英语论文网

1.1. Introduction:介绍
公司治理已成为一个日益重要的问题，原因有很多。首先，因为满足股东对公司内部投资的期望变得越来越重要。此外，CG是企业经营的核心组成部分，是企业成功的重要特征。还有，它可以在评估公司的财务业绩以及促进公司目标的实现方面发挥重要作用。根据戴维斯（2006）英国占世界GDP（国内生产总值）从25%下降至5.6%，1900～2000的英国公司发现自己无法在关键市场的主要玩家，如汽车制造、造船、投资理财、电脑等，这种倒塌发生的事实可能与无效的CG有关;因为良好的CG可以帮助恢复投资者的信心，并防止这种崩溃的再次发生。从这个角度来看，迫切需要在英国（英国）实施改革和改善CG的因素。There are numerous reasons why Corporate Governance (CG) has become an increasingly important issue. Firstly, because it is becoming increasingly important to meet shareholder expectations concerning about their investment within a company. Furthermore, CG is a core component in the running of a business, acting as an important feature in the success of corporations. In addition, it could play a major role when evaluation the financial performance of firms, as well as contributing to the achievement of the organisation’s objectives. According to Davies (2006) Britain’s share of world GDP (Gross Domestic Product) decreased from about 25% to 5.6% during the period from 1900 to 2000 with British companies finding themselves unable to compete as major players in key markets, such as vehicle manufacture, shipbuilding, investment banking, computers etc. The fact that this collapse occurred can be related to ineffective CG; since good CG can help to restore investor confidence and prevent a re-occurrence of such collapses. From this standpoint there is an urgent need to implement reforms and improve the factors of CG in the United Kingdom (UK).

CG in the UK began to emerge as an important topic in the 1990s, in the wake of the failure of effective supervision by the directors of both Polly Peck International (PPI), and Bank of Credit and Commerce International (BCCI) during the 1990s. In addition, Mallin (2010) observes that the collapse of Barings Bank, one of the England’s oldest banks, in 1995 was due to the lack of effective internal controls. In addition, commenting on the collapse of two of the largest companies in the United States (US), namely Enron and WorldCom, Macavoy and Millstein (2004) observe that the Chief Executive Officers (CEOs) at Enron cashed in more than one billion dollars of their compensation packages whilst shareholders in the company lost almost nineteen billion dollars. In addition, they note that the management at WorldCom received nearly 165 million dollars following the company’s collapse, with their shareholders losing some 127 billion dollars. Cases of this kind indicate the need to fully embed the concept of CG within the business sphere and in the UK, this development was spearheaded by the Cadbury Committee in 1992. This Committee set out the first guidance in relation to CG in the UK business environment. As part of its remit, the Cadbury Committee worked with a definition of CG which stressed that it was essentially “a system by which companies are able to be directed and controlled” (Cadbury, 1992: p15).

The Cadbury Report (1992) emphasised that CG can play a significant role in order to provide safeguards to companies against both accidental and deliberate diversion of its resources. Following publication of this report, a number of other reports and codes have been produced in order to try and fill the gaps and correct the weaknesses in CG within UK companies. Beginning with Hampel’s report in 1998 all the way through