关系投资relationshipinvesting与另类关

1類理葉理[e-mail]2省念理路列行念理金理金了略若兩力workingpower力力理力quotationpower力力索念年念念念年度年金理念度了理不類理理立度jointstockcorporation更度度行BerleandMeans1932律理度律shareholders理directors律律了理理不不律更理律度行不律理理律理理力power不律利rights2.1理----論Marx1857effectivepossession不立律不律不利3聯歷Marx見類論capitalasproperty行capitalasafunction離離度theexpansionofthecreditsystem度來說來理勞來離Marx1865-7380Renner1904更立力理論律律力離律度律度律度了律不industrialcapitalistscreditors利利interest不律moneycapitalist利利律了力Renner力socialpowerofcommand了領理theorganizationalactivitiesofsalariedmanagers理力來力力利利離Veblen1924了度來異thealienationofcontrol參行banker金勞不absentee不absenteeowner金pecuniary不industrial不craftsmanship力金1932年AdolfBerleGardinerMeans兩TheModernCorporationandPrivateProperty不論更兩度邏邏念理論兩利壘理兩不來行BerleandMeans1932297nominalownershipeffectiveownership利力Berleand4Means理律律economicandsocialbackgroundoflaw度了律不度socialinstitution不律不notfictitiousbutfactualBerle19559不律不2.2------理金行年裡理CorporationGovernanceC.G.念領了論理律領理律理律金律更度力略了理念便論力JohnScott197919851997兩不理論理theManagerialistPerspectivetheMarxistPerspective1兩了度度立兩律不見理離理力行金金力理理金力理論理論理律流Scott1997理Drucker1951Parsons1956Kaysen1957Dahrendorf1959Bell1961Lenski1966Nichols1969Chandler1977理managementcontrol念料BerleandMeans1932BerleandMeans1929年金來了1914年1928年了數majoritycontrol數minoritycontrol料1929年1兩參Scott1997Zeitlin19895200金11%6%88%數理44%58%來來率離理力理不理BerleandMeans類類行R.A.Gordon1966TNECTheTemporaryNationalEconomicCommittee料了理力數離ibid350RobertJ.Larner1970Berle-Means500金行BerleandMeansLarner理20%降10%1963料20084%理類30070%類料來1929年理managerialrevolution年ibid21來立理理理識了理離理令來理理理AgencyEconomic理度離來率理濫濫利理agencycosts理理利便JensonandMeckling197660年來70年來了理懶理利立corporationempiresRobinMarris1964OliverWillamson1964兩理理度勵理不利力理不勵金takeover來理濫利ibid說BerleandMeans論理金MagareterBlair1995理金financialmodelefficientmarketmodel金理金便量說理濫利履行6濫行利年降金理度不acquisition立浪力離臨bottomline金hostiletakeover行leverage-drivenrestructuring年了MichaelJensen1993路力臨………度度力ibid839理異Marx來壟Hilferding1910了金financialcapital念利度highlyorganized行度金了行金數離Lenin1917industrialenterprises壟monopoliesofproductivecapital行力壟行壟行了力行---金度行聯interlockingdirectorships聯量金數金financialgroups金financialempires金聯壟行略聯參類聯了聯聯利Aaronnvitch1961Rochester1936Perlo1957金領聯利spiderwebofbusinessinterests金innercircleparasiticupon理理理金力理金理度金reproduction金BerleandMeans1932AnnaRochester1936FerdinandLundberg1946兩不LundbergBerleandMeans不數利行industrialsystem數理J.P.Morgan類金WallStreet7力BerleandMeans離不理力離說ibid506-8PaulMSweezy1953類Sweezy200金50行行16行8利interestgroups利金行利VictorPerlo1957BerleandMeans1932NCR1939TNEC1940BerleandMeans列43類理3料不讀論年DanVillarejo1961250