新加坡/首尔，11月6日电 - 全球投资者正在向韩国最大的财阀集团施压，要求加快企业治理改革，称进展参差不齐，金融板块的改善被大型财阀关联企业的抵制所抵消。
SINGAPORE/SEOUL, Nov 6 - Global investors are pressing South Korea’s biggest conglomerates to speed up corporate governance reforms, saying progress has been uneven, with gains in financials offset by resistance among large chaebol affiliates.
尽管今年股市经历了一波猛烈的反弹，韩国市场仍然是全球最便宜的市场之一。今年以来指数上涨35%，即使在夏季以来经历了一轮痛苦的回撤——一度涨幅超过一倍——以及随后的抛售后，其远期市盈率约为3.85倍，而MSCI世界指数为17.64倍。
Despite a blistering rally this year, South Korea’s market remains one of the world’s cheapest. The index is up 35% for the year even after a wrenching drawdown since the summer - at one point it had more than doubled - and after selling off it trades on a forward price-to-earnings ratio of about 3.85 times, compared to 17.64 times for MSCI World.
根据LSEG数据，约70%的韩国综合股价指数（KOSPI）成分股交易价格在每股净资产或以下。三星电子说明了这种持续的折价现象。它在第三季度创下了有史以来科技公司最大的单季营业利润，却仅以1.87倍市净率交易，而美光为7.8倍，英伟达为29倍，苹果为44倍。
About 70% of KOSPI stocks trade at or below book value, according to LSEG data. Samsung Electronics illustrates the persistent discount. It reported the biggest quarterly operating profit by any technology company in history in the third quarter, yet trades at 1.87 times book value, versus 7.8 for Micron, 29 for Nvidia and 44 for Apple’s.
旨在吸引更多海外投资者的改革仍在进行中，导致首尔出现投资者资金外流，并引发担忧：李在明总统消除所谓“韩国折价”的动力可能会停滞。
Reforms aimed at attracting more overseas investors remain a work in progress, contributing to investor outflows from Seoul and raising concerns that the momentum behind President Lee Jae Myung’s drive to eliminate the so-called Korea Discount could stall.
“银行或金融控股公司正按其价值提升计划按部就班地推进，”韩国企业治理论坛主席卢南宇（Namuh Rhee，音）在首尔表示。
"Banks, or financial holding companies, are moving as they planned according to their value-up plans," said Namuh Rhee, chairman of the Korean Corporate Governance Forum in Seoul.
“也就是说，大盘股——主要是财阀关联企业——近期正在抵制企业治理改革，且其游说活动大幅升级，”他补充道。
"That said, large-caps -- mainly chaebol affiliates -- are resisting the corporate governance reforms recently and their lobbying has picked up dramatically," he added.
一些投资者认为，部分财阀集团，特别是三星，应向股东回报更多利润，简化企业架构，并实施战略调整或剥离表现不佳的子公司。
Some investors have argued that some conglomerates, particularly Samsung, should return more profits to shareholders, simplify their corporate structures and implement strategic changes or divest from underperforming subsidiaries.
三星电子面临压力 三星电子董事长申济允（Shin Je-yoon）在上个月业绩发布前与海外投资者会面。据知情人士透露，此次会面是在包括资本集团、Artisan和富达在内的全球投资者就公司股东回报政策提出投诉后进行的。
SAMSUNG UNDER PRESSURE Samsung Electronics board chairman Shin Je-yoon met investors overseas before last month’s earnings announcement. The meeting followed complaints about the company’s shareholder return policy from global investors including Capital Group, Artisan and Fidelity, a person briefed on the matter told Reuters.
知情人士称，投资者认为回报过于微薄，并表示他们更倾向于股票回购和注销，而非提高股息。此次会面及讨论细节此次首次被披露。
Investors argued the returns were too modest and said they preferred share buybacks and cancellations to higher dividends, the person said. The meeting and details of the discussions are reported here for the first time.
