| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w15884
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| 来源ID | Working Paper 15884
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| The Shanxi Banks |
| Randall Morck; Fan Yang
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| 发表日期 | 2010-04-08
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| 出版年 | 2010
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| 语种 | 英语
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| 摘要 | The remote inland province of Shanxi was late Qing dynasty China's paramount banking center. Its remoteness and China's almost complete isolation from foreign influence at the time lead historians to posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade north into Siberia, travelled to Moscow and St. Petersburg, and may well have observed Western banking there. Nonetheless, the Shanxi banks were unique. Their dual class shares let owners vote only on insiders' retention and compensation every three or four years. Insiders shares had the same dividend plus votes in meetings advising the general manager on lending or other business decisions, and were swapped upon death or retirement for a third inheritable non-voting equity class, dead shares, with a fixed expiry date. Augmented by contracts permitting the enslavement of insiders' wives and children, and their relative's services as hostages, these governance mechanisms prevented insider fraud and propelled the banks to empire-wide dominance. Modern civil libertarians might question some of these governance innovations, but others provide lessons to modern corporations, regulators, and lawmakers. |
| 主题 | Financial Economics
; Financial Institutions
; Corporate Finance
; History
; Financial History
; Development and Growth
; Development
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| URL | https://www.nber.org/papers/w15884
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573559
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推荐引用方式
GB/T 7714 |
Randall Morck,Fan Yang. The Shanxi Banks. 2010.
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文件名：
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w15884.pdf
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格式：
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Adobe PDF
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