Chapter 7 explores how capital was mobilized by different merchant networks
and investigates shareholding procedures in Shanxi's remittance houses
(piaohao). The three Fujian, Anhui and Shanxi merchant networks implemented
specific forms of capital mobilisation and human capital development and, in
the case of Shanxi bankers, practised elaborate forms of shareholding. The
capital came from partnerships formed within the family circle. However,
does a clan-based partnership constitute a legal entity? Partnerships set up
to build a ship or to trade with overseas countries are attested at least
since the Song Dynasty. This formula was used until the end of the Qing
dynasty, but it never evolved into more permanent and legally sophisticated
forms. In particular, the issue of evaluating the various stakeholders'
performances in a company never arose in China with the same acuteness as it
did early on in Europe, where it took the form of the audit.
You are not authenticated to view the full text of this chapter or article.
Get access to the full article by using one of the access options below.