摘要
晋商股俸制初创之时即有人力股、资本股之分,实物亦可按价作股,各类股东身份平等,共有企业,共同经营,共负盈亏。股权融资多见于家族内部或坊友之间,股权结构以平衡型居多。票号出现之后,实物作股已不多见,身股股权变得不完全,丧失了企业产权,也不再承担亏损责任,只享有经营权和有限的剩余索取权。银股开始占据主导地位,融资的地域范围和对象也呈现出开放性,省外资本、官场资本开始进入,但股权集中度有所降低。票号发展后期,随着银股稀释和身股增加,经理人在委托代理关系中的地位逐渐上升,内部人控制风险加剧。保晋公司成立后,股权融资地域和对象进一步拓展,呈现出官场资本主导的特征。虽然身股退出,但由于股权结构更加分散,经理人权力反而增大。上述变化,集中体现为股权融资对象渐广、官股和官员股逐渐占据主导地位、资本地位上升、劳动地位下降的趋势,这是由晋商转型的资本密集化、省外融资便利性提升、清末大资本投资来源相对稀缺的时代背景,以及政府天然的资本调配能力所决定的。
At the very beginning of the founding of stock salary system,there was a division of between human shares and capital shares.Physical objects could also be counted as shares according to their price.All shareholders were equal,operating jointly,and sharing ownership,profits and losses.Equity financing mostly occurred within families or between friends.Shareholding structure was mostly balanced.By the time of Shanxi merchant private bank period,it had been rare to see physical object shares.Human shares also became incomplete.They lost the ownership of the enterprise,not bearing the responsibility for losses,and only enjoying rights of management and claiming surplus.Capital shares began to dominate,with financing geographical scope and investors expanded,including capital from other provinces and officials.However,equity concentration has decreased.Later,with the dilution of capital shares and the increase of human shares,the position of managers in the principal-agent relationship gradually increased,and the risk of insider control intensified.By the time of Baojin Company period,stock financing geographical scope and investors had been further expanded,with government shares and official shares dominating.Although human shares withdrew,the power of managers increased instead,due to shareholding structure scattering.
作者
张喜琴
赵永斌
刘建生
Zhang Xiqin;Zhao Yongbin;Liu Jiansheng
出处
《中国经济史研究》
CSSCI
北大核心
2022年第6期84-94,共11页
Researches in Chinese Economic History
关键词
乾隆至民国
晋商
股权结构
股俸制
From Qianlong Period of Qing Dynasty to the Republic of China Era
Shanxi Merchants
Shareholding Structure
Stock Salary System
