Professional Documents
Culture Documents
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
I
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
t
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
l
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
s
。 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
s
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
s
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
s
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
r
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
i
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
t
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
i
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
s
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
t
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
f
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
r
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
t
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
s
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
s
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
t
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
i
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
l
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
l
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
t
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
I
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
l
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
I
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
r
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
i
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
t
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
t
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,
i
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
i
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.
f
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
s
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
i
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
i
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
s
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
-
f
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
s
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
c
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
t
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,
i
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
a
i
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 — — —
t
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
f
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
i
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
i
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
I
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
i
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
r
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
i
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
t
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’
s
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
i
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
f
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
i
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
I
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
r
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
t
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
t
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
i
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,
r
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
i
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
r
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
f
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
t
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
r
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
t
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
f
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
t
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
i
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
r
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
r
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
t
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
t
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
t
j
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
t
i
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.
I
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:
t
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
t
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’
i
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
l
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
r
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
t
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
f
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
i
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
i
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
i
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
t
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
t
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
i
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:
1
.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
i
on
ofS
unT
su'
sAr
tofWart
o“St
rat
egi
cMan
age
ment
Acc
ount
i
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
i
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