On the Multiple Modes of Partner Operation of Shanxi Piaohao in the Middle and Late Qing Dynasty and Its Influence
The three partnership business models within the Shanxi Piaohao are:a single family investment and franchised financial industry model represented by Qian Shengheng;the diversified investment holding and franchised financial industry model represented by Wei Taihou;the model of multiple family investment,concurrent operation of financial industry and entity industry represented by Dadetong(Tongxingyu).These three types of Piaohao all implement the salary system of silver co-shares and the partnership form of east control system.However,the huge differences in their capital sources and ownership structures lead to great differences in investment preferences,capital operation modes and anti-risk capabilities of each piaohao,and have a profound impact on their respective development fate.The above three different types of partnership models not only confirm the differences in development paths between different piaohao,but also show that China's commercial partner operation has evolved to a fairly fine level during the Qing Dynasties.
Shanxi Piaohaocooperation patternssources of capitalinvestment preferenceanti-risk ability