232切料14154%率來workingcontrolVillarejoLarner1970Villarejo不理理金理金金行壟不理論邏更socialreality了不異不不更23略Themechanismsofstrategiccontrol念立論control念BerleandMeans1932說數力actualpower不律力便行令行行ibid66rule異念Scott參領行inherentintheownershipofcorporateassets力不來兩念兩199735不businessmanagement不領businessleadership聯更行路Scott1997Zeitlin1989Chandler19628了量theproblemsofmethodandmeasurementJohnScott1997MauriceZeitlin1989數數率理20%BerleandMeans193210%Larner1970更Burch1972ScottandHughes1976類理數類異不Zeitlin1989數不省BerleandMeans律類律數數BerleandMeans理數理理類料金pyramiding料nominees易行易料句說率降理更料論累不識論不識論不來理金率論數數度Zeitlin1989數邏行論力來力量度行不立行識降不行數不行理數更略理2001BerleandMeans念來說理defactual力workingpower不legitimacy數理略數行不2002來說理利理9來不理聯理不力理聯利若度來理類數數離了力數來力quotationpower2度流度類不更不了BerleandMeans不來1932251-252BerleandMeans見不料力兩不力度pricevalue料年50%易率1982年1999年紐易易數流數率42%78%1990年1999年Nasdaq率88%221%不Caunningham2002什數理兩聯兩力年便例RelationshipInvesting歷數2.理論易行力力力率理論efficientmarkettheoryEMT不力識力不更力行利力10類年來takeovers了論論度年行便Useem1993說年金率不寧3.1-----年年行切列數年來率落車力量來料DertouzosLesterandSolow1989理度年理年了年年了降了類理年年行聯理不了理了年數略利不理年理理念行downsizing年rustbelt19801993年ExxonFordGEGMIBMMobilSearsUSXWestinghouse了100理不理金理利離行利行Marris1964Manne1965來行理hostiletakeovers兩不理理proxyfightoutsideraider數tenderofferswould-beacquirer說11勵理了行數量易不不行金率論來率易降便降不獵acquiringfirms降RavenscraftandScherer1987年freemarket金financedriven論Blair1995例來年金契數利highlyleveraged易來行金junkbonds來說率易leveragedbuyouts31980年行了268.731985年了94了80BlairandUppal1993年行金來金老金金理樂30%-40%裡行金率料19831990年易了6.32行量復了金ibidMichaelJensen契來例不行更行數量率利不見度行更Jensen1986不Jensen理易A.A.Sommer了說什更18療不烈凌亂不更律不量易律Sommer1991697理來更離3例RJRNabisco1989年率1988年0.671989年0.97金了例FMC1986年debt-assets率1985年0.581986年1.19Blair199512金理論Mishkin1992更勵切金率略了臨理不力數理力行力不了理了見數supermajorityrulespoisonpillplanclassifieddirectors金降落goldenparachutes理fairpricerequirement累eliminatecumulativevoting類dualcapitalization金requireboardstoconsidernonfinancialeffectsofmergers識降獵力例理老利shareholderrightsplan料1980年年InvestorResponsibilityResearchCenter1992理立律立年了連串令立來理力力律例行度不例20%復Black1990年了連串令令了見律理律理理論理理理料1980年了1990年立了Ussem1993金離理1989年聯易SEC聯MichaelMilkenDrexelBurnhamLambertMichaelMilken了金1993年3DrexelBurnhamLambert年Blair19953.2金myopiainstitutionalinvestors列令年兩不率金13myopia了理年律MarkJ.Roe1994律金金律1929年念金易行不來理金行易金不年年拾論年力competitiveness兩RobertHayesWilliamAbernathy1980論論理competitivemyopia理理量年雷了CompetitivenessPolicyCouncil力降了率率若率狀臨更金costofcapital年論臨更金論率率金率Hatsopoulos1983年金降金利率論年金金金金利率什更金金律RobertJ.Shiller1989度excessively來了例1987年101426紐易降了25不降年復來狀理易行理來度量力理易不來行14易度了易行利易行度理利行聯FrootPeroldandStein1992理理力更了來來利行拓說不理理不力降理更易了理利行來利年來流行金老金金年料