s l
ong—
ter
m  devel
opment
 st
rat
egi
es, st
rat
egi
c management
 account
mg 
emp.
has
izes
 a 
long—
ter
m  
nat
ure 
and sust
ainabi
lit
y.Cor
p or
ate s
trat
egi
es a
r e 
hol
ist
ic and 
long 
ter
m  st
rat
egi
c pl
anni
ng 

wi
th 
rega
rd t
o t
h e ent
erpr
ise’
s over
all
 devel
opment
,wi
h 
t a f
ar-
reachi
ng i
mpact
 on t
h e 
ent
ire 
ent
erpr
ise’
s l
ong-t
e珊  

devel
oDment
.St
rat
egi
c management
 account
ing i
ncor
p orat
es adequat
e consi
derat
ions
 for
 compat
ibi
lit
y w t
h t
he 

ent
er
pri
se’
s l
ong—t
er
m  devel
opment
 st
rat
egi
es,and st
resses
 the ent
er
pris
e’s st
rat
egi
c st
atus
 and t
rget
a  m arKet
 ・儿 
anal
yzes 
and eval
uat
es 
he 
t ent
erpr
ise’
s capi
al
t  i
nvest
ment
 fr
om 
he 
t st
andpoi
nt 
of 
the 
ent
erpr
ise’
s l
ong—t
em  
int
erest
s, 

dedi
cat
ed t
o pr
ovi
ding i
nfor
m at
ion f
o r ma
rket
 devel
opment
,R&D of new product
s,and mar
ket
 poSl
tlOns
 of 

Dmduct
s.I
ts i
nfor
m ati
on anal
ysi
s i
s based on t
h e i
nvest
igat
ion of 
h e 
t ent
er
prise’
s overal
l i
nter
est
s・To 
pro眦 t
 me 

ent
er
p ri
se’
s overal
l i
nterest
。st
rat
egi
c m anagement
 account
ing 
someti
mes 
has
 to 
sacr
ifi
ce 
par
t al
 int
erest
s・ 


3)I
n t
er
ms of
 pl
anni
ng a
nd budget
ing,s
tra
tegi
c management
 account
ing i
mpl
ement
s t
otal
 budget
 

m anagem ent
. 

4)I
n t
erms
 of
 t
he 
ass
ess
ment
 of
 i
nter
nal
 cont
rol
,srat
t egi
c manageme
nt 
account
ing
 st
res
ses
 the 
eval
ua 
ion
 of
 


trat
egic 
object
ive
s. 
(5)In t
erms of 
pefor
r m ance
 eva
lua
tion,s
tra
tegi
c manageme
nt a
ppl
ies
 t
he 
Bal
ance
 Sc
ore
 Ca
rd(
BSC)a
nd 

Econom
i c 
Val
ue 
Added(EVA).
 
(6)Human 
cul
tur
e of
 management
 account
ing
 pr
ovi
des
 consul
tancy 
ser
vices
 or
f  
the
 nom
i na
tion 
comm
itt
ee 

4l
 
维普资讯 http://www.cqvip.com

Res
ear
ch 
on 
the 
New 
Devel
opm ent
s of
 Corporat
e Governance,Board 
of 
Direct
ors
 and 
M anagement
 Account
ing 

of
。the 
board 
of 
dir
ect
ors
 to 
dischar
ge 
its 
duti
es.
 

4.
1 St
rat
egy
 Com mi
ttee,
Str
ategi
c Cos
t M anagem ent
 and 
Str
ategi
c I
nves
tment
 Eval
uat
ion 
4.
1.1
 Pr
imar
y Dut
ies
 and 
Responsi
bil
iti
es 
of 
the 
Strat
egy 
Comm i
ttee 

Ar
ti
cle
 37 of
 The
 C0c
}e
 of 
Gov
ernanc
e o
f Li
ste
d Compani
es 
stat
es t
hat
 t
he s
tra
tegy 
commi
tt
ee 
of 
a l
ist
ed 

ompany
 shal
l f
ulil
f l
 the
 fol
lowi
ng pr
imar
y r
espons
ibi
li
ti
es: (1
) For
mul
ati
ng t
he c
ompany’
s l
ong
 ter
m 
devel
opment
 st
rat
egi
es;(
2)Supe
rvi
sing 
and 
ver
ifyi
ng 
the
 compa
ny’
s 
maj
or 
inve
stment
 deci
si
ons
. 
4.1.
2 St
rat
egy 
Commi
ttee,St
rat
egi
c I
nves
tment
 Eval
uat
ion,and 
Strat
egi
c Cost
 M anagement
 
St
rat
egi
c i
nvest
ment
 eval
uat
ion,as 
a branch 
of 
str
ategi
c management
 account
ing,r
eflect
s t
he combi
nat
ion of 

st
rat
egi
c management
 accounti
ng and t
h e mar
ket.St
rat
egi
c i
nvestment
 eval
uat
ion must
 consi
der t
hree t
ypes
 of
 

di
rect
 ea
rni
ngs:t
he 
ir
f s
t t
ype
 is
 ea
rni
ngs
 di
rect
ly r
epr
ese
nte
d by
 monet
ary 
proj
ect
s,t
he 
second 
type
 is
 ear
nings
 
lexi
f bly 
conver
ted 
int
o monet
ry 
a pro
jec
ts,and 
the
 las
t t
ype 
is 
ear
nings
 whi
ch 
cannot
 be
 re
pres
ent
ed 
by 
monet
ary
 
pr
oje
cts
 but
 ar
e r
equi
red 
by 
the
 eva
luat
ion 
syst
em (
such
 as
 sc
ores
 sub
jec
tivel
y gi
ven 
by 
mana
gement
 per
sonnel
 t
o 
is
r ks
 reduct
ion
 and 
impr
ovement
 of
 company 
prof
ile)
.The 
inal
f  scor
e i
s det
ermi
ned 
by 
wei
ghi
ng 
each
 sc
ore;t
he 
wei
ght
 of each score i
n addi
ng t
he sum t
otal
 of al
l scores
 depends
 br
ief
ly upon t
he i
mpor
tance of i
ts 

cor
res
pondi
ng s
rat
t egi
c obj
ect
ive.To pe
rfor
m t
he eval
uat
ion,s
trat
egi
c ma
nageme
nt ac
count
ing mus
t f
irs
t 
under
stand ma
r ket
 fact
ors,such 
as consumer
 needs,t
he 
product
ion capaci
ty 
of 
busi
ness
 competi
tor
s,al
l at
tri
but
es 

rel
ati
ng 
to 
product
s and 
ser
vices,and 
prices
 At
 the s
ame t
ime,st
rat
egi
c management
 account
ing 
poi
nts 
out
 that
 al
l 
ent
erpr
ise 
does
 not
 necessari
ly 
need t
o sar
isf
y al
l of 
h e 
t consumer
 needs,but
 must
 out
do 
its 
compet
itor
s,and 
under
 


his
 gui
del
ine,must
 fur
ther 
est
abl
ish 
the 
att
ibut
r es 
of 
product
s or 
ser
vices
 it
 provi
des
 and t
rget
a  pr
ices,
 
St
rat
egi
c COSt
 framewor
k mai
nly 
consi
sts 
of 
three 
fact
ors:val
ue 
chai
n anal
ysi
s,st
rat
egi
c posi
tioni
ng 
anal
ysi
s, 

and 
cost
 dr
iver 
anal
ysi
s. 


