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ファミリービジネスとガバナンス
釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀327 第10章 ファミリービジネスとガバナンス ――南アフリカ共和国の事例―― 西 浦 昭 雄 苍芶苟苉 腀荁荴莊荊豯跏顟苌跄赜鉺苰雚蹷芷苆芢芤陻辑苌躎苝苌苈芩苅腃陻迍苌雰誄 苍荁荴莊荊諩识顟赜鉺苉購芯苄靌賸苅芠苩苆蹶苭苪苩閪郍躋詰苰鋱躦芵腃躖 韡苰鋊芶苄芻苌辀铵跬识苉芠苄苩花苆苉芠苩腂豯跏鋢釘苰豯貱芵腃邭镻閔雥 a 芪赜醢銲邮豶触賣苉轫辬芵苂苂芠苩荁荴莊荊 苉芨芢苄苍腃隯諔閔雥芪豯跏 钭鍗苉野芵苄貈鋨鍉苈雰誄苰鉓芤苆鑆躯芳苪苄芢苩腩Ofosu 腀 Amaah腭2000: 1腮腪腂 陻迍釦艒迍苅迚芵芭运觮芵苄芢苩苦芤苉腃跅诟苅苍荁荴莊荊苌豯跏鋢釘苖苌 論道芩苧邻醢识諩识苌邶蹙赳鎮苉論芷苩貤讆芪醝芦苄芢苩苠苌苌腃荁荴莊荊 苉芨芯苩諩识貤讆苌鉾郏苍醼鉮裦苆铤該芵苄苠裋酒苆芵苄辭苈芢苆芢苭芴苩 苰芦苈芢腂 腀镍軒苍荁荴莊荊諩识貤讆苅苍花苪苜苅顟芶苧苪苩花苆芪辭苈芩苁芽腵荴荀 荾莊腛荲荗荬荘腶苆腵荒腛荼莌腛荧腅荋药荩莓荘腶苆芢芤鏱苂苌躋詰苰軦苨 鏼苪苩花苆苅腃醼鉮裦苆苌铤該苢辔詷離苆苌賰鞬苰靥裕苉芵腃荁荴莊荊諩识 貤讆苌遛覻苉諱非苅芫苈芢芾苫芤芩苆赬芦苄芢苩腂荴荀荾莊腛荲荗荬荘苍荁 荴莊荊苅裪铊鍉苈諩识豠釔苅芠苩芪腃荁荴莊荊諩识貤讆苌荥腛荽苆芵苄苍苙 苆英苇袵苭苪苄花苈芩苁芽腂荴荀荾莊腛荲荗荬荘苌邬銷莁荊荪荙莀苰閪郍芷 苩花苆苅荁荴莊荊諩识芪闸芦苩觛釨苰趎閞芷苩躅賻苰販芢芾芹苩芩苠芵苪苈 328 芢腂腵荒腛荼莌腛荧腅荋药荩莓荘腶苉苂芢苄苍1990鑎釣裈赾腃邢詅鍉苉論道 芪趂苜苁苄芨苨腃豯跏詷腃豯襣詷腃陀詷苈苇芳苜芴苜苈閪雬芩苧苌荁荶莍腛 荠芪苈芳苪苄芢苩腂荁荴莊荊苉芨芢苄苠隯襣覻顟譣苌苈芩苅苦芤苢芭銍雚芳 苪苂苂芠苩芪腃荒腛荼莌腛荧腅荋药荩莓荘苉苂芢苄邳雊芩苧醨芦芽貤讆苍辭 苈芢腂荁荗荁苉芨芢苄苍荒腛荼莌腛荧腅荋药荩莓荘芪誔覿苉襥访苰非芦苩苆 芢芤軀还貋觊芪苝苧苪腩Johnson et al.腭2000腮腪腃芳苧苉鎊躑视苍鎊躑貈鋨苌跛 苉軻襶鞦苦苨苠鎊躑郦諩识苌荋药荩莓荘苰轤躋芷苩苆芢芤銲趸貋觊苠芠苩 腩IOR腭2002: 12腮 腪 腂荁荴莊荊苌諩识芪鎊躑苰詬鎾芵腃賸鞦鍉苉躑诠苰銲鉂芷 苩芽苟苉苍腃荋药荩莓荘苌觼酐芪讁苟苧苪苄芢苩腩Iskander and Chamlou腭2000: 33腮 腪腂 腀镍軒苍腵鏬荁荴莊荊苉芨芯苩腷荲荗荬荘荏莋腛荶腸苌铤該閪郍腶苉芨芢苄腃 腵鏁鋨视醰苌襥访腶腵閡邔閔雥腶腵蹙识鏠苉芨芯苩觇部鍉苈鉮裊腶苆芢芤跠钴 s 詔鑏 苌艒靶酦苰隞芽芷荏莋腛荶芪1980鑎釣芩苧1990鑎釣钼苎苜苅苌諺諔苉腃 鏬荁荴莊荊腩裈覺腃鏬荁苆鞪芷腪苅辭苈芭苆苠艓荏莋腛荶醶距芵芽花苆苰蹷 鍅芵芽腩邼襙腭2001: 釦艓郟腮腪腂花苌芤芿陻迍苅苍躖韡苆芵苄荁莓荏莍腅荁莁 莊荊莓腩Anglo