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北洋政府时期的股份公司在股息分配方面,依旧普遍执行“官利”制度,显示了这项受“非正式约束”支配的“正式制度”的强大惯性。官利之制虽然是创业者向投资者的妥协,但毕竟不合世界实业通例,企业家等有识人士在对其予以评判的同时,也力求进行改革。不同的变革方案与实施措施,汇聚成北洋时期官利制度变迁的动态过程,显示了制度变迁的渐进性。
In the aspect of dividend distribution, the shareholding companies of Beiyang Government still carry out the system of “official interest”, which shows the strong inertia of the “official system” governed by the “informal constraint”. While the system of official interest is a compromise between entrepreneurs and investors, it is not in conformity with the general rules of the world’s real estate industry. Entrepreneurs and other well-known individuals try to make reforms while assessing them. Different reform programs and implementation measures converged into a dynamic process of the vicissitudes of institutional change in the Northern Dynasties, showing gradual changes in the system.