1)Va
lue 
cha
in a
nal
ysi
s r
elec
f ts 
he
t  
mos
t i
mpor
tant
 met
hod 
of 
str
ate
gic 
hought
t s,f
ocus
ing 
on 
he
t  
creat
ion 
of 
val
ue t
hroughout
 he 
t proces
s f
rom 
raw 
m at
er
ial
s t
o inal
f  pr
oducts.I
t i
s not
 onl
y concer
n ed wi
h t
t h e 
ent
erpr
ise’
s own 

val
ue 
dlai
n wi
h 
t t
he 
aim 
of 
opt
imi
zing 
he 
t needs
 of 
he 
t ent
erpr
ise’
s i
nter
n al
 val
ue 
chai
n and 
improvi
ng 
its 
compet
iti
ve 
advant
ages,but
 al
so a
n al
yzes
 it
s comp
eti
tors’va
lue chai
n i
n or
der
 to det
ermi
ne t
he r
ati
onal
ity,mer
its
 and demer
its,
 
and format
ive 
caus
es of 
h e 
t val
ue 
chai
n of 
compet
itors
 in a paral
lel
 posi
tion,and per
for
m s
 anal
ysi
s of 
h e i
t ndust
ry 

val
ue 
cha
in(
inc
ludi
ng 
anal
yses
 of
 he 
t ups
tream 
n d 
a downs
trea
m va
lue
 chai
ns)t
o det
ermi
ne 
whe
he
t r
 he
t r
e i
s a
 nee
d t
o 
es
abl
t is
h s
tra
tegi
c a
lli
anc
e wi
h 
t buye
m nd 
a suppl
ier
s or
 to 
reduce
 cos
ts 
thr
ough
 me
rger
s a
nd 
acqui
si
ti
ons,o
r t
o a
djus
t 
h e 
t ent
er
pri
se’
s pos
iion 
t in 
h e 
t indust
ry 
val
ue 
chai
n n d 
a scope 
in 
order 
to 
obt
ain 
cost
 adva
nta ges.
 


2)St
rat
egi
c pos
iti
oni
ng 
ana
lys
is 
is 
conc
erne
d a
bout
 what
 mode 
of 
compet
iti
on 
he
t  
ent
epr
r is
e s
houl
d empl
oy,
 

ncl
udi
ng st
rategi
es of 
cost
 advant
ages
 and st
rat
egies of
 product
 di
ffer
ent
iat
ion.St
rat
egi
es of 
COSt
 advant
ages 
r e 


ntended 
to 
cope 
wih  market
t  compet
iti
on and 
gui
ded by market
 sal
es and 
prices 
of 
new product
s,and 
det
ermi
ne 

h e pr
t ices of new pr
oduct
s on t
h e basi
s of mar
ket
 surveys.Tar
get
 cost
s a
r e tar
get
 sel
ling pr
ices
 deducted by 

expect
ed 
prof
its.The 
use 
of 
he 
t tar
get
 cost
 met
hod al
lows
 management
 account
ing 
personnel
 to combi
ne 
the cos
t 

syst
em wi
h cor
t p orat
e s
trat
egi
es t
o s
erve pr
oduct
 innovat
ion,whereas st
rat
egi
es of
 pr
oduct
 di
fferenti
ati
on are 
anal
yses
 of st
rat
egi
c cost
s wi
th a f
ocus
 on t
he consumers’value chai
n,whi
ch gener
ate mat
rix anal
yses
 to 

det
ermi
ne what
 at
tri
but
es or 
feat
ures whi
ch compet
iti
ons do not
 have must
 be i
ncor
p orat
ed i
n t
he pr
oduct
s and 

servi
ces
 provi
ded 
by 
h e 
t ent
erpr
ise 
in 
order
 to 
atract
t  consumers.
 


3)Cos
t dr
ive
r a
nal
ysi
s i
s an
 oper
ati
on i
n whi
ch 
cos
ts 
and 
res
our
ces
 ae 
r di
stibut
r ed among a
ll c
ons
tit
uent
 
val
ue chai
ns of 
h e ent
t erpri
se,and di
sti
ngui
shes
 cos
t dri
vers
 of 
all
 operat
ions,t
h er
eby det
ermi
ning t
h e over
all
 

si
tuat
ion 
of 
cost
 composi
tion and r
esour
ce consumpt
ion i
n t
he ent
ire val
ue 
chai
n.On t
he 
basi
s of 
such anal
yses,
 

42 
维普资讯 http://www.cqvip.com

Research 
on 
the
 New 
Devel
opment
s ofCorporat
e Governance,BoardofDi

rect
ors a n d M a n ag
— — — — —
em entAccount
— — —
ing 
— — — — . — — 一 一 — — —


he cost
 dri
ver may be modi
ied or
f  the val
ue chai
n be r
eset
 up t
o al
low t
he ent
erpr
i 
se t
o obt
ain sust
ainabl
e 

compet
iti
ve advant
ages.
 
4.
2 Budget
 Comm i
ttee 
and 
Tot
al Budget
 M anagem ent 

Al
though 
The
 Code
 of 
Gover
nanc
e o
f Li
ste
d Compani
es 
does
 not
 speci
ica
f lly 
requi
re 
the
 boar
d of
 di
rect
ors
 
of a l
ist
ed company t
o s
et up a budget
 commi
ttee of
 the boar
d of di
rect
ors,ar
ticl
e 1
 1 
2 of t
he Company Law 

pr
ovi
des
 that
 par
t of 
the dut
ies
 for
 the boar
d of
 di
rect
ors
 is
 to formul
ate t
he company’
s annual
 f
inanci
al budget
 

scheme and set
tlement
 schem e.As a new devel
opment
 of
 management
 account
ing,t
otal
 budget
 management
 


ormul
ate 
the company’
s annual
 f
inanci
al 
budget
 from 
the st
rat
egi
c management
 pers
pect
ive,whi
ch 
faci
lit
ates 
the 

compat
ibi
lit
y bet
ween 
the annual
 f
inanci
al 
budget
 of 
h e 
t board of 
direct
ors 
of 
the 
list
ed 
company and 
the 
strat
egi
c 

obj
ect
ives
 of
 t
he 
company 
and 
make
 them 
mor
e s
cient
iic
f  
and 
rel
evant
. 
Tot
al budget
 management
 is
 a nat
ural
 ext
ensi
on of s
trat
egi
c management
 account
ing.Budget
 is
 a rat
ional
 
advance 
depl
oyment
 of 
the 
ent
erpr
ise’
s exi
sti
ng 
and f
utur
e r
esources i
n ess
ence.Total
 budget
 management
 bri
ngs 

st
rat
egi
c t
hinki
ng i
nto t
he budget
 mechani
sm.I
n t
he budget
ing pr
ocess,advance depl
oyment
 of
 resour
ces
 is
 

requi
red by t
aki
ng st
rat
egi
c needs i
nto account;i
n addi
tion,st
rat
egy 
execut
ors
 are 
requi
red t
o be t
otal
ly i
nvol
ved 


n he
t  
budget
ing 
proc
ess
 and 
conduct
 r
edepl
oyment
 i
n r
espons
e t
o any 
adj
ust
ment
 of
 cor
por
ate
 st
rat
egi
es;t
hus・t
he 
requi
rement
s of
 dynami
c budget
 ari
se.
 