American腪腅荏莋腛荶苰辜芭腃莌莓荵莉莓荧腩Rembrandt腪腅荏 荁莓荏莍药腛莋腩Anglovaal腪腅荏莋腛 莋腛荶腃莊药荥荂腛腩Liberty腪腅荏莋腛荶腃 d 荶苆芢芤艒跠钴苰苆苨芠芰苩 腂1993鑎苉苍花苪苧艒跠钴苅荗莇荮荬荘药腛 f 荏还貔軦裸辊 苉芨芯苩誔躮躞覿醍詺苌25.1膓苰蹸鑺芵苄芢芽腩McGregor g 腭1998腮腪 腂 腀花花苅跠钴苰腵荴荀荾莊腛荲荗荬荘苌躖识譋雍腅铍裍腅赜邬芪讐釥覻芵醽 詰覻芵荏莋腛荶覻芵苄芢苁芽苠苌腶腩隖鱁腭1993: 27腮腪苆芵苄醨芦苩苈苧苎腃 跠钴苍荴荀荾莊腛荲荗荬荘苌醶醱苆詧釥莁荊荪荙莀苰鞝觰芷苩芤芦苅詩资苌 閪郍跞鞿苆苈苨芤苩腂鏬荁苌艒跠钴苰荒腛荼莌腛荧腅荋药荩莓荘顟苌躋詰芩 苧醨芦銼芷花苆苅腃视醰蹸鑺苌豰醱覻莁荊荪荙莀苰难苧芩苉芷苩花苆芪陻迍 苌釦裪苌雚鍉苅芠苩腂 腀釦鏱苌雚鍉苍腃鏬荁艒跠钴苉苝苧苪苩轤酷鍉苈躝誔觯軐苌譀鑜苉苂芢苄閪 郍芷苩花苆苅芠苩腂裪铊鍉苉荴荀荾莊腛荲荗荬荘芪譋雍苰詧釥芳芹苄芢芭觟 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀329 鋶苉芨芢苄腃郪雥鍉苈豯襣鑜韍苰苠苁芽鏁鋨视醰裈詏苌豯襣軒苰鍯靰芵芽苨腃 詏閔芩苧苌躑诠苰銲鉂芷苩镋靶邫苉钗苧苪腃辊靌苆豯襣苉芨芯苩鏁鋨视醰苉 苦苩閕趽鍉蹸鑺苍諉顡芳苪苩豘購苉芠苩腂鏬荁苅苍郪雥豯襣軒苌鍯靰苢詏閔 躑诠苌鎱鏼苰苍芩苨苈芪苧苠辊靌腅豯襣苌鞼雊苉芨芢苄鏁鋨视醰芪襥访韍苰 闛躝芵芽芪腃芻花苅轤靶苈鎭芫苰芵芽苆赬芦苧苪苩苌芪躝誔觯軐邧鍸苅芠苁 芽腂郭酏鏺陻苌跠钴苌譀鑜苉苂芢苄苍腃辊靌苉野芷苩鏱轤苌閕芶趞苟腩鎯醰 苆陻軐腃陻軐苆蹐覺諩识腪 芪芠苨腃视醰苉苦苩閕趽鍉蹸鑺芪芩苈苨苌鋶鍸邧 雱芳苪苄芢芽花苆芩苧腃躖识觯軐苉苦苩豯襣邭跴苌躩青鍸芪趂苟苧苪芽苆芷 苩軥銣腩譫郬腭1996: 81 腀 93腮腪苆腃跠钴苉苦苩蹐覺諩识苖苌莂荪荞莊莓荏譀鑜 苰轤躋芷苩軥銣苉閪芩苪腩親跨腭1999腮腪腃跠钴蹪貤讆苌裪苂苌荥腛荽苆苈苁 h 鏬荁苌艒跠钴苅苍躝誔觯軐苍苇苌苦芤苈譀鑜苰觊芽芵芽苌芾苫芤芩腂 苄芢苩 腂 腀釦蹏苌雚鍉苍腃鏬荁苌豯貱苰鋊芶苄荒腛荼莌腛荧腅荋药荩莓荘苌闏覻苰醣 芷靶裶苉苂芢苄貟鎢芷苩花苆苅芠苩腂荒腛荼莌腛荧腅荋药荩莓荘赜醢苍豯跏 钭鍗豯顈苢陀邧鍸苌裡芢苉苦苁苄詥趑芲苆苉賅靌苌鏁銥芪苝苧苪苩裪闻苅腃 莊荘荎苌趂苜苨苆苆苠苉闏覻芷苩苆芢芤醤雊苰苠苁苄芢苩腂BCCI躖貏腃荽荢 j 荎荘荅荆莋躖貏腃荇莓莍莓軐躖貏 苈苇醊躟芮諩识苌镳迋躖苢荁荗荁鋊觝諫 譀芪腃荒腛荼莌腛荧腅荋药荩莓荘苌觼酐苰醣芷豟譀苆苈苁芽苆芢苭苪苩 腩Iskander and Chamlou腭2000: 1腮腃Zhuang et al.