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Chen Zhiwu: family business will be replaced

2022-05-07 18:43:5236kr

This article excerpts from 《 The logic of civilization — The game between human and risk 》 author : Chen Zhiwu Writing ,36 Krypton authorized release .

In China, , Today's striking is not the ancestral hall of the former clan , But tall buildings . Corresponding to it is , Modern corporate companies replace family businesses that used to be dependent on blood relations .

And before that —— Until 19 Before the Opium War in the th century , Clan is the second largest force after the State , Religious organizations such as Buddhism are the third largest social force , Business organizations such as enterprises are only affiliated to clans , Duoyi Temple “ hall ” life name  ( Such as clear generation since Tribute salt Enterprise “ king 3、 ... and Fear hall ”“ Li Four friend hall ”“ hu Cautious Yue hall ”, this some Both Indicates clan , It also means connected joint enterprises ). At the time , Businesses are often based on clans , Not an independent existence .

Economist Chen Zhiwu is taking time 16 Written in 《 The logic of civilization : The game between human and risk 》 It's said in —— In today's Chinese society , family 、 The clan has almost died in name . Business since the Westernization Movement , In particular, the development of the financial market has gradually promoted a new market main body —— limited company .

The joint stock limited company is not attached to the blood clan , And not attached to the State , But a business organization with its own independent legal personality , And the size and power of some companies are unmatched by any contemporary and traditional clan , Even really “ fabulously rich ”, This is something that ancient people never dreamed of .

Although Tencent was founded by Ma Huateng and his colleagues , It is also regarded by many people as an extension of Ma Huateng , But in fact, neither the Ma Huateng family owns , Nor is it a state-owned enterprise , Not owned by any other individual or clan , It belongs to millions of people 、 Co owned companies with family and institutional investors .

according to 2021 year 1 month 18 The closing price of the stock on the day , The market value of Tencent is 6.3 Trillion Hong Kong dollars , amount to 8020 Billion dollars , Only lower than the world's top 18 Of an economic power GDP, In Indonesia 、 Turkey 、 After the Netherlands , But more than Saudi Arabia 、 Argentina etc. 170 Many other countries and regions . Even with Tencent 2019 Annual income 3773 100 million people People's currency as a reference , Only lower than 74 Countries and regions GDP, Higher than the rest 100 The economic scale of many countries and regions .

therefore , Compared with ancient times , Today's China is a completely different scene : Of course, the most powerful is the country ( State owned enterprises are also part of it ), The second power is these private modern companies , And clan 、 The influence of other traditional organizations such as religion continues to fade .

chart 12.2 Tencent is located in the global headquarters building in Shenzhen

notes : In China, , Today's striking is not the ancestral hall of the former clan , But tall buildings . Corresponding to it is , Modern corporate companies replace family businesses that used to depend on blood networks .

Of course , The changes China has experienced are only a reflection of the overall trend of mankind , Not an exception .

At least since the middle ages , The commercial market continues to expand across regions , Improve the ability of the market to realize interpersonal risk mutual assistance and resource sharing . In the evolution of long-distance trade , Dutch 、 The English are in 16 Join the ranks of marine trade in the 21st century , But their approach is different : Adopt the company limited by shares , Issue shares to tens of thousands of investors for financing 、 Share the long-range trade wind risk . Just when launching this initiative , They may not have thought , The company, a cross blood business organization, will become the main body of the market in the future , Completely change the world .

Here it is , Economist Chen Zhiwu in his latest book 《 The logic of civilization : The game between human and risk 》 in , Once again, it reviews Xue Fucheng's work in the late Qing Dynasty 《 On the disease of company inaction 》 What we say ,“ Western countries , understand thoroughly the truth of all things on earth and handle affairs successfully accordingly , There are often thousands of people Power of , And Shangyu is thin and weak , It is the power of the whole country . So there is one law of Jiuji company . Officials, gentry, businessmen and people , Each buys shares according to the rich and the poor . Share the same interests , Old friends have no different intentions , The upper and lower dimensions , Therefore, there is no failure . By correcting the wisdom of all people, we think that wisdom , People think they can , All wealth is wealth ”.

in other words , With the method of gathering companies , Whether officials, gentry or businessmen 、 common people , Can be appropriately invested and invested according to the rich and poor , In this way, the interests of everyone are tied together , No one has a different heart 、 The upper and lower dimensions .

however , Xue Fucheng lamented the company's powerful 19 The end of the century , Western companies “ Correct the wisdom of others and think that wisdom , People think they can , All wealth is wealth ” In fact, my ability has not reached the level he mentioned .