St
rat
egi
c management
 accounti
ng pl
aces
 a s
trong emphasi
s on busi
ness compet
itors,cus
tomer
s and ot
her 

st
rat
egi
c fact
ors.Tot
al 
budget
 management
 has 
reformed t
he 
conventi
onal
 recordi
ng,pl
anni
ng and 
repor
ting 
mode 

under
 whi
ch dat
a of 
same account
 was t
aken as
 the key basi
s for
 prepari
ng budget
ary dat
a;i
nst
ead,i
t i
ncl
udes
 

di
fer
ent
 cust
om er r
eact
ions
 to ent
er
p ri
se expendi
tures i
nto t
h e budget
 repor
t,i
n or
der t
o i
denti
fy whi
ch 

expendi
ture behavi
ors
  ar
e favorabl
e f
or est
abl
ishi
ng compet
iti
ve advant
ages. For
 exampl
e, addi
ng new 

nfor
m at
ion on key busi
ness
 com pet
itors
 A,B,C and D t
o t
he r
epor
t  and,accor
ding t
o al
l possi
ble ma
rket
 

condi
tions,pr
edi
cti
ng compet
itors’expendi
tur
e behavi
ors and i
ts own cost
—vol
ume—
prof
it condi
tions,i
n order
 to 

devel
op 
a bet
ter 
under
standi
ng 
of 
competi
tors’react
ions.
 

4.
3 Audi
t Comm i
ttee and 
Enterpri
se 
Risks 
M anagem ent 
Framework 
4.
3.1
 Dut
ies
 and 
Res
ponsi
bil
iti
es 
of 
Audi
t Comm i
ttee 


n M a
rch 1
 
993,t
he Publ
ic Ove
rsi
ght
 Boa
rd(
POB)i
ssued a
 re
por
t e
nti
tl
ed/
n t
he 
Publ
ic 
Int
ere
st…I
ssue
s 
Con
front
ing  已 Ac
count
ing Pr
ofes
sion,as
seti
r ng t
hat
 the
 audi
t commi
tt
ee s
houl
d f
ulil
fl t
he f
oll
owi
ng 
responsi
bil
iti
es:r
evi
ewi
ng the company’
s annual
 financi
al st
atement
s,conferr
ing wi
th management
 and t
he 

ndependent
 audi
tor concer
ning t
he annual
 f
inanci
al st
atement
s,r
ecei
ving f
rom t
he audi
tor t
h e i
nfor
m ati
on 


equi
red t
o be
 communi
cat
ed,and 
judgi
ng 
whet
her
 t
he f
ina
nci
al s
at
t ement
s ar
e compl
ete
 and
 cons
ist
ent
 wi
th 

nfor
m at
ion 
known 
to 
them 
and 
ref
lect
 appropr
iat
e account
ing 
princi
ples.
 

Ar
tic
le 
54 of
 he
T  Cl
0  o
f Gov
ernance
 of 
List
ed 
Compani
es 
sta
tes
 tha
t t
he a
udi
t 
commi
tt
ee s
hal
l 
dis
char
ge 

he f
oll
owi
ng 
dut
ies:(1
)Pr
opos
ing 
to r
ecr
uit
 or
 repl
ace
 the
 ext
enal
r  audi
ting 
orga
niza
tion;(
2)Supe
rvi
sing 
he
t  
company’
s i
nter
nal
 audi
ting 
sys
tem 
and 
its
 impl
ement
ati
on;(
3)Bei
ng 
res
pons
ibl
e or
f  
the
 communi
cat
ion 
bet
wee
n 
he 
t int
ernal
 au
dit
 and 
ext
er
nal
 audi
t;(
4)Revi
ewi
ng 
he
t  
compa
ny’
s inanci
f al 
inf
ormat
ion
 and 
its
 di
sse
i na
m tion;(
5) 
Revi
ewi
ng t
he c
ompany’
s i
nter
nal
 cont
rol
 sys
tem.Bes
ide
s,Det
ail
ed 
Impl
ement
ati
on Me
asur
es 
for
 Speci
ali
zed 
Commi
tt
ees
 of 
the
 Boar
d o
f Di
rec
tor
s of
 2002 
requi
res
 to 
revi
ew 
the
 compa
ny’
s i
nter
nal
 cont
rol
 sys
tem 
and 
audi
t 
ma
jor
 as
soc
iat
ed 
tr
ans
act
ions
;(6
)Pe
rfo
mi
r n
g o
the
r t
ask
s i
nst
uc
r t
ed 
by 
he
t  
compa
ny’

 bo
ard
 of
 di
rec
tor
s.
 
4.
3.2 
Audi
t Com mi
ttee and Ent
erpr
ise 
Risk 
Man agement
—Int
egrat
ed Fr
amewor
k 

On
 Se
ptember
 29,200
4,t
he 
Commi
ttee
 of
 Spons
oring 
Organi
zat
ions(
COSO)of
i ci
all
y publ
ishe
d Ent
erpr
ise
 

43 
维普资讯 http://www.cqvip.com

Res
ear
ch 
on 
the 
New 
Devel
opm ent
s of
 Corporat
e Governance,Board 
of 
Direct
ors 
and 
M anagem — —
en tAcco u
— — —
 
nti
ng 
— — — — —

Ri
sk 
Manage
ment
—I
ntegr
ate
d Fr
amewor
k(ERM—
IF)
,ta
king
 the
 company’
s(s
tra
tegi
c)ob
ject
ive
 set
ti
ng 
and 
eve
nt 

dent
iicat
f ion as
 innovat
ive el
ement
s of
 th e i
nter
nal
 cont
rol
 of
 ent
erpri
se r
isk management,and def
ini
ng t
hat
 

ent
er
pri
se 
risk 
management
 is
 a 
process,aff
ect
ed 
by 
an 
ent
ity’
s boar
d of
 di
rect
ors,management
 and 
oth er 
personnel
, 

appl
ied 
in 
str
ategy s
ett
ing and acr
oss
 he 
t ent
erpri
se,desi
gned 
to i
dent
ify 
pot
ent
ial
 event
s hat
t  may 
afect
 t
he 
ent
ity,
 
and management
 ri
sk t
o be 
wit
hin i
ts r
isk 
appet
ite,t
o pr
ovi
de r
eas
onabl
e as
sur
ance 
regardi
ng t
he achi
evement
 of 

ent
it
y ob
ject
ives
,whi
ch a
ir
f ms
 that
 t
he boar
d of
 di
rect
ors
 ha
s a
 res
ponsi
bil
it
y t
o s
uper
vis
e t
he e
nter
pr
ise’
s is
r k 
management
 and t
h at
 th e ent
erpr
ise’
s CEO has
 th e ul
timat
e res
ponsi
bil
ity f
or ent
er
p ri
se r
isk management
.The 

Chi
na Avi
ati
on Oi
l Inci
dent
 in December
 2004  i
s a good case i
n poi
nt:t
he ent
erp ri
se management
,wi
h out
t  

not
ifyi
ng i
ts boa
r d of di
rect
ors
 and obt
aini
ng i
ts aut
h ori
zat
ion,i
llegal
ly t
ransferr
ed t
h e company’
s st
rat
egi
c 

ob
ject
ive
 to s
pecul
ati
ve t
radi
ng i
n de
riva
tives
,wr
eaki
ng havoc
 on
 the
 company.Thi
s cas
e demons
trat
es 
tha
t he
t  

ormul
ati
on 
of 
ent
er
pr
ise
 st
rat
egi
c 
obj
ect
ives
 is
 of
 ext
reme 
impor
tance,
and 
that
 t
he 
audi
t 
commi
tt
ee 
shoul
d t
ke 
a he
t  

mpl
ement
ati
on 
of 
he
t  
compa
ny’
s 
str
ate
gic
 ob
ject
ives
 as
 a 
focal
 poi
nt 
of 
it
s i
nspe
cti
on 
and 
eva
lua
tion.
 