三星电子在声明中表示，申济允定期会见主要全球投资者，这是其股东沟通工作的一部分。公司称，与关键股东保持持续对话，以了解关于股东回报和资本配置的广泛观点。资本集团、Artisan和富达未回应置评请求。
Samsung said in a statement that Shin regularly meets major global investors as part of its shareholder engagement efforts. It said it keeps an ongoing dialogue with key shareholders to understand a wide range of views on shareholder returns and capital allocation. Capital Group, Artisan and Fidelity did not respond to requests for comment.
8月，三星电子宣布派发创纪录的30万亿韩元（约223.5亿美元）股息，但表示将于明年1月决定如何部署剩余的55万亿至75万亿韩元用于股东回报的资金。
In August, Samsung declared a record 30 trillion won ($22.35 billion) in dividends but said it would decide in January how to deploy the remaining 55 trillion won to 75 trillion won earmarked for shareholder returns.
这与竞争对手SK海力士形成对比，后者上个月宣布了一项750亿美元的股东回报方案，包含股息、股票回购和注销。三星电子和SK海力士合计占KOSPI指数市值的一半多一点。
That contrasts with rival SK Hynix, which last month announced a $75 billion shareholder return package including dividends, share repurchases and cancellations. Together, Samsung Electronics and SK Hynix account for slightly more than half of the KOSPI’s market capitalisation.
法律变更 一项于3月生效的法律规定，库存股必须在明年9月前强制注销。批评人士称，此类股份可被用作反收购防御手段。某些行业，特别是金融业，因注销此类股份而受到市场青睐。
CHANGES TO THE LAW A law that took effect in March made cancellation of treasury shares compulsory by September next year. Critics say such shares can be used as a takeover defence. Some sectors, particularly financials, have been rewarded by the market for cancelling such shares.
韩国银行股指数今年上涨15.9%，保险股上涨48%，相比之下造船业下跌42%，机械业下跌30%。
A gauge of Korean bank shares is up 15.9% this year and insurers have gained 48%, compared with declines of 42% for shipbuilding and 30% for machinery.
非金融领域在拥抱股东友好措施方面更为迟疑，三星集团尤其招致投资者愤慨，即便三星电子已从人工智能热潮中获益。
Non-financial sectors have been more reluctant to embrace shareholder-friendly measures, and Samsung Group has drawn particular investor ire, even as Samsung Electronics has benefited from the AI boom.
行动主义挑战 韩国最大财阀三星面临行动主义投资者日益增大的压力，后者寻求利用政府推动公司治理改革及修改《商法》的契机。
ACTIVIST CHALLENGE Samsung, South Korea’s biggest chaebol, has faced growing pressure from activist investors seeking to capitalise on the government’s push for governance reform and changes to the country’s Commercial Law.
总部位于首尔的Life Asset Management表示，已要求三星董事会特别委员会和三星合规委员会，独立审查将剩余资金使用决定推迟至1月底的做法。
Seoul-based Life Asset Management said it had asked Samsung’s board special committee and Samsung’s Compliance Committee to independently review the decision to defer the use of the remaining funds until the end of January.
该资产管理公司称，审查应考察推迟决定是否符合股东最佳利益、潜在利益冲突是否得到妥善处理，以及剩余资金能否切实在今年年底前投入使用。
The asset manager said the review should examine whether delaying the decision was in shareholders’ best interests, whether potential conflicts of interest had been properly managed and whether the remaining funds could realistically be deployed before the end of this year.
由曾任Elliott Management香港办事处负责人的James Smith掌舵的行动主义基金Palliser Capital，呼吁将优先股回购注销纳入三星与现代汽车的股东回报政策。
Palliser Capital, an activist fund run by James Smith, a former head of Elliott Management’s Hong Kong office who has taken on Samsung in the past, has called for preferred-share repurchases and cancellations to be included in shareholder return policies at both Samsung and Hyundai Motor.
与此同时，新加坡Flashlight Capital发起的行动主义运动，敦促三星集团提高其安保关联企业S-1 Corp的股东回报，基本遭到拒绝，尽管上月宣布4500亿韩元回购方案已推高其股价。
Meanwhile, an activist campaign led by Singapore-based Flashlight Capital calling on Samsung Group to boost returns at its security affiliate S-1 Corp has been largely rebuffed, although a 450 billion won share buyback announced last month has lifted its shares.