腭2000腮腪腂鏬荁苌艒跠钴苍腃荁 荰莋荧荷荃荧邭跴苉苦苁苄鏬荁芪趑跛鍉苉資鞧芷苩1980鑎釣苉花芼苁苄醽詰 覻苰赳芢腃隯軥覻苰鉂邬芵芽1994鑎苰讫苉鏬荁芪趑跛讣醈苉銼雊芷苩苈芩苅 裪郄苉釥譋雍苈酧遄觼詶苰軀蹻芵芽腂鏬荁苌豯貱苍荒腛荼莌腛荧腅荋药荩莓 荘苌闏覻苰醣芷靶裶苰貟鎢芷苩芤芦苅躦趴苉镸苞苆蹶苭苪苩腂 腀陻迍苍躟苌苦芤苈赜邬苅譣顟苰鍗詊芵苄芢芭腂釦艐郟苅苍腃荁荴莊荊諩识 貤讆苌軋鋶苉苂芢苄邮鞝芷苩腂 釦艑郟苅苍腃 陻顟苌辀铵跬识苆芵苄荴荀荾莊腛 荲荗荬荘顟苆荒腛荼莌腛荧腅荋药荩莓荘顟苌閪郍躋詰苰邮鞝芷苩腂釦艒郟苅 苍腃1994鑎隯軥覻裈酏苌艒跠钴苌醽詰覻莁荊荪荙莀苆荋药荩莓荘赜醢苉苂芢 苄閪郍芷苩腂釦艓郟苅苍腃隯軥覻裈賣苌鏬荁苌跠钴觼詶苆荋药荩莓荘赜醢苌 闏覻苰难苧芩苉芷苩腂跅賣苉貋苑苆芵苄腃陻迍苌苜苆苟苆趡賣苌貤讆觛釨苉 330 苂芢苄轱苗苩腂 釦艐郟腀荁荴莊荊諩识貤讆苌軋鋶 腀1990鑎釣裈赾腃荁荴莊荊苌隯諔諩识苉野芷苩論道芪趂苜苨苂苂芠苩苆芢芦 苩腂芻苪苍釦裪苉苍赜醢銲邮豶触鎱鏼苉苦苩邭镻閔雥苌铤轤苌鋡覺苉苦苩苠 苌苅芠苩腂遁隯鉮躞釣苍腃荁荴莊荊遬諩识苌誈鎮铍裍苍芫苭苟苄賀苧苪苄芢 芽腂豯跏誈鎮苌鉓芢軨苍腃苠苁苏苧轀軥趑苰讒鍟苆芷苩詏趑諩识芩腃邼荁荴 莊荊苌莌药荭莓遬辤遬苢鎌荁荴莊荊苌荃莓荨腅荰荌荘荞莓遬辤遬苅芠苁芽 腩Wolgin腭1997: 55腮腪腂鏆鞧躞苉苍趑视苌豯跏誈鎮苰鉓芤芾芯苌轜閪苈躑陻苆 豯貱苰苠苁芽荁荴莊荊遬諩识视芪镳醫芵苄芢芽花苆芩苧腃芻苌雰誄苰趑视躩 k 里芪鉓芤花苆苉苈苩腩Vandenberg腭1998: 14 腀 15腮腪 腂1970鑎釣苉苍腃荁荴莊荊 苌 賶襣諩识腩public enterprise腪 苍3000軐苰銴芦腃芻苪苧苌豯跏韍芪GDP苌 20膓苰銴芦苩趑苠芠苁芽腩Spring and McDade eds.腭1998: 13腮腪腂花芤芵芽趑视 苌釥閝苈豯跏觮鏼苍隯諔躑陻苌邬銷苰酪詑芷苩芩腃苠芵芭苍邭躡負韍苆苌貋 苑苂芫苰训芭芷苩貋觊苆苈苁芽腩Tangri腭1998腮腪腂芵芩芵腃1980鑎釣芩苧荁 荴莊荊苰郈貞芵芽赜醢銲邮豶触苉苦苁苄邭镻閔雥苌雰誄芪釥閝苉轫辬芳苪腃 賶襣諩识苌隯襣覻芪豶触腅軀蹻芳苪苄芢苩腂 腀釦鏱苍腃荁荴莊荊苌鋡邬銷苌靶裶苰苟芮苩譣顟苌苈芩苅腃隯諔鎊躑苌轤靶 邫芪閂迣芵苄芫芽花苆苅芠苩腂1990鑎釣钼苎芲苫芩苧荁荴莊荊豯跏苌鋢釘靶 裶苰难苧芩苉芵苦芤苆芷苩顟閶芪醊躟芢苅钭镜芳苪苄芫芽腂荒莊荇腛膁荋荪 莓荏苍腃荁荴莊荊苌鋡邬銷苰a鏠鍉述貏腩domestic 腀 destiny腇 鑍金譃賳腃 隯醰 醽靬邫苈苇腪 腃s鏠鍉邭跴腩domestic 腀 policy腇 賶认荔腛荲荘苌镳铵腃邭镻觮鏼苌 釥芫芳苈苇腪腃d詏鍉述貏腩external 腀 destiny腇詏趑蹳迪苖苌荁荎荚荘苌鏯芵芳苈 苇腪 腃f詏鍉邭跴腩external 腀 policy腇 陦裕邭跴苌躸鑳腃野詏跂隱苈苇腪 苌蹬苂苌 詰鍸芩苧郠难芵芽芤芦苅腃躝醱鍉苈豯跏邬銷苉苍隯諔鎊躑苌醝见芪镳观貇苅 芠苩苆蹷鍅芵苄芢苩腩Collier and Gunning腭1999a腮腪腂荁荴莊荊苌趑鏠醍鎊躑 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀331 苌野GDP铤鞦苍26膓腩1980鑎腪 芩苧20膓腩1998鑎腪 苉鋡覺芵芽芪腃苈芩苅苠 隯諔鎊躑芪1970鑎釣賣钼裈赾腃 鋡雀芵苄芢苩腩Fosu, Mlambo and Oshikoya腭2001: 2 腀 3腮腃Sender腭1999: 102腮腪腂 荊莁莋腛莓腃 荋腛荩腃 荐荪荁腃 荗莓药荵荅荆苌 艓荊趑苰野进苆芵芽邻醢识苖苌鎊躑苉論芷苩軀还貤讆苅苠腃遖譋鎊躑苌誄趇 芪芫苭苟苄鋡芢花苆芪躦芳苪苄芢苩腩Bigsten et al.