4.
4 Remunerat
ion 
and 
Eval
uat
ion 
Commi
ttee
 and 
Bal
ance
 Scor
e Car
d(BSC)
 
4.
4.1
 Dut
ies
 and 
Responsi
bil
iti
es 
of 
the 
Remuner
ati
on 
Com mi
ttee 


n 1
 
992,t
he US
 Sec
ur
iti
es and Excha
nge
 Commi
ssi
on (
SEE)r
equi
red
 compa
nie
s ha
ve a
 remuner
ati
on 
commit
tee.The pr
imary r
esponsi
bil
ity of
 the SEC i
s t
o s
et remunerat
ion package for
 the company’
s execut
ive 

di
rect
ors
 and 
seni
or 
management
 per
sonnel
, 
By referenci
ng t
h e anal
ysis
 of Hewi
tt Ass
oci
ates.t
h e remuner
ati
on com mi
ttee shoul
d ful
nll
 si
x basi
c 


espons
ibi
li
ti
es:(
1)Res
ear
chi
ng 
and 
gra
spi
ng t
he 
real
ist
ic
 foundat
ion 
of 
stoc
k opt
ion
 inc
ent
ives;(
2)Eval
uat
ing
 

he 
remuner
ati
on 
level
s 
of 
incent
ive
 obj
ect
s;(
3)Es
tabl
is
hing 
he
t  
remuner
ati
on 
mixt
ure
 whi
ch 
is 
mos
t apt
 t
o s
ecur
e 

he dedi
cat
ion of
 he
t  i
nce
nti
ve ob
jec
ts t
o t
he compa
ny ob
jec
tives;(
4)I
mpl
eme
nti
ng r
emune
rat
ion
 pl
ans
 f
or 
gener
al i
ncent
ive
 ob
ject
s,pa
rti
cul
arl
y pl
ans
 invol
ving e
qui
ty r
emuner
ati
on;(
5)Eval
uat
ing
 remune
rat
ions
 of
 
di
rect
ors
;(6)Eva
luat
ing
 the
 job 
per
for
m ance
 of
 he
t  
ince
nti
ve 
obj
ect
s.
 
Ar
ti
cle
 56
 of
 The
 C  o
f Gov
ernanc
e s
tat
es 
tha
t he 
t compens
ati
on 
and 
remuner
ati
on 
commi
tt
ee 
shal
l 
ful
nll
 
he
t  f
oll
owi
ng r
espons
ibi
li
ti
es:(
1)Res
ear
chi
ng t
he cr
it
er
ia f
or eva
lua
ting di
rec
tor
s and ma
nage
rs,per
for
ming 
eva
luat
ions
 and 
propos
ing 
rec
ommendat
ions;(
2)Res
ear
chi
ng 
and
 revi
ewi
ng 
remuner
ati
on 
pol
ici
es 
and 
sche
mes
 
of 
direct
ors
 and 
seni
or 
management
 pers
onne1
. 

Ar
ti
cle 
70 
of 
he
T  
CD如 o
f Gove
rnance
 of
 Li
st
ed 
Compani
es 
provi
des
 t
hat
 per
for
mance
 eval
uat
ion
 of
 di
rect
ors
 
and 
managers
 shal
l be 
conduct
ed 
by 
the 
boar
d of 
direct
ors
 or 
its 
afil
f i
ated 
remuner
ati
on 
and 
eval
uat
ion 
commi
ttee.
 

Ar
ticl
e 7 
1 st
ipul
ates
 th at
 the boa
r d of di
rect
ors s
hal
l work out
 a scheme r
egardi
ng t
h e amount
 and met
hod of
 

remuner
ati
ons
 f
or di
rect
ors
 and subm
it i
t t
o t
he shar
ehol
der
s’conf
erence f
or appr
ova1
.Ar
ticl
e 77 requi
res
 li
sted 

compani
es est
abl
ish an i
ncent
ive mechani
sm i
n whi
ch r
emuner
ati
ons
 for
 managers
 ar
e ti
ed t
o t
he com pany’
s 

oper
ati
ng r
esul
ts and 
indivi
dual
 per
for
m ance 
in or
der
 to ret
ain compet
ent
 prof
essi
onal
s and mai
ntai
n h e 
t stabi
lit
y 

of 
managers.Ar
ticl
e 78 s
tipul
ates 
that
 li
sted 
compani
es 
shal
l take 
per
for
m ance 
eval
uat
ion 
of 
managers 
as 
he 
t basi
s 

for
 det
ermi
ning 
remunerat
ions
 and’
ot
h er
 incent
ives 
or
f  
manager
s. 
4.
4.2 
Company 
Remuner
ati
on Sys
tem 
and St
rat
egi
c Per
for
m ance Eval
uati
on Syst
em 

Wi
th t
h e 
progress 
of 
soci
ety 
and advancement
 of 
sci
ence 
and 
technol
ogy,l
abor
 fact
ors
 al
e pl
ayi
ng i
ncr
easi
ngl
y 


mpor
t r
oles
 in t
he knowl
edge based economy.M oder
n r
emuner
ati
on t
h eory hol
ds t
hat
 labor
 fact
ors
 and mat
eri
al 

’The 
Chi
na 
Avi
ati
on 
Oil
 Inci
dent
 ref
ers
 to 
the 
specul
ati
ve 
tradi
ng 
in 
oil
 der
ivat
ive 
product
s by
 the 
Chi
na 
Avi
ati
on 
Oil(
Singapor
e) 
Co.
,Lt
d.。whi
ch r
esul
ted i
n a 
tot
al l
oss
 of 
USD 
550 
mil
lion.The
 inci
dent
 exer
ted a 
negat
ive 
impact
 on
 Chi
na’
s na
tion 
credi
t and 
pr
ospect
s of 
Chi
nes
e ent
erpr
ises
 in 
seeki
ng 
over
sea 
lPOs,wi
th 
ser
ious
 reper
cuss
ions
 for
 rel
ated 
Chi
nese
 and 
for
eign
 par
ties
. 
维普资讯 http://www.cqvip.com

Research 
on 
the 
New 
Devel
opm ent
s of
 Corporat
e Governance,Board 
of 
Direct

ors

 and 
M anagement
 Account
ing 

capi
tal
 have t
he same equi
ty,and t
h at
 human capi
ml and mat
erial
 capi
ml have t
he same r
esi
dual
 cl
aims-The 

ent
erpr
ise’
s di
rect
ors
 and manager
s ar
e t
h e ent
erpr
ise’
S seni
or execut
ives
 who i
nves
t i
n t
h e capi
tal
 wi
th human 

capi
tal,and 
h eref
t ore 
are 
ent
itl
ed 
to 
rel
evant
 resi
dual
 cl
aims,whi
ch 
are 
ref
lect
ed 
in 
thei
r remuner
ati
on 
arrangement
s・ 

Remunerat
ion composi
tion i
s a general
 term,i
ncl
usi
ve of mat
erial
 gai
ns and spi
rit
ual
 gai
ns;s
peci
ical
f ly,
 


emuner
ati
on 
has
 the
 fol
lowi
ng 
compos
iti
on(
as 
shown
 in
 Fi
gur
e 3)
: 

Fi
gur
e 3  Remunerat
ion 
Compos
iti
on 

h er
T efore,t
h e f
ormul
ati
ng of 
a r
emuner
ati
on scheme shal
l t
ake t
h e above 
remunerat
ion 
int
o ful
l consi
der
ati
on.
 

