A History of Corporate Finance
A History of Corporate Finance
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公司金融史
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发表时间：
1997
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通讯作者：
R. Aggarwal
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作者：
R. Aggarwal
Jonathan巴伦巴斯金和Paul J. Miranti，A History of Corporate Finance（纽约：剑桥大学出版社，1997年，350页），$29.95）。这本书是一个研究机构和组织在西欧和北美公司金融的历史发展中的作用。本书的一个主要目标是“证明在现代金融理论中需要更多地认识到路径依赖和历史演变”[第3页]。此外，一些作者认为，经济和金融史的研究可以有助于理解当代发展[North，1978; Braudel，1982]。然而，有相对较少的书籍，对历史的公司融资，因此，这本书是一个特别受欢迎的补充。本书由前言和导言、七章三篇、结语和两个附录组成。导言指出，商业机构代表的限制“实际上是追求机会的游戏规则.。它们的价值主要在于它们减少不确定性的能力”[p.4]。人们还指出，“企业通过金融创新提高了效率”[第5页]。导言继续解释金融如何促进企业效率和增长。首先，金融使公司有时间和稳定的资金来利用规模经济和范围经济。第二，金融创新往往有助于企业科普甚至利用外部经济冲击。金融创新还降低了投资者所面临的风险，并使管理人员能够得到更好的监督。最后，金融创新还可以更好地管理公司资源，并使公司有能力通过将高成本的市场交易内部化来克服市场缺陷。导言的其余部分描述了资产定价、代理成本、信息不对称和公司债务政策等现代理论的发展。奇怪的是，在讨论市场决定的资产价格的随机行为时，本书引用了1953年M.G.肯德尔作为这种认识的开始，忽略了众所周知的和更早（世纪）的工作路易斯巴舍利耶和其他人（例如，伯恩斯坦，1996年）。第一部分由三章组成，回顾了前工业化世界（实际上只是欧洲）的金融。第二部分的两章介绍了工业化时期欧洲金融的发展。第三部分追溯了西欧和北美的金融发展到现代。第一章介绍中世纪晚期和文艺复兴早期意大利金融的发展。本章对国际银行业以及13、14世纪佛罗伦萨和威尼斯的商业金融结构如何被用来分散风险和利用股本回报进行杠杆化进行了一些精彩的描述。然而，它对这一时期之前的商业财务安排知之甚少。第二章涵盖了15世纪到18世纪，并追溯了股份公司的兴起，沿着国际贸易，如东印度公司，作为现代有限责任公司的前身。第三章介绍了世纪英国和西欧证券市场的早期发展。第二部分由两章组成，涵盖了工业化时代（18世纪末至20世纪中期）公司融资的发展。第四章涵盖了运河和铁路的融资，特别是在美国，第五章描述了股票市场和管理资本主义在二十世纪上半叶的兴起。第三部分也由两章组成，追溯了公司金融到现代的演变。第六章重点介绍了战后至1973年石油危机期间美国大公司的融资情况，第七章则介绍了近年来企业集团的崛起和杠杆收购现象。…
Jonathan Barron Baskin and Paul J. Miranti, A History of Corporate Finance (New York: Cambridge University Press, 1997, 350 pp., $29.95). This book is a study of the role of institutions and organizations in the historical development of corporate finance in Western Europe and North America. A major goal of this book is to "demonstrate the need for greater recognition of path dependence and historical evolution in the modern theory of finance" [p. 3]. In addition, a number of writers have argued that the study of economic and financial history can be useful in understanding contemporary developments [North, 1978; Braudel, 1982]. However, there are relatively few books on the history of corporate finance and, thus, this book is a particularly welcome addition. This book consists of a preface and an introduction, seven chapters organized into three parts, and an epilogue and two appendices. The introduction notes that business institutions represent constraints that "are, in effect, the rules of the game for pursuing opportunity...and their value lies largely in their ability to reduce uncertainty" [p.4]. It is also noted that "firms bolstered efficiency through financial innovation" [p. 5]. The introduction goes on to explain how finance contributed to business efficiency and growth. First, finance allowed firms the time and stable funding to exploit economies of scale and scope. Second, financial innovation often helped firms cope with and even take advantage of external economic shocks. Financial innovations also lowered perceived risks faced by investors and allowed better monitoring of managers. Finally, financial innovation also allowed better management of corporate resources and gave firms the ability to overcome market imperfections by internalizing high-cost market transactions. The rest of the introduction describes the development of the modern theories of asset pricing, agency costs, asymmetric information, and corporate debt policies. Curiously, in discussing the random behavior of market determined asset prices, this book cites the 1953 study by M.G. Kendall as the beginning of this recognition, ignoring the well-known and much earlier ( 19th century) work of Louis Bachelier and others (e.g., Bernstein, 1996). Part I consists of three chapters that review finance in the preindustrial world (actually just Europe). The two chapters in Part II cover the development of European finance during the era of industrialization. Part III traces the evolution of finance in Western Europe and North America into the modem era. Chapter one describes the development of finance in Italy in the late middle ages and the early Renaissance period. This chapter has some excellent descriptions of international banking and how business financial structures in Florence and Venice of the thirteenth and fourteenth centuries were used to diversify risk and leverage returns on equity. However, it has very little about business financial arrangements prior to that period. Chapter two covers the fifteenth through the eighteenth centuries and traces the rise, along with international trade, of the Joint Stock Companies, like the East India Company, as precursors to modern limited liability corporations. Chapter three covers the early development of public securities markets in England and western Europe in the eighteenth century. Part II consists of two chapters and covers the development of corporate finance in the age of industrialization (late eighteenth to the mid twentieth centuries). Chapter four covers the financing of canals and railroads especially in the United States and chapter five describes the rise of equity markets and managerial capitalism in the first half of the twentieth century. Part III also consists of two chapters and traces the evolution of corporate finance into the modern era. Chapter six focuses on the financing of large US companies in the post-war era until the oil shock of 1973, while chapter seven covers the rise of the conglomerate firm and the leveraged buy-out phenomenon in recent years. …