腭1999腮腪腂鎌荁荗荁苌豯跏 邬銷苌靶裶苆芵苄腃趂芢銙鉾腅鎊躑鞦芪蹷鍅芳苪苩花苆芪醽芢芪腃荁荴莊荊 苉芨芢苄苠邬銷苌貈鋨靶裶苆芵苄苌鎊躑苌雰誄芪釥芫芢花苆芪跅诟苌軀还貤 讆 苅 蹷 鍅 芳 苪 苄 芢 苩腩Singh腭1998: 112腮腃Akyüz and Gore腭2001腮腃Ojo and Oshikoya腭1995腮腪 腂 腀裈迣苌苦芤苈迳讵苰钽襦芵苄腃荁荴莊荊苌諩识貤讆芪陻詩覻芵苄芫芽苌苍 跅诟苌花苆苅芠苩腂1980鑎釣裈赾苌貤讆苌鞬苪苰飫芷苩苆腃軥苉蹬苂苌荁 荶莍腛荠芪苝苧苪芽腂 腀釦裪苍腃詊钭顟芩苧苌荁荶莍腛荠苅腃荃莓荴荈腛荽莋荚荎荞腛苢韫跗諩识 苆芢苁芽铤該鍉譋雍苌辬芳苈諩识苉論芷苩貤讆苅芠苩腂花苌貤讆苌鑷豩苉苍 镮趢野跴苆芵苄荃莓荴荈腛荽莋荚荎荞腛苢韫跗諩识苍轤靶苅芠苩苆芢芤鑆躯 芪芠苨腃軀釔苌鑣袬苢邭跴豠邬芪雚鍉苆芳苪苄芢芽腂芵芽芪苁苄腃ILO苢邢 l 詅询赳苈苇苌趑跛譀論苉苦苩貤讆芪醽芢 腂苜芽腃銷芭荁荰莋荧荷荃荧里邧 覺苉芠苁芽鏬荁苅苍腃趕遬讏轚鉮裦苉芨芯苩荃莓荴荈腛荽莋荚荎荞腛貤讆苌 鉾 郏 芪 铤 該 鍉 陌 镸 苅腃 釣 镜 鍉 苈 苠 苌 苉Preston腀Whyte and Rogerson eds. 腭1991腮芪芠苩腂鏺陻遬苉苦苩辬譋雍諩识苰野进苆芷苩貤讆邬觊苆芵苄苍腃 迣鍣腭1997腮腃鉲雬腅閐鏠闒腭1998腮腃趲鎡腭1994腮腃邼襙腭2000腮苈苇芪芠苩腂 腀釦鏱苍腃蹙识轗郏顟芩苧苌荁荶莍腛荠苅腃荬荢荧莏腛荎賸觊苉銍雚芵芽貤 讆苅芠苩腂芽苆芦苎腃荽荒腛荾荢荎苍腃荎莉荘荞腛閪郍苌軨陀苰蹧苁苄荐荪 荁腃荋腛荩腃鏬荁苌蹙识轗郏苉苂芢苄顟芶苄芢苩腩McCormick腭1998腮腭1999腮腪腂 荐荪荁苌荃莓荨遬軐觯苅苍迮闱賰誷苌荬荢荧莏腛荎芪醶距芵腃豟雱苌鞚赳苰 醣芷腵 镝钻苌莁荊荪荙莀腶芪譀鑜芵苄芢苩苆芢苭苪苩腩Biggs and Srivastava ¡0 腭1996腮 腪 腂荁荴莊荊遬軐觯苉苂芢苄荽荠莃莊荁苍腃軀鉮銲趸苰鋊芶苄鎯裪隯 醰腃靆遬腃貌規論豗苉苦苩軐觯鍉荬荢荧莏腛荎芪 荐荪荁腅荩荃莍荲苌 荃莓 332 荴荈腛荽莋荚荎荞腛苌諮铕苆苈苁苄芢苩花苆苰难苧芩苉芵苄芢苩腩Macharia 腭1997: chap. 7腮 腪 腂鎯辑苉苦苩苆腃艖誄裈迣苌觱鎚軒芪躖识苰鍗詊芷苩跛苌躑 诠貹苆芵苄靆遬苢遥郊苰芠芰苄芢苩腂芵芩芵腃醼闻苅苍荁荴莊荊遬苌荬荢荧 莏腛荎苌譋雍苍賀苧苪苩芤芦腃荃莓荨遬苧苌荬荢荧莏腛荎苖苌荁荎荚荘苍趢 鏯芾苆芢芤蹷鍅苠芠苩腩Ramachandran and Shah腭1999: 85 腀 86腮腪腂 腀釦蹏苍腃諩识豯襣苢豯襣蹪芩苧苌荁荶莍腛荠苅腃諩识视苢賂腘苌諩识苉銍 雚芵芽貤讆苅芠苩腂諩识视邸遟苉銍雚芵芽貤讆苆芵苄苍腃Marsden腭1990腮 苢Spring and McDade eds.