Acc
ordi
ng 
to 
he
t  
Pr
inci
pal
—agent
 he
T or
y,when
 the
 age
nt(
bus
ines
s mana
ger
)an d 
he 
t pr
inci
pal(
owner
 or
 or
gani
zat
ion)
 
have
 di
ver
gent
 ob
ject
ive 
func
ti
ons
.if
 her
t e i
s 
n 
a i
nfor
maion
t  di
vide 
bet
ween 
he
t  
pri
nci
pa
l nd 
a he
t  
age
nt,
he
t  
agent
 may 
put
 hi
s own i
nter
est
s above 
he 
t princi
pal’
S and 
engage 
in evas
ive b
e havi
ors
 and opport
uni
st
ic act
s,l
eadi
ng t
o et
hical
 

is
rks(
age
ncy
 is
r k
s).
To 
eva
de 
he
t  
age
nt’
S 
sho
rt-
te
rm 
beh
avi
ors
 an
d e
hi
t c
al 
is
r ks
,he
t  
age
nt’
S 
obj
ect
ive
 f
unc
ti
on 
mus
t 
be 
ad
jus
ted 
to 
br
ing
 it
 int
o l
ine
 wi
h t
t he pr
inci
pal
’S,wher
eas
 t
he l
ong—
ter
m nat
ure
 of
 remuner
ati
on i
ncent
ives
 IS
 t
he 

cat
alys
f’ha
t t
 f
aci
li
tat
es 
he
t  
cons
isency
t  bet
wee
n he
t  
bus
ines
s ma
nager
’S 
ob
je
ct
ive 
funct
ion
 n d 
a beha
vior
al 
choi
ce 
and 
he 
t pr
inc
ipal
’s
 obj
ct
e i
ve 
func
tion 
and 
beha
vior
al 
rqui
e rement
s.Ac
cor
ding 
to 
orga
niza
tional
 e havi
b or 
sci
ence,i
ncent
ive
 

s he 
t proc
ess
 of
 coor
dina
ting 
bet
wen 
he
t  
indi
vidua
l mot
ive
s of
 he
t  
orga
niz
at
ion
 memb
ers
 nd 
a he
t  
obj
ect
ives
 of
 t
he 
or
gani
zati
on,
 st
imul
ati
ng,
 inspi
ring,
 sus
tai
ning a
n d i
ntensi
fyi
ng i
ndi
vidual
 mot
ives,
 and a
rousi
ng or
gani
zat
ion 

me
mber
s’e
nthus
ias
m i
n i
ob 
beha
vior
s,whe
reas
 emune
r rat
ion 
iS 
he
t  
or
gani
zat
ion’
S mos
t i
mpor
tant
 inc
ent
ive
 me
hod,
t  
n d 
a perf
ormance i
s t
h e out
come and r
efl
ect
ion of 
h e i
t ncent
ive 
funct
ions
 of 
remuner
ati
on.The i
mpl
ement
ati
on of 
a 


emuner
ati
on 
sys
tem 
under
 whi
ch 
sal
ari
es a
re 
led 
f to 
perf
ormance 
Ca
n refl
ct
e  
seni
or 
exe
c ut
ives’per
for
m ance 
and t
he 

ent
er
prise’
S growt
h and 
hel
p o i
t mprove 
per
for
m ance.
 
In formul
ati
ng t
he pr
ocedur
es and cont
ents
 of 
h e 
t remunerat
ion syst
em f
or seni
or executi
ves,t
he fol
lowi
ng 

poi
nts
 shoul
d be 
consi
dered:
 
(1)Res
ear
chi
ng 
and
 gr
aspi
ng 
the
 rea
lis
tic 
foundat
ion 
of 
stock 
opt
ion 
incent
ives
.Spe
cial
ly,t
his
 incl
udes
 the
 

oll
owi
ng f
ounda
tion
 wor
k:under
sta
ndi
ng t
he e
xpec
tat
ions
 of
 company’
S s
har
ehol
der
s a
nd i
ncent
ive
 ob
jec
ts,
 
det
ermi
ning 
the 
combi
nat
ion 
and 
bal
ance
 of
 ixed 
f remune
rat
ion(
sal
ary 
and 
subs
idy)a
nd va
iabl
r e r
emune
rat
ion
 

annual
 and 
long—
tem 
r i
ncent
ive
 pl
ans
),e
val
uat
ing 
he
t  
is
r k 
leve
l of
 i
ncent
ive 
remune
rat
ion 
and 
he 
t lever
age
 efe
cts
 
when t
he t
arget
 remunerat
ion i
S exceeded,pr
iori
tizi
ng shor
t—t
er
m  remunerat
ion and l
ong—
term r
emuner
ati
on,
 
es
timat
ing 
the 
efect
 and i
mpor
tance 
of 
non—per
f or
m ance 
remuner
ati
on 
in 
att
racti
ng seni
or 
execut
ives,est
abl
ishi
ng 


he r
ole of st
ake and st
ock opt
ion i
ncent
ives
 in r
emuner
ati
on,and deli
berat
ing mat
ters r
elat
ing t
o t
axat
ion,
 

account
ing a
n d 
the 
secur
iti
es 
law.
 

45
 
维普资讯 http://www.cqvip.com

Re
search 
on 
the 
New 
Devel
opment
s of 
Corporat
e Governance,Board 
of 
Direct
orsand M anagement
— — — —
 Account
. —
ing 


2)Eval
uat
ing t
he 
remuner
ati
on l
eve
ls of
 in
cent
ive 
obj
ect
s,whi
ch i
ncl
udes
 es
tabl
is
hin
g t
he 
mos
t opt
imal
 
“refer
ence f
lame” f
or compari
ng r
emunerat
ion l
evel
s, det
ermini
ng t
he compet
iti
ve l
evel
s of t
he t
arget
 


emuner
ati
on,det
ermi
ning t
he compet
iti
veness
 of r
emuner
ati
on,det
er
m i
ning whet
her
 the rem uner
ati
on r
eflect
s 

he “t
ypi
cal
 remuner
ati
on st
ruct
ure of
 the r
efer
ence f
l ame”,and i
dent
ifyi
ng t
he rel
ati
ve inf
luence of ext
ernal
 


act
ors(
mar
ket
—dr
iven)and 
int
ernal
 fa
ctor
s(bal
anc
e—dr
iven)on
 remuner
ati
on.
 

