1.0Fortune Insighthttps://prime.fortuneinsight.com/web曾國平教授https://prime.fortuneinsight.com/web/posts/author/byrontkprich600338<blockquote class="wp-embedded-content"><a href="https://prime.fortuneinsight.com/web/posts/495556">亞當史密的公司管治理論</a></blockquote> <script type='text/javascript'> <!--//--><![CDATA[//><!-- !function(c,d){"use strict";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!/[^a-zA-Z0-9]/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),n=d.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),o=0;o<n.length;o++)n[o].style.display="none";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute("style"),"height"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if("link"===t.message)if(a=d.createElement("a"),i=d.createElement("a"),a.href=r.getAttribute("src"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener("message",c.wp.receiveEmbedMessage,!1),d.addEventListener("DOMContentLoaded",t,!1),c.addEventListener("load",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf("MSIE 10"),a=!!navigator.userAgent.match(/Trident.*rv:11\./),i=d.querySelectorAll("iframe.wp-embedded-content"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute("data-secret"))t=Math.random().toString(36).substr(2,10),e.src+="#?secret="+t,e.setAttribute("data-secret",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute("security"),e.parentNode.replaceChild(t,e)}}}}(window,document); //--><!]]> </script><iframe sandbox="allow-scripts" security="restricted" src="https://prime.fortuneinsight.com/web/posts/495556/embed" width="600" height="338" title="“亞當史密的公司管治理論” — Fortune Insight" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe>https://prime.fortuneinsight.com/web/wp-content/uploads/2021/01/Presentation1-5.jpg537496講完一堆有利所有商業活動嘅公共設施，之後就去到下一個部份，叫做Of the Public Works and Institutions which are necessary for facilitating particular Branches of Commerce，係指一啲為協助個別行業而做嘅事，講嘅主要就係一啲負責殖民地生意、有政府撐腰嘅公司。響呢個唔起眼嘅部份，亞當史密提出咗佢套公司管治理論，觀點同後來嘅principal-agent問題好類似。 佢一開頭就咁講，將個討論限制響海外公司。 Some particular branches of commerce, which are carried on with barbarous and uncivilized nations, require extraordinary protection. 去到「蠻荒世界」，自然就需要保護。所以，就需要駐軍，需要起圍牆，需派外交官員做領事。有支出，所以就要收稅，同殖民地貿易俾嘅稅，其實就係一筆保護費。 之後個轉折位就係，有啲公司說服到政府，將呢個保安工作包埋來做。 …in the greater part of the commercial states of Europe, particular companies of merchants have had the address to persuade […]