腭1998腮芪芠苩腂諩识豯襣鑜韍苉苂芢苄Dia腭1996腮 苍腃荁荴莊荊苌諩识苍轜閪苈豯襣鑜韍苰铵芦苄芢苩芪腃韫跗諩识購芯诠靚蹸 覇苌镳醫苈苇邧鍸鍉镳铵苌芽苟苉钭鍗苰酪詑芳苪苄芢苩苆蹷鍅芵苄芢苩腂躟 苉諩识蹪苉論芷苩苠苌苅苍腃邢詅靌邔苌赺识諩识苅芠苩鏬荁苌荁莓荏莍腅荁 莁莊荊莓軐苢芻苌酮识軒苉論芷苩閶貣芪鏋软芵苄芢苩腩Gregory腭1962腮腃 Hocking腭1973腮 腃 Jessup腭1979腮腃Innes腭1984腮腃Pallister, Stewart and Lepper腭1987腮腪腂 苜芽腃躺裤腭1992腮苍荩荃荗荆莊荁苌顁趇荁荴莊荊觯軐苉苂芢苄軐觯豯跏蹪 苌躋鍟芩苧閪郍芵苄芢苩腂 腀釦蹬苍腃1990鑎釣苌钼苎芩苧誈钭苉苈苁苄芫芽豶韊豯跏詷苌軨陀苰蹧苁苄 苌荁荶莍腛荠苅腃荁荴莊荊諩识苌赳鎮貴鞝苢腃邻醢识諩识苌邬銷苰酪詑芵苄 ¡1 芢苩荾荎莍鍉苈酪詑靶裶苉苂芢苄难苧芩苉芵苦芤苆芵苄芢苩 腂荁荴莊荊諩 识苰閪郍芷苩芤芦苅苌觛釨苅芠苩荦腛荞苌镳铵苰腃邢詅询赳芪還適芷苩腵諩 腩Regional Program on Enterprise Development: 识詊钭苉論芷苩鉮裦荶莍荏莉莀腶 RPED腪苉苦苩釥譋雍苈荰荬莋諩识銲趸苅闢芢腃芻苪苰豶韊豯跏詷苌軨陀苅 ¡2 閪郍芵苄芢苩苠苌苅芠苩 腂 腀荁荴莊荊苅隯諔鎊躑芪鋡邅辀苅芠苩苌苍腃莊荘荎芪趂芢花苆芪譎裶芵苄芢 苩苆赬芦苧苪苄芢苩腂鎊躑詩镴芯譀論苌荁荴莊荊苖苌镝覿苍詔芵苄鋡芢 腩Collier and Pattillo eds.腭2000: chap. 1腮腪 腂芻花苅莊荘荎苉論芷苩豶韊豯跏詷鍉 荁荶莍腛荠苌邬觊苰运觮芷苩腂荒莊荇腛膁荋荪莓荏苍腃荁荴莊荊苅鎊躑莊荘 荎芪趂芢鞝青苆芵苄躟苌艒鍟苰芠芰苄芢苩腩Collier and Gunning腭1999b: 85腮腪腂 釦裪苍腃荁荴莊荊苅苍銆賃躑陻跠蹳迪芪轜閪苉钭鉂芵苄芢苈芢芽苟腃譀諭苰 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀333 裪鍸起鏼芷苪苎跄苑钄議芷苩花苆芪趢鏯苅芠苩腂釦鏱苍腃諩识苌豰醱邫苌離 釨苅芠苩腂花苪苍躑诠镳醫苆諩识觯豶苌諄趸芪镳轜閪苅芠苩花苆芩苧钭芷苩腂 釦蹏苌鞝青苍腃豟雱鞚赳迣苌離釨苅芠苩腂荁荴莊荊苅苍趑鏠諩识芩苧苌鎊鏼 跠讟讋芪镳詭軀苅芠苁芽苨腃蹸閥芢芪鉸覄芷苩花苆芪醽芢腂荁荴莊荊艕荊趑 腩荵莋莓荗腃荊莁莋腛莓腃荒腛荧荗荻荁腛莋腃荐荪荁腃荕莓荲荁腃荗莓药荵荅荆腪 苌邻醢识苌豟雱離釨苰閪郍芵芽荲荢荏荘荥莓苧苍腃荁荴莊荊苌邻醢识諩识苍 豟雱镳鞚赳莊荘荎苌苠苆苅醀识芵苄芢苩苆芵腃離釨芪钭邶芵芽跛苌野辈苍銼 郚賰迂苉裏苋苧苪苄芢苩苆芵苄芢苩腩Bigsten et al.