3)Es
tabl
ishi
ng 
the
 re
muner
ati
on 
mixt
ure 
whi
ch 
is 
mos
t a
pt 
to 
secur
e t
he 
dedi
cat
ion
 of
 t
he 
incent
ive
 ob
ject
s 

o t
he 
comp
any
 ob
jec
ti
ves
 pr
obi
ng 
and
 an
aly
zin
g t
he 
ent
erpr
is
e’s
 cu
rre
nt 
remu
ner
ati
on 
combi
nat

on,a
nal
yzi
ng 
and measur
ing t
he efect
s of var
ious
 al
ter
n at
ive r
emunerat
ion combi
nat
ions,and est
abl
ishi
ng t
he r
emunerat
ion 

combi
nat
ion 
whi
ch 
most
ly 
fit
s t
he 
ent
erpr
ise’
s ci
rcumst
ances
 and 
the i
ntended 
target
s. 


4)I
mpl
ement
ing r
emuner
ati
on pl
ans
 for
 gener
al i
ncent
ive
 obj
ect
s,pa
rti
cul
arl
y pl
ans
 invol
vin
g e
qui
ty 

emuner
ati
on,i
ncl
udi
ng 
propos
ing
 the
 annua
l a
nd 
long—
ter
m i
ncen
tive 
plans
 for
 gene
ral
 i
ncent
ive
 obj
ect
s,dr
awi
ng 
uD t
he r
ules and regul
ati
ons
 fbr
 the i
mpl
ement
ati
on of t
h e pl
ans,and deter
m i
ning t
he res
ponsi
bil
iti
es of
 the 

company’
s rem unerat
ion 
commi
ttee 
and t
hei
r s
peci
ic execut
f ors.
 

5) Ev
alua
ting r
emuner
ati
ons
 of
 di
rect
ors
,incl
udi
ng es
tabl
ishi
ng t
he pr
ocedur
es f
or de
ter
mini
ng t
he 

emuner
ati
ons
 of
 di
rect
ors
,det
emi
r ni
ng 
he
t  
rat
ional
 compos
iti
on 
of 
he 
t remuner
ati
ons
 of
 di
rect
ors(
he
t  
rat
io 
of 
cas
h 

o e
qui
ty r
emuner
at
ion)
,es
tabl
ishi
ng compet
it
ive
 tar
get
 remuner
ati
ons
,de
ter
mini
ng t
he c
ompe
tit
ive
nes
s of
 he 

remuner
ati
ons 
of 
direct
ors,and 
det
ermi
ning 
he 
t appr
opr
iat
eness
 of 
the 
gui
del
ine 
of 
conf
erri
ng 
equi
ty 
upon 
dir
ect
ors.
 


6)Eval
uat
ing 
he 
t job 
per
for
m ance
 of
 inc
ent
ive 
trget
a s,i
ncl
udi
ng 
est
abl
is
hing 
he 
t cr
it
eri
a f
or 
eval
uat
ing 
he 


ob 
pefor
r mance 
of 
inc
ent
ive
 ob
ject
s,and 
est
abl
is
hing 
the 
procedur
es 
or
f  
eva
luat
ing 
the 
per
for
m ance
 of
 i
ncent
ive
 
ob
jec
ts.
 
St
rat
egi
c per
formance 
eval
uati
on syst
em 
links
 per
for
mance eval
uat
ion sys
tem 
wit
h ent
erpr
ise s
trat
egi
es.As
 
ent
erpr
ise’
s st
rat
egi
es ar
e usual
ly r
elat
ed t
o i
ts speci
ic ci
f rcumst
ances and i
ndust
ry envi
ronment
, di
fferent
 

ent
er
prises
 may 
have shar
ply 
difer
ent
 st
rategi
es.St
rict
ly s
peaki
ng,t
he 
number
 of 
compet
ing 
manuf
act
urer
s i
n he 


ndust
ry det
ermi
nes
 the number of compet
iti
ve st
rat
egi
es.However
,take one st
ep fur
ther
,and i
t wi
ll become 

appar
ent
 that
 the si
ngl
e bi
ggest
 and most
 impor
tant
 di
ference among var
ious
 st
rat
egi
es boi
ls down t
o t
wo 

ques
tions
:(1
)Is
 the
 ent
epr
r i
se’
s t
rget
a  ma
rke
t wi
de or
 na
row? (
2)I
s t
he ent
epr
r i
se pur
sui
ng compet
mve 
advant
ages
 in l
ow cost
s or
 pr
oduct
 di
ferent
iat
ion?Hence,t
here are t
hree basi
c compet
iti
ve st
rat
egi
es:l
ow—
cost
 
st
rat
egy,di
fer
ent
iat
ion st
rat
egy and f
ocus
 st
rat
egy.The focus
 st
rat
egy i
s t
he appl
icat
ion of t
he for
m er t
wo 

st
rat
egi
es 
in 
a nar
row 
mar
ket
 iel
f d. 

n ass
oci
ati
on 
wit
h di
fferent
 compet
iti
ve 
strat
egi
es,di
fferent
 ent
erpr
ise 
per
for
mance 
eval
uati
on 
syst
ems
 have 

di
ferent
 em phases.I
f an ent
er
pri
se st
rat
egy i
s i
ntended by t
he ent
er
pris
e t
o become a l
ow—
cost
 suppl
ier
, 
evaluat
ion i
ndi
cat
ors
 shoul
d emphasi
ze t
h e cost
/perf
ormance r
ati
o of r
aw mat
eri
als,i
nter
n al
 manufact
uring 

ef
i ci
ency,market
 share,and 
product
 del
ivery 
rat
e,and 
eval
uati
on 
crit
er
ia 
shoul
d be 
favorabl
e or
f  
hose 
t behavi
ors 

whi
ch r
educe cost
s.I
f t
he ent
er
p ri
se i
s pursui
ng a di
ferent
iat
ion s
trat
egy on t
he basi
s of
 qual
ity and servi
ce 

excel
lence,t
hen i
ts eval
uat
ion shoul
d focus
 on t
he pr
oduct
 conf
ormance r
ate,product
 qual
ity i
mpr
ovement
 

ef
i ci
ency,product
 ret
urn rat
e,and product
 rework rat
e,and t
ime l
aps
e between recei
pt of 
order
 and del
iver
y.I
n 

he 
t process
 of 
eval
uat
ion,encouragement
 shoul
d be gi
ven 
to behavi
ors
 whi
ch pursues
 a zero def
ect
 rat
e,reduces 

he 
t product
 e work 
r rat
e,i
mpr
oves
 cust
omer
 sat
isfact
ion,and accel
erat
es or
deri
ng and del
ivery.I
f an ent
erpr
ise’
s 

growt
h requi
res 
the 
suppor
t of
 new 
product
,eval
uat
ion shoul
d pay at
tent
ion t
o pr
opor
tion 
of 
revenues 
and 
prof
its
 

fr
om 
new 
product
s t
o t
otal
 revenues 
and 
prof
its.
 
St
rat
egi
c per
for
m ance 
eval
uat
ion f
or t
he pur
p ose 
of 
creat
ing 
he 
t ent
erpr
ise’
s overal
l compet
iti
ve advant
ages 
维普资讯 http://www.cqvip.com

Research 
OH 
the 
New 
Devel
opm ent
s of
 Corpor
ate 
Governance,Boar
d 

of
 Di
rect
ors  M anagement
and  —
 Account
ing 

and t
he  i
ntegrat
ed appl
icat
ion of monet
ary and non-
monet
ary  performance i
ndi
cat
ors, compared  wi
th 
convent
ional
 management
 account
ing,repr
esent
 an 
improvement
 of 
the 
yardsti
cks 
for
 per
for
mance eval
uat
ion 
and 

ar
e more 
rat
iona1.
 