To 19 Mid Century , In American companies , The largest number of shareholders is 2500 about ; to 1902 year , The three listed companies with the largest number of shareholders —— At & T (AT&T)、 Pennsylvania Railroad and American steel —— There were 1.2 ten thousand 、2.8 and 2.4 Million shareholders , Their shareholders to 1931 In, it rose to 64.2 ten thousand 、24.1 and 17.5 ten thousand , At this time, the equity is really highly dispersed .

stay 1900 in , There are 440 Million stock market investors ,1929 Years have 1800 Ten thousand shareholders , And to this day ,52% Of American households hold shares directly or indirectly 、 Equity funds , That is, near 1.5 Million residents are related to the interests of the stock market . therefore , today , Company set “ All wealth is wealth ” Your ability is unprecedented .

In the collection “ Wisdom is wisdom , People think they can ” aspect ,19 Companies in the 21st century employ up to tens of thousands of employees , Today's Wal Mart has employees all over the world 220 ten thousand people , Amazon employs 100 many ten thousand people , Foxconn employs more workers . This is the scale of business organization that ancient people did not expect .

By 2021 year 1 month 15 Japan , The market value of apple is 2.1 Trillions of dollars , Only lower than the global front 7 Big economies GDP, Both Amazon and Microsoft are valued at 1.6 Trillions of dollars 、 Facebook market value by 7159 Billion dollars , wait . The strength of these companies lies not only in economic scale and social impact , It's more about its independence , You can even challenge the President .

President trump, who lost the election in the United States, incited supporters to 2021 year 1 month 6 After the impact on the U.S. Congress , facebook 、 Social media companies such as twitter decided to close Trump's account , Forbid him from making comments , Even the president can't deal with it . 2020 year 12 month 7 Japan , Trump convened executives of relevant companies to attend the White House meeting “ Novel coronavirus vaccine Summit ”, But the two companies that were immediately invited to lead the development of vaccines — Pfizer and Modena (Moderna) Of CEO Refuse , Since then, the two companies have not been retaliated by the White House , This shows the power of modern company .

The state as an artificial organization , At least in the 5000 It appeared many years ago , As a man-made business organization, joint stock limited company , Before it appears 500 year . But , In such a short time , The power of the company is moving closer to the country .

Chen Zhiwu is in 《 The logic of civilization : The game between human and risk 》 There are many reasons for this :

First , The purpose of the company is simpler than that of the state , Is to make money through business , To maximize profits Turn into a goal . Because of this , It is easier to develop a company than a country , There are far more successful companies in the world than successful countries ;

secondly , Companies can invest across borders 、 be in business , Change the lives of many societies , Under the existing sovereignty system , There can be no cross-border infiltration between countries , Therefore, multinational corporations have more influence in the world than most countries ;

Last , Although the government of a sovereign state has the legislative power 、 Judicial and executive power , In theory, companies can be suppressed at will , Power is greater than the latter , But companies can choose to move from one country to another , To balance state power .

Since the commercial revolution in the middle ages , The result of the gradual development of market and Finance , It is not only the impersonal market transaction that replaces the original way of mutual assistance based on blood and other social relations , Moreover, it also promotes the market main body beyond blood relationship, such as performance Co., Ltd , And greatly change the human landscape .

today , In the U.S. 、 China and many other societies , The two artificial organizations have the strongest resource allocation ability , The first is the country , Second, companies , And the power of families and other social organizations continues to decline .

Title :《 The logic of civilization — The game between human and risk ( whole 2 book )》 author : Chen Zhiwu Writing , Press. : Citic publishing group

Author's brief introduction

Chen Zhiwu , Famous economist , Professor Fung foundation chair of the University of Hong Kong and director of the Asia Global Institute , Former tenured professor of finance at Yale University , Merton · Miller award winner . The professional field is financial theory 、 Stocks 、 Futures and options markets and macroeconomic and economic history . His documentary series as general academic adviser 《 Wall Street 》 And 《 currency 》, It has a great impact on the development of China's financial culture . The author of “ The logic of Finance ” series 、“ The logic of wealth ” series 、《24 Wealth class : Talk about entrepreneurship and wealth creation with your daughter 》《 Chen Zhiwu financial investment class 》 Etc .

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