腭2000腮腪腂 腀荴荀荴荖莃莓苧苍腃荗莓药荵荅荆苉論芷苩RPED苉苦苩荰荬莋銲趸苌荦腛 荞苰靰芢苄腃豟雱鞚赳迣苌莊荘荎覺苉芠苩諩识视芪苆苩莊荘荎觱铰鍉苈赳鎮 苉苂芢苄閪郍芵苄芢苩腂鎊鏼跠苌讟讋鉸覄苢釣诠蹸閥芢鉸覄苆芢苁芽莊荘荎 苰觱铰芷苩芽苟腃諩识视苍鎊鏼跠苌距賉苆費诠闛靌苌醝见苅野辈芵苄芢苩 ¡3 腩Fafchamps, Gunning and Oostendorp腭2000腮腪 腂Pattillo and Söderbom腭2000腮苍腃 荋腛荩苌邻醢识諩识苍腃閔閪鍉苉苍闛还芪苈芢腩uninsurable腪趂莊荘荎諂讫 覺苅醀识芵苄芢苩苆芵腃花苌貋觊苆芵苄鎊躑腃苆芭苉遖芵芭莊荘荌腛苈譚轰 苰鎱鏼芷苩花苆苰赔芦苄芢苩苆貋顟苃芯苄芢苩腂 腀Fafchamps腭1996腮苉苦苪苎腃蹸閥芢鉸覄苰铭苁芽花苆芪芠苩荋腛荩苌諩 识苍銲趸野进諩识苌艗誄苉苌苚苨腃芻苌芽苟費诠軦裸苉苦苁苄莊荘荎苉野覞 芵苄芢苩腂苜芽腃鎊鏼跠苌讟讋鉸覄苢镩躿苌镳裀鋨苉野芵苄苍腃蹸閥芢軀赳 酏苌镩躿貟趸苢豊苨闔芵軦裸苉苦苩遍鞊迸邬苉苦苁苄莊荘荎苰觱铰芵苄芢苩腂 芳苧苉鎯顟閶苍腃腵镝钻苌莁荊荪荙莀腶腩reputation mechanism腪苌貇鑀芪諩识 苌邬銷苰陗芰苄芢苩苆芵腃諩识諔遍靰腩trade credit腪苰誈钭覻芳芹苩芽苟諩 识苌詩镴芯邧鍸苰詭鞧芵苄遍靰鍸苰难苧芩苉芷苩花苆芪陝苜芵芢苆芵苄芢苩 腩Fafchamps腭1996: 427 腀 428腃446腮腪腂 腀荁荴莊荊苅苍赜醢銲邮豶触苌鎱鏼苉苦苨賶襣諩识苌隯襣覻苰還適芵苄芫芽腂 荁莈荏膁荴荈荘苉苦苪苎腃1997鑎苜苅苉隯襣覻芳苪芽諩识苍2700軐裈迣苉苌 苚苩腩Ayogu and Fosu腭2002: 1腮腪腂趡賣苍腃Journal of African Economies苉苦 苩2002鑎闊跻鏁轗腵隯襣覻苆荒腛荼莌腛荧腅荋药荩莓荘腶苉进銥芳苪苩苦芤 334 苉腃隯襣覻賣芢芩苉諩识苰鎝躡芷苩芩苆芢芤荋药荩莓荘顟譣芪誈钭苉苈苁苄 芭苩苠苌苆靜酺芳苪苩腂 釦艑郟腀閪郍躋詰 艐.腀荴荀荾莊腛荲荗荬荘顟 腀苦芭鉭苧苪苄芢苩苦芤苉1930鑎釣辉鎪苉药腛莊苆荾腛莓荙苍腷诟釣誔躮觯 軐苆躄靌跠蹙腸苰钭镜芵腃腵辊靌苆豯襣苌閪鞣腶芪適英苅芢苩花苆苆郪雥豯 襣軒苌软費苰蹷鍅芵芽腩Berle and Means腭1932腮腪腂芳苧苉1970鑎釣苉苍腃荠莃 莓荨莉腛芪荁莁莊荊諩识苍辊靌軒諩识芩苧豯襣軒諩识苖苌裚赳芪適赳芵苄芢 苩苆蹷鍅芵芽腂諩识苌譋雍芪釥芫芭苈苨腃识隱鏠靥芪醽詰覻芵腃裪闻苅芻苌 談鞝軒芪苜芷苜芷郪雥视苆苈苩苉苂苪苄腃諩识苌豯襣芪芻苌辊靌芩苧閪鞣芷 苩苆芢芤苌苅芠苩腩Chandler腭1977腮腪腂 腀鍲迣趑苌諩识苉苂芢苄苠鎯靬苌花苆芪芢芦苩芾苫芤芩腂裀親轤难苍腃辊靌 軒諩识芩苧豯襣軒諩识苖苌裚赳芪邢詅苌邖邨苅芠苩花苆苍鑆苟苈芪苧苠腃赈 识賣適趑苉芨芢苄苍腃辊靌軒諩识芠苩芢苍视醰腅鎯醰諩识苌醶距芪腃蹙识苌 钭鍗苢趑隯豯跏苌钭鍗苰辕芯苄芢苩迪趇芪醽芭苝苧苪苩苆蹷鍅芵苄芢苩腩裀 親腭1998: 306腮 腪 腂荁荗荁苰野进苉芵芽辔貤讆苅苍腃裀親芪蹷鍅芷苩苦芤苉视 醰芪諩识苌辊靌腅豯襣雊苅軥靶苈雰誄苰鉓苁苄芢苩花苆芪詭鑆芳苪苄芢苩腂 芽苆芦苎腃Claessens, Djankov and Lang腭1999腮苍腃鎌荁荗荁辔趑苌雱3000 