4.
4.3 Remuner
ati
on 
and 
Eval
uat
ion 
Commi
ttee 
and 
Bal
ance 
Score 
Card 
and 
Economi
c Val
ue 
Added 
Impl
ement
ati
on of perf
ormance-based r
emunerat
ion r
equi
res
 per
formance measur
ement
,1.
e.perf
orm ance 

eval
uat
ion.Curr
ent
ly,l
ist
ed compani
es most
ly use t
wo eval
uat
ion syst
ems
 wi
th st
rat
egi
c management
 thought
s: 


he 
Bal
ance
 Sc
ore 
Car
d(BSC)a
nd 
the
 Economi
c Val
ue 
Added(
EVA)
. 
The BSC,f
rom four
 di
ferent
 perspect
ives,conver
t cor
por
ate organi
zat
ions’missi
ons and st
rat
egi
es i
nto 


angi
ble
 ob
jec
tives
 and meas
ur
ing
 indi
cat
ors
,pr
ovi
ding
 a s
trat
egi
c me
hod t
t o eval
uat
e val
ue cr
eat
ion.Of
 the 
ob
ject
ives
,the 
inanci
f al
 ob
ject
ive
 is
 t
he 
cor
e of
 he 
t cor
por
ate
 ob
jec
tive;f
ina
nci
al 
dimensi
ons
 re
lec
f t s
har
ehol
der
s’ 

nterest
s;f
inanci
al i
ndi
cat
ors
 ar
e quanti
tat
ive i
ndi
cat
ors
 whi
ch ref
lect
 ot
her
 fact
ors
 in a compr
ehensi
ve manner,
 

and show 
the company’
s st
rat
egi
es and 
resul
ting f
inanci
al out
comes by m easur
ing t
he bot
tom 
line of 
prof
its
 and 


osses,revenues,growt
h r
ate,i
nvest
ment
 ret
urn rat
e or
 econom i
c val
ue 
added 
or 
other 
new 
crit
eria.Fi
nanci
al 
dat
a 
ar
e const
ant
 rem i
nder
s for
 manage ̄ wher
eas i
mpr
ovement
s i
n t
h e ot
h er t
hree aspect
s,shoul
d be mani
fest
ed i
n 

inanci
f al i
ndi
cat
ors;i
mpr
ovement
 of qual
ity,cust
omer
 sat
isfacti
on and pr
oduct
ivi
ty must
 be convened i
nto 
inanci
f a1 achi
evement
s such as
 expanded mar
ket
 share。i
ncreased r
evenues,and r
educed operat
ing expenses;t
he 

inanci
f al 
aspect
 is
 the s
tart
ing 
poi
nt 
and 
end 
of 
h e ot
t her
 thr
ee 
aspect
s. 
EVA 
is a f
inanci
al i
ndi
cat
or us
ed t
o measure ent
erpr
ise perf
ormance,and an expansi
on of
 the convent
ional
 


esi
dual
 income 
eval
uat
ion me
thod 
from di
ff
erent
 pe
rspec
tives
.EVA 
is t
he 
bal
ance
 of
 the
 company’
s a
djus
ted
 
oper
ati
ng prof
its
 i nus
m  the 
oppo ̄uni
ty 
cost
s of 
the company’
s curent
 capi
tal
 econom
i c val
ue,and an 
eval
uat
ion 

of
 ent
er
p ri
se per
formance f
rom t
he shar
ehol
ders’st
andpoi
nt.I
n t
he concr
ete pr
acti
ces
 of Chi
na’
s moder
n 

ent
erpr
ise 
per
formance 
eval
uat
ion,t
he 
cal
cul
ati
on 
of 
EVA 
can 
be 
def
ined as
 fol
lows:
 

Ent
erp ri
se 
Oper
ati
ng 
Incomes
 

Mi
nus:Oper
ati
ng 
Out
lays(
cos
ts 
and 
expe
nses
) 
TotalPr
ofi
ts 

Mi
nus:I
ncome 
Taxes
 
Aft
er.
tax 
Prof
its
 

Mi
nus:Capi
tal
 Cost
s 

Economi
c Val
ue 
Added 
4.
5 Nomi
nati
on 
Comm i
ttee 
and 
Hum an Capi
tal
 and 
Int
ell
ectual
 Capi
tal
 M anagement 

4.
5.1 
Ma jo
r Respons
ibi
li
ti
es 
of 
the
 No
mi na
ti
on Commi t
te
e 
Art
icl
e 39 of 
The Chi
na Code 
of 
Gover
nance
 of Li
ste
d Compani
es 
stat
es 
that
 t
he 
nomi
nat
ion
 commi
tt
ee 
of 

he 
boa
rd 
of 
dir
ect
ors
 sha
ll 
ful
il
f l
 t
he 
fol
lowi
ng 
maj
or 
res
pons
ibi
li
ti
es:(1
)Anal
yzi
ng 
the 
compos
iti
on 
of 
the 
boa
rd 
of
 di
rect
ors
 and
 def
ini
ng 
requi
rement
s or
f  
dir
ect
ors
;(2)Es
tabl
ishi
ng 
cit
r er
ia 
and 
proc
edur
es 
for
 the
 appoi
ntment
 
of
 di
rec
tor
s;(
3)I
dent
ifyi
ng 
a s
ufi ci
ent
ly 
lar
ge 
numbe
r of
 ca
ndi
dat
es 
for
 the
 boar
d of
 di
rect
ors
;(4)Pe
rfor
m ng
 

orm al
 revi
ew of
 di
rect
ors
hip 
candi
dat
es 
nom
i nat
ed 
by s
har
ehol
der
s a
nd t
he s
uper
vis
ory 
boar
d;(
5)Pr
epa
ing 
r a 
shor
tli
st 
of 
dir
ect
ors
hip candi
dat
es 
and 
submit
ting 
it 
to 
the s
harehol
ders’conference 
or
f  
vot
ing.
 

4.
5.2 
Human 
Cul
tur
e of 
M anagement
 Account
ing 
and 
Nom
i nat
ion Comm i
ttee 
Human Capi
tal
 M anagement
 Issues.Peopl
e-based pr
act
ices,ful
l t
appi
ng and use of human capi
tal
 wi
ll 

become i
ssues
 of pr
iori
ty i
n ent
erpr
ise management
, For t
his
 reason, dur
ing t
he cours
e of f
orecast
ing,
 
deci
sion.
maki
ng, pl
anning and  cont
rol
, management
 account
ing m ust
 combi
ne t
he pr
ovi
ded account
ing 

