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The Emergence of the Corporate Form

机译：公司形式的出现

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We describe how, during the 17th century, the business corporation gradually emerged in response to the need to lock in long-term capital to profit from trade opportunities with Asia. Since contractual commitments to lock in capital were not fully enforceable in partnerships, this evolution required a legal innovation, essentially granting the corporation a property right over capital. Locked-in capital exposed investors to a significant loss of control, and could only emerge where and when political institutions limited the risk of expropriation. The Dutch East India Company (VOC, chartered in 1602) benefited from the restrained executive power of the Dutch Republic and was the first business corporation with permanent capital. The English East India Company (EIC, chartered in 1600) kept the traditional cycle of liquidation and refinancing until, in 1657, the English Civil War put the crown under strong parliamentary control. We show how the time advantage in the organizational form had a profound effect on the ability of the two companies to make long-term investments and consequently on their relative performance, ensuring a Dutch head start in Asian trade that persisted for two centuries. We also show how other features of the corporate form emerged progressively once the capital became permanent.
机译：我们描述了在17世纪，由于需要锁定长期资本以从与亚洲的贸易机会中获利的需要，商业公司如何逐渐兴起。由于锁定资本的合同承诺在合伙企业中不能完全执行，因此这种演变需要法律上的创新，实质上是授予公司对资本的产权。锁定资本使投资者遭受重大失控，并且只有在政治机构限制了被没收风险的情况下，资本才会出现。荷兰东印度公司（VOC，成立于1602年）受益于荷兰共和国受限制的行政权力，并且是第一家拥有永久资本的商业公司。英国东印度公司（EIC，成立于1600年）保持了传统的清算和再融资周期，直到1657年英国内战将王冠置于议会的严格控制之下。我们展示了组织形式中的时间优势如何对两家公司进行长期投资的能力产生深远影响，并因此对它们的相对绩效产生了深远影响，从而确保荷兰人在亚洲贸易中领先了两个世纪。我们还将展示一旦资本变为永久性后，公司形式的其他特征将如何逐步出现。

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