美国合伙制投资银行向公众公司的转变

The Change of American Investment Banks from Partnership to Public Corporation

美国投资银行起步于合伙制商号,为适应市场环境和监管规则的变化以及由此产生的内部管理需要,20世纪70年代合伙制投资银行开始向公众公司转变。由于股份制投资银行股权过度分散和股权集中度低,导致了股东对公司控制力和决策权下降,形成了"强管理层、弱股东"的委托-代理结构,造成激励约束不对等的内部治理环境,为金融危机的爆发埋下了隐患。

American investment banks began as partnership companies. In 1970s, in order to adjust to the changes of market environment and regulations, partnership investment banks began to transfer to the public corporation. Equity o- ver dispersion of joint - stock system investment bank led to the decrease of shareholders＇ control and decision - making power to company, and formed ＂strong managers, weak shareholder＂ principal- agent structure, causing the asymmetry internal governance environment between incentive mechanism and restrictive mechanism, which laid down the hidden danger for the outbreak of the financial crisis.