47 
维普资讯 http://www.cqvip.com

Re
search 
on 
the 
New 
Devel
opment
s of 
Corporat
e Governance,Board 
of 
Direct
ors
 and 
M anagement
 Account
ing 


nfor
mat
ion
 wi
th 
huma
n manage
ment
;speci
all
y,mana
gement
 acc
ount
ing 
mus
t(1
)conduct
 res
ear
ches
 on
 human
 
behavi
ors,adopt
 efect
ive i
ncent
ive met
h ods and perf
orm ance eval
uat
ion schemes
,ar
ouse peopl
e’s
 ini
tiati
ve and 

behavi
oral
 ent
h usi
asm ,so t
h at
 peopl
e wi
ll have a pr
oact
ive behavi
oral
 awa
r eness
 pr
ior t
o act
ions
 and per
for
m  

cons
cious
 cont
rol
 i
n t
he 
proc
ess
 of
 beha
vior
s.(
2)Det
ermi
ne t
he 
val
ue 
and 
cos
t of
 huma
n r
esour
ces
.In 
order
 to
 

mpl
ement
 speci
ic human r
f esour
ces
 management
,it’
s necessar
y t
o quant
ify t
he val
ue 
and 
cost
 of
 human r
esources 

as
 quant
iie
f d human
 res
our
ces
 dat
a wi
ll
 fac
ili
tat
e t
he i
mpl
ement
ati
on of
 manage
ment
 meas
ure
s.(
3)Pe
rfor
m 

nvest
ment
 anal
ysi
s of 
human 
resour
ces.Li
ke mat
eri
al 
resour
ces,human r
esources
 can 
generat
e cer
tai
n earni
ngs 
for
 


he 
ent
erpr
ise
 in
 he 
t fut
ure(
espe
cial
ly 
in 
he
t  
era 
of 
knowl
edge
—bas
ed 
economy)
;ne
ver
the
les
s,wi
hout
t  a 
sci
ent
iic
f  
feasi
bil
ity st
udy,i
nvest
ment
 is
 li
kel
y t
o go awr
y,causi
ng t
h e ent
erpr
ise t
o sus
tai
n l
oss
es.M or
eover
,anal
ysi
s and 

eval
uat
ion of 
invest
ment
 in 
human 
res
ources
 wi
ll hel
p t
he 
ent
erp ri
se 
to 
incor
p orat
e human f
act
ors
 int
o t
otal
 capi
al
t  
budget
ing,so t
h at
 ent
er
pris
e funds can be more ef
i ci
entl
y al
locat
ed and t
h e pr
evi
ous s
hor
t—si
ght
ed pr
act
ice by 

managers
 of
 pur
sui
ng 
shor
t—t
erm 
int
erest
s wi
thout
 due 
att
enti
on 
to 
human 
capi
tal
 invest
ment
. 
The 
human 
cul
tur
e of 
management
 account
ing 
provi
des
 saf
eguard 
or
f  
the 
nomi
nat
ion 
commi
ttee 
of 
the 
board 

of di
rect
ors.The human cul
tur
e of management
 accounti
ng,t
h rough i
nst
ant
aneous
 inf
orm at
ion car
ds wi
h 

di
versi
fied i
ndi
cat
ors,grasps
 t
h e process
 of 
h e t
t ransf
orm at
ion of 
the exi
sti
ng member
s of 
the board 
of 
direct
ors
 
and 
dir
ect
orshi
p candi
dat
es i
n f
our
 for
m s
 in t
wo k
n owl
edge t
ypes:fr
om t
aci
t knowl
edge 
to t
aci
t knowledge,f
rom 

expl
ici
t knowl
edge t
o expl
ici
t knowl
edge,fr
om t
aci
t knowl
edge t
o expl
ici
t knowl
edge,and f
rom expl
ici
t 

knowl
edge t
o t
aci
t knowl
edge;i
t al
so i
ncor
p orat
e t
he di
versi
fied i
ndi
cat
or syst
em i
nto t
he rout
ine oper
ati
ng 

syst
em 
of 
management
 account
ing,provi
ding servi
ces
 for
 the 
nomi
nat
ion commi
ttee of
 t
h e board of 
direct
ors
 to 

make 
deci
sions 
rega
rdi
ng 
direct
ors
 and 
dir
ect
orshi
p candi
dat
es.
 

5.Concl
usi
on 

New devel
opment
s of 
management
 account
ing r
equi
re members
 of 
he boa
t rd of 
dir
ect
ors
 of 
list
ed compani
es 
and 
seni
or 
management
 have 
str
ong 
busi
nes
s compet
ence 
and 
prof
essi
onal
 ski
lls.The 
compet
ence 
and 
dedi
cat
ion 
of 

members
 of 
h e 
t boa
rd 
of 
dir
ect
ors
 and 
h ei
t r abi
lit
y t
o per
for
m  l
ega
lly 
grant
ed dut
ies 
r e 
a h e 
t key 
to 
h e 
t funct
ioni
ng 
of 

h e cor
t p or
ate l
egal
 ent
ity’
s gover
n ance st
ruct
ure.W _
e hope t
h at
 the er
a of “rubber
 st
a mp” boa
r d of di
re
ctors,
 
“non.
dir
ect
ing”di
rect
ors.a
n d “for
 show” i
ndependent
 di
re
ctors
 wi
l1 become somet
hing of 
h e past
t .Ur
ider
 t
h e f
ul1
 


ncent
ive mecha
nis
m .member
s of 
h e 
t boa
r d 
of 
dir
ect
ors
 wi
ll st
rive t
o i
mpr
ove t
hei
r compet
ence,t
rul
y be
c ome t
h e 

cor
e of
 cor
porat
e govem ance,and 
do 
hei
t r part
 or 
f he 
t long—
ter
m and 
hol
ist
ic i
nter
est
s of
 he 
t list
ed 
company.
 

References:
 


.Kei
th 
W ar
d.St
rat
egi
c Management
 Acc
ount
ing,Oxf
ord:Bos
ton 
But
ter
wor
th-
Hei
nemann,1
 992:l
 
2.
Xuy
ingYu.
ABr
ie
fDi
scu
ssi
on 
oft
heAppl
icat

on 
ofS
unT
su'
sAr
tofWart
o“St
rat
egi
cMan
age
ment
Acc
ount

ng”,
Acc
oun
tin
g 
Res
ea
rch,1
997(1
2):30 
3.Zho
ngg
uo 
Shi
,Lu
 Yi
n.An
alys
is 
of 
the
 Impl
eme
ntat
ion
 Pr
oce
dur
es 
for
 St
ock
 Opt

on 
Plans
,Mo
den 
r Ma
nage
men
t Sc
ienc
e, 
2004(
7) 
4.Si
ming 
Chen.Moder
n Remunerat
ion 
Studi
es,Li
xin 
Account
ing 
Pres
s,2004(
3) 
5.Shuangcai
 Zhang,Gui
qiao 
Wang.Ent
erpr
ise 
Str
ate
gic
 Management
 Fr
amewor
k Based 
on 
the 
Bal
ance 
Scor
e Car
d,Jour
nal
 of
 

Hebei
 Economi
c and 
Trade
 Uni
ver
sit
y,2004(
1) 
6.Xuy
ing
 Yu.Tr
ans
for
mat
ion
 Pr
oce
ss 
of 
Mana
gemen
t At
tri
but
es 
and 
the
 Co
nsi
der
ati
on I
ncl
inat
ion
 of 
Human
 Cul
tur
e i
n 
Management
 Account
mg 
under
 Knowl
edge-
based 
Economy 
Condi
ti
ons,Fi
nanci
al 
and 
Account
ing 
News
let
ter
.200 
1(1
 
0) 


Edi
ted 
by 
Yul
ing 
Che
n,Congs
hui
 Zhao 
and
 Ji
anf
eng 
He)
 

48 

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