軐苰蹸鑺豠釔闊苉閪韞芵苄芢苩芪腃芻苪苉苦苩苆视醰辊靌苍荃莓荨荬荖荁苅 71.5膓腃荽莌腛荖荁苅67.2膓腃趁赠苅66.7膓腃荞荃苅61.6膓腃荖莓荋荼腛莋苅 55.4膓腃諘趑苅48.4膓腃釤顰苅48.2膓腃荴荂莊荳莓苅44.6膓腃鏺陻苅9.7膓苅 芠苩腩1996鑎腪腂苜芽腃荃莓荨苅苍99.9膓苌諩识芪荴荀荾莊腛荲荗荬荘苅芠苨腃 钄迣趂迣裊100軐銆苉荴荀荾莊腛荲荗荬荘苍75軐苉苌苚苩腩Dutta腭1997腮腪腂 辬鉲貫躡芪荁荗荁苌腵荲荗荬荘荏莋腛荶腶苉苂芢苄腵视醰腅鎯醰苜芽苍銆道 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀335 苆苈苩荰腛荧荩腛芪辊靌苆豯襣苌酯闻苜芽苍芻苌裪闻芩苧誮酓苉閪鞣芵苄芢 苩苦芤苈豞苍販芢软芹苈芩苁芽腶腩辬鉲腭1993: 9腮腪苆轱苗苄芢苩苦芤苉腃費 軀苉貌規論豗苍训芢譋鋨靶裶苆苈苁苄芢苩腂腀 腀苆花苫苅隖鱁腭1993: 27腮苍腃荴荀荾莊腛荲荗荬荘苰腵鏁鋨苌视醰腅鎯醰 芪諩识苢躖识里苌辊靌苆豯襣苌酯闻苰蹸鑺芵腃芳苧苉芻苪苧芪邶苝软芷觊軀 苰视醰腅鎯醰邬裵苌鏠閔苉苆苇苟苦芤苆芷苩豯襣豠釔腶苆醨芦苄芢苩腂 Donelley腭1964: 94腮苍腃鏁鋨视醰苌襥访韍芪艑邢釣裈迣苉譹苔諩识苰酺鋨 芵苄芢苩腂陻迍苅苍腃諮陻鍉苉苍隖鱁苌鋨譠苉轝芢腃酮识视芪艑视醰裈迣芠 苩迪趇苢邢釣賰釣苠躋雬苉芢苪苈芪苧荴荀荾莊腛荲荗荬荘苰醨芦苄芢芭花苆 苉芷苩腂 腀Chrisman, Chua and Sharma腭1996腮苍腃荴荀荾莊腛荲荗荬荘苉論芷苩閶 貣苰閝赌芭莌荲莅腛芵苄芢苩腂鎯辑苉苦苩苆豰辳腩succession腪 苆芢芤荥腛 荽芪荴荀荾莊腛荲荗荬荘貤讆苌銆道苅芠苩腂苂苜苨腃諩识郭鞪苰苇苌苦芤苉 豰醱芵腃豰辳軒苰酉苑腃裸釞賣苌雰誄苰鋨苟腃芻芵苄豰辳豶触苰芢芩苉鞧苄腃 軀赳芷苩芩苆芢芤觛釨苅芠苩腩Chrisman, Chua and Sharma腭1996: 14腮腪腂 腀陻迍苆苌論顁苅轤靶苈荥腛荽苆苈苨芤苩苌芪腃郪雥豯襣軒苖苌裚赳觟鋶苅 芠苩腂辊靌腅豯襣鞼雊苉苭芽苁苄鏁鋨视醰腩軥苉酮识軒腪芪蹸鑺芷苩苌芪荴荀 荾莊腛荲荗荬荘苆醨芦芽芪腃諩识芪邬銷芷苩苉苂苪腃郪雥鍉苈鉭躯苢譚鑜苰 苠苁芽豯襣軒苰詏閔芩苧軳芯鏼苪苩花苆芪讁苟苧苪苩荐腛荘芪鑆苟苧苪苩腂 芻 苌 跛 苉 苇 苌 苦 芤 苈 觟 鋶 苅 裚 赳 芷 苩 芩 苆 芢 芤 花 苆 芪 觛 釨 苉 苈 苩腂 苜 芽 Chrisman, Chua and Sharma腭1996: 24腮苍腃荴荀荾莊腛荲荗荬荘芪邬賷芷苩 芽苟苉苍腃a视醰赜邬裵諔苌論豗 腃s视醰赜邬裵苆郪雥豯襣軒苌論豗腃苌 鏱苂苌荥腛荽苰賸觊鍉苉軦苨袵芤镋靶芪芠苩苆芵腃賣軒苉苂芢苄苌貤讆芪鉸 苪苄芢苩苆蹷鍅芵苄芢苩腂 336 艑腄荒腛荼莌腛荧腅荋药荩莓荘顟 腀a腀閪韞覻苌躎苝 腀諩识鎝躡苆苠雳芳苪苩花苆芪芠苩荒腛荼莌腛荧腅荋药荩莓荘苰腃陻迍苅苍 芳芵芠芽苨a諩识苉芨芯苩豯襣迣苌裓蹶貈鋨苌蹤酧苝腃s諩识苌荰荴荈腛荽 莓荘苉隧郚苈鞘詑苰苠苂軥里醊賝諔苌論豗苰銲邮芷苩蹤酧苝腃d誔軥芪豯襣 