The Anglo-American misconception of stockholders as 'owners' and 'members': its origins and consequences

David Ciepley

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The Anglo-American misconception of stockholders as 'owners' and 'members': its origins and consequences

机译：英国对股东的误解为“业主”和“成员”：它的起源和后果

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Abstract That stockholders “own” the corporation and are its “members,” are assumptions deeply embedded in Anglo-American treatments of the business corporation. They are also principal supports of the policy of “shareholder primacy” and, in the United States, of the corporate claim to constitutional rights. This article critiques these assumptions, while also explaining why they took hold. Among several reasons for this, the primary explanation is to be found in the peculiar parentage of England's first major business corporation, the English East India Company (EIC). The EIC did not begin its life as a true business corporation, but as a cross between a guild (a form of member corporation) and a joint stock company (a form of partnership). In the transition to a unified business corporation, its stockholders inherited the monikers of “member” and “owner” from their guild and partner forebears. This mis-description set the legal mold for all subsequent Anglo-American treatments of stockholders.

机译：摘要股东“拥有”公司，是其“成员”，是深度嵌入在商业公司的英美治疗中的假设。它们还是“股东最初”政策的主要支持，并在美国，在美国公司声称宪法权利。这篇文章批评这些假设，同时也解释了他们为什么抓住。其中有几个原因，主要解释是在英国第一大商业公司，英国东印度公司（EIC）的特殊课程中找到。 EIC并未将其生命作为真正的商业公司，而是作为公会（成员公司形式）和联合股份公司之间的交叉（一种伙伴关系）。在向统一商业公司的过渡中，其股东继承了他们的公会和伴侣祖先的“会员”和“业主”的绰号。此误解描述为所有后续的缅甸股东治疗提供法律培养。

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《Journal of institutional economics》 |2020年第5期|623-642|共20页
作者
David Ciepley;
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作者单位

University of Virginia;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Corporation; member corporation; property corporation; East India Company; stockholder; shareholder; shareholder primacy; corporate constitutional rights;

机译：公司;会员公司;物业公司;东印度公司;股东;股东;股东首次初步;企业宪法权利;

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The Anglo-American misconception of stockholders as 'owners' and 'members': its origins and consequences

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