迅达电梯即使控股也未能阻止现代电梯修改新股规则

　　In-Soo Nam 撰稿

　　2015年3月27日美国东部时间 1:58 a.m.

　　韩国首尔——瑞士迅达电梯制造商无法阻止只能任由韩国现代集团更改购买股票的规则，其试图扩大股票资本的行为已经困扰了国外投资者们，使他们更加期待韩国企业的管理模式有所变化。

　　现代电梯公司想要将股额调整为原来的三倍，即六千万只股票，而迅达控股集团声称己方在周五已经对该建议投了反对票。但是这个计划还是如期在年度全体大会上通过了。

　　迅达电梯时现代电梯公司的第二大股东，拥有其21.5%的股份。迅达电梯认为现代电梯的决议会损害少数股东的利益，表示将抵制现代电梯管理层想要增加实收资本的企图。

　　该事件也引起了许多外国投资者对韩国复杂的家族式企业的担忧。有分析认为“韩股折价”的一个主要原因就是因为韩国企业往往管理无力，决策透明度低，这使得该国企业的股票估值大大减低。

　　瑞士迅达电梯在本周早前说现代电梯关于扩大资本金的提案就是为了保护管理层利益而设的，这个提案以一种“禁言”的方式损害了少部分股票持有者的权利，使他们无法检查管理层决定是否得当。

　　现代电梯一位发言人在周五发表该公司的股票规则更改是旨在为将来的融资项目建立法律基础。

　　长久以来，国外投资者也一直在抱怨韩国的许多家族式企业都缺乏透明度和外部监督。尽管公司的高层在公司主要业务的决策上只有相对较小的股权，但却往往行使着决定重大决议的权利。

　　与美国的机构投资者正在极力推行的股东积极主义不同，韩国的股东积极主义往往来自外国投资者，这些投资者拥有着韩国三分之一的股票。

　　※股东积极主义（英语：Shareholder activism，在台湾，被称为股东行动主义）是一种通过行使股东权利而向公司管理层施压的一种投资策略，行使股东积极主义的股东就被称为积极股东（Activist shareholder）。积极股东的诉求有财务方面的，也有非财务方面的。积极股东希望能够通过行使股东积极主义影响公司的决策，从而实现自己的诉求。

　　Hyundai Elevator Share Plan Frustrates Foreign Investors

　　Schindler Holding fails to stop Hyundai Elevator from revising rules on new shares

　　By In-Soo Nam

　　Updated March 27, 2015 1:58 a.m. ET

　　SEOUL—The failure of a Swiss elevator maker to stop a Hyundai Group company from revising its rules to increase share capital has frustrated foreign investors who want changes to South Korea’s corporate governance.

　　Schindler Holding AG said Friday it voted against Hyundai Elevator Co.’s bid to triple the size of its authorized capital to 60 million shares. Despite the opposition, the plan was approved at the annual general meeting.

　　Schindler, the second-largest shareholder of Hyundai Elevator with a 21.5% stake, has said it would boycott Hyundai management’s attempt to seek a paid-in capital increase, saying it would hurt minority shareholders.

　　In expanding the official limit on new shares, Hyundai Elevator can theoretically issue up to 40 million more shares. The company’s current market capitalization is 1.37 trillion won ($1.24 billion).

　　The case reflects the concerns of many foreign investors about corporate governance at Korea’s complex, family-controlled conglomerates, known as chaebol. Analysts have said weak governance and a lack of transparency in decision-making have been a key factor in the “Korea discount,” which prunes equity valuations in the country.

　　The Swiss company said earlier this week that Hyundai’s proposal to expand its capital base is designed to protect management interests, while diluting minority shareholders’ stakes in an effort to “silence” them and keep them from checking the propriety of management decisions.

　　A Hyundai Elevator spokesman said Friday the revision of the rules is intended to establish legal ground for future financing purposes.

　　Investors have long complained about a lack of transparency and outside oversight at many chaebol, which are generally controlled by founding families. Top managers typically wield power in major decisions, such as capital spending, despite having relatively small shareholdings in key operations.

　　Unlike the U.S., where institutional investors are spearheading shareholder activism, in Korea it has often been foreign investors, who hold a third of Korean equities.