遷苰莂荪荞莊莓荏芵腃苜芽荒莓荧莍腛莋芷苩闻陀腃苌蹏軒芩苧苈苩詔鑏苆芷 苩腩遛银腅遘鍣腭1997: 9腮腪腂 腀跢陻腅趲譶諔闒腭1998: i腮苍腃荒腛荼莌腛荧腅荋药荩莓荘苰腵讷譠苉苍誔 軥苆豯襣軒苆苌論豗芨苦苑觯軐譀論赜醢苅芠苨腃苜芽赌譠苉苍誔躮觯軐腩苌 豯襣軒腪苆鞘詑軒轗鉣苆苌論豗苰裓隡芵苄芢苩腶苆醨芦苄芢苩芪腃花花苅芢 芤腵讷譠腶苌閪郍野进苍誔軥苆豯襣軒苌論豗苅芠苩腂花苪苍誔軥苌鞘襶苍誔 躮覿鉬苆芵苄諩识芪銷諺鍉苉邶苝软芷豯跏鍉覿鉬苰钽襦芵腃芵芩苠誔軥闛賬 苍諩识苌鎧难邫苰詭闛芷苩苌苉雰鞧苂苆芢芤赬芦芪鑷豩苉芠苩腩辬趲雬腭2001: 10 腀 12腮 腪 腂腵赌譠腶苉芨芢苄苍腃閪郍野进苰轝识裵腃跂負軒腃閔镩鑛鏼识軒腃 邻镩铌钄识軒腃芳苧苉苍邻镩苌起鏼軒苢邭镻腃 諩识芪鞧鉮芷苩鉮裦轚隯苆芢苁 芽諩识苌鞘詑論豗軒腩荘荥荃荎荺莋荟腛腪苜苅詧釥芳芹苩腂誔軥苍辊靌誔躮 苰蹳迪苅钄議芷苩花苆苅芻苌諩识芩苧靥裕苉釞软苅芫苩苌苉野芵腃芻苪裈詏 苌荘荥荃荎荺莋荟腛苍諩识苆銷諺鍉苈論豗芪芠苩苆芢芤赬芦芩苧芫苄芢苩腂 花苌迪趇腃豯襣軒苍鞘詑論豗軒苌鞘詑苰銲邮芷苩雰誄苰鉓芤腂 腀荒腛荼莌腛荧腅荋药荩莓荘苍詥趑苌韰蹪鍉鑷豩苢陀邧鍸苉苦苁苄裙苈苁芽 豠釔苰鋦芷苩腂花花苅諴苂芩苌閪韞覻苌躎苝苰运觮芵苦芤腂辬趲雬赌苍釥誔 軥芪闛靌芷苩誔躮苌轗銆鍸苉苦苁苄腃a荁莁莊荊腃荃荍莊荘苆芢苁芽荁莓荏 莍荔荎荜莓辔趑苅苍蹸鑺鍉釥誔軥苖苌誔躮轗銆鍸芪鋡芢腃s鏺陻苢釥鞤莈腛 莍荢荰辔趑腩荨荃荣腃荴莉莓荘腪苅苍腃蹸鑺鍉釥誔軥苖苌誔躮轗銆鍸芪趂芢腃 d荃荞莊荁苢钭鍗鍲迣苌遖讻赈识趑苅苍腃酮识軒裪醰芪釥誔軥苉苈苩花苆芪 醽芢腃苆閪韞芵苄芢苩腩辬趲雬腭2001: 2腮腪腂腀 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀337 腀莉腅荼莋荞苧苍腃49苌荔莓荶莋趑苰荒莂莓莍腛辔趑腩襰質貗腪腃荴莉莓荘 豮蹳隯陀辔趑腃荨荃荣豮蹳隯陀辔趑腃荘荊莓荗荩荲荁豮蹳隯陀辔趑苉閪韞芵腃 誔軥苢跂負軒苌闛賬苉苇苪苙苇苌裡芢芪芠苩芩苰铤該芵苄芢苩腩La Porta et al.腭1998腮腪 腂花苌貋觊腃陀邧鍸苉苦苩闛賬苍荒莂莓莍腛辔趑芪训芭腃荴莉莓 荘豮蹳隯陀辔趑芪跅苠軣芩苁芽腂鏬荁苍荒莂莓莍腛辔趑苉閪韞芳苪苄芨苨腃 觯豶諮辀苆镳邳陨蹾苉苂芢苄苍酓里閽诏苦苨韇芢邔鉬苰躦芵苄芢苩芪腃蹩陀 邧鍸苌賸鞦邫苢陀邧鍸苉苂芢苄苍酓里閽诏苰覺觱苁苄芢苩腂 腀荘荒荢荧苍腃躑陻軥譠苌钭鍗豯顈苉苍荁莓荏莍腅荁莁莊荊莓豞腃鏺陻豞腃 荨荃荣豞腃莉荥莓豞腃荼荘荧认蹙軥譠豞腃銆趑豞苌顚苂苌荰荞腛莓芪芠苩苆 芵苄芢苩腩荘荒荢荧腭1999: 190 腀 193腮腪腂荁莓荏莍腅荁莁莊荊莓豞苍腃荃荍莊荘腃 荁莁莊荊腃荊荩荟腃草腛荘荧莉莊荁腃荪莅腛荗腛莉莓荨腃芻苪苉醽辭闏豠芵 芽苠苌芪鏬荁苉芨芢苄販芢芾芳苪腃躑陻苍誔躮軦裸苰鋊芶苄軥苉譀論鎊躑视 苉苦苁苄苠芽苧芳苪苩腂鏺陻豞苉芨芢苄苍荏莋腛荶苰赜邬芷苩询赳苆芻苌醼 苌荏莋腛荶諩识芩苧躑陻芪鎮裵芳苪苩腂荨荃荣苢草腛荘荧莊荁苅苝苧苪苩荨 荃荣豞苅苍躑陻苍询赳