第二届金融与社会学术研讨会

第二屆「金融與社會學術研討會」「關係投資」（RelationshipInvesting）與另類「關係投資」-------凃[e-mail]powerjointstockcorporationBerleandMeans1932shareholdersdirectorspowerrights2.1----Marx1857effectivepossession1MarxcapitalaspropertycapitalasafunctiontheexpansionofthecreditsystemMarx1865-7380Renner1904industrialcapitalistscreditorsinterestmoneycapitalistRennersocialpowerofcommandtheorganizationalactivitiesofsalariedmanagersVeblen1924thealienationofcontrolbankerabsenteeabsenteeownerpecuniaryindustrialcraftsmanship1932AdolfBerleGardinerMeansTheModernCorporationandPrivatePropertyBerleandMeans1932297nominalownershipeffectiveownershipBerleand2MeanseconomicandsocialbackgroundoflawsocialinstitutionnotfictitiousbutfactualBerle195592.2------CorporationGovernanceC.G.JohnScott197919851997theManagerialistPerspectivetheMarxistPerspective1Scott1997Drucker1951Parsons1956Kaysen1957Dahrendorf1959Bell1961Lenski1966Nichols1969Chandler1977managementcontrolBerleandMeans1932BerleandMeans192919141928majoritycontrolminoritycontrol19291Scott1997Zeitlin1989320011%6%88%44%58%BerleandMeansR.A.Gordon1966TNECTheTemporaryNationalEconomicCommitteeibid350RobertJ.Larner1970Berle-Means500BerleandMeansLarner20%10%196320084%30070%1929managerialrevolutionibid21AgencyEconomicagencycostsJensonandMeckling19766070corporationempiresRobinMarris1964OliverWillamson1964takeoveribidBerleandMeansMagareterBlair1995financialmodelefficientmarketmodel4acquisitionbottomlinehostiletakeoverleverage-drivenrestructuringMichaelJensen1993………ibid839MarxHilferding1910financialcapitalhighlyorganizedLenin1917industrialenterprisesmonopoliesofproductivecapital---interlockingdirectorshipsfinancialgroupsfinancialempiresAaronnvitch1961Rochester1936Perlo1957spiderwebofbusinessinterestsinnercircleparasiticuponreproductionBerleandMeans1932AnnaRochester1936FerdinandLundberg1946LundbergBerleandMeansindustrialsystemJ.P.MorganWallStreet5BerleandMeansibid506-8PaulMSweezy1953Sweezy20050168interestgroupsVictorPerlo1957BerleandMeans1932NCR1939TNEC1940BerleandMeans433DanVillarejo196125023214154%workingcontrolVillarejoLarner1970Villarejosocialreality23ThemechanismsofstrategiccontrolcontrolBerleandMeans1932actualpoweribid66ruleScottinherentintheownershipofcorporateassets199735businessmanagementbusinessleadershipScott1997Zeitlin1989Chandler19626theproblemsofmethodandmeasurementJohnScott1997MauriceZeitlin198920%BerleandMeans193210%Larner1970Burch1972ScottandHughes1976Zeitlin1989BerleandMeansBerleandMeanspyramidingnomineesZeitlin1989凃2001BerleandMeansdefactualworkingpowerlegitimacy凃20027quotationpower2BerleandMeans1932251-252BerleandMeanspricevalue50%1982199942%78%19901999Nasdaq88%221%Caunningham2002RelationshipInvesting2.efficientmarkettheoryEMT8takeoversUseem19933.1-----DertouzosLesterandSolow1989downsizingrustbelt19801993ExxonFordGEGMIBMMobilSearsUSXWestinghouse100Marris1964Manne1965hostiletakeoversproxyfightoutsideraidertenderofferswould-beacquirer9acquiringfirmsRavenscraftandScherer1987freemarketfinancedrivenBlair1995highlyleveragedjunkbondsleveragedbuyouts31980268.7319859480BlairandUppal199330%-40%198319906.32ibidMichaelJensenJensen1986JensenA.A.Sommer18Sommer1991697Mishkin3RJRNabisco198919880.6719890.97FMC1986debt-assets19850.5819861.19Blair1995101992supermajorityrulespoisonpillplanclassifieddirectorsgoldenparachutesfairpricerequirementeliminatecumulativevotingdualcapitalizationrequireboardstoconsidernonfinancialeffectsofmergersshareholderrightsplan1980InvestorResponsibilityResearchCenter199220%Black199019801990Ussem19931989SECMichaelMilkenDrexelBurnhamLambertMichaelMilken19933DrexelBurnhamLambertBlair19953.2myopiainstitutionalinvestorsmyopia11MarkJ.Roe19941929competitivenessRobertHayesWilliamAbernathy1980competitivemyopiaCompetitivenessPolicyCouncilcostofcapitalHatsopoulos1983RobertJ.Shiller1989excessively19871014262512FrootPeroldandStein1992196584%16%199054%46%1980199019851994199050%199457%11980198019884mutualfunds1992FidelityResearchandManagementindividualretirementplans413199312%51%197551980199419801994MorningstarLipperAnalytical1995InvestmentCompanyInstitute199563.3----happymarriage1988remainingdetachedorpassiveJohnPound1993low-keyibid751975198013%21%1980198515%30%1980199011%17%614collectiveactionfreeriderPound1993Black1992MonksandMinow1995WarrenBuffettABCrelationships1991AetnaCaliforniaStateTeachers’RetirementSystem71993199087S&P50081992Ussem199815Useem1998workingpowerpolitic9InvestorRelationsIRMichaelUseem1998ibid2019ABCThomasMurphy1992Ussem199816!relationshippersonaltiesinvestornetworkdouble-sideknifeDotComIndustry3GEnronAmericanOnlineWorldcomGlobalCrossingTycoXeroxAdelphiaMerckIBM----4.1----relativelystableminoritycontrol凃200260%2198542001410%-30%317200010.1%8.3%81.6%468.1%81.2%凃2002……….formalism18凃2002199411101996511124.3----LaPorta19981999Claessens1999pyramidstructurecross-shareholdinginterlockingdirectors200210111995125190.3%26.67%1.25%1.25%ibid820021992200%20022002rumorgossip2013greenmail2002positivenegativeintervenenon-intervene13212001HaveyPitt1.independentdirectors2