近代早期企业的治理特征——以1873年～1911年的轮船招商局为例

The Governance Characteristics of the Earlier Enterprise in Modern China ——Exploration of the Steamship Corporation from 1873 to 1911

从近代早期企业的内部治理来看,轮船招商局实质上是一种"官权"与"股权"的合伙治理,轮船招商局的官款存局、官利制度是企业治理中的一系列"合约"安排,其剩余索取权由股东及其主要经营管理人员共同分享,剩余控制权则由督办及主管大官僚李鸿章掌握,他们同清政府一起享有剩余索取权。轮船招商局的管理人员既是股东又是官员这种双重身份本身就体现了"官权"与"股权"合伙治理的特征。轮船招商局中的生产要素构成、利润分配、权利分享以及人事安排都体现了这一治理特征。

Analyzed from the internal governance of the earlier enterprise in modern China, the steamship corporation was in essence a joint governance mixed by “government power”and “stockholders equity”.The government interest system in the steamship corporation was a series of 'contracts' in the process of enterprise governance, and its rights of asking for surplus were shared by shareholders and main managers, its right of controlling surplus were in the hands of senior managers and bureaucrat Li Hongzhang, who enjoyed a part of the rights of asking for surplus with Qing Government together. The managers of the steamship corporation were both officials and shareholders. All of the main facts in the steamship corporation reflected the governance charac teristics, such as the construction of production factors distribution of profits, enjoyment of rights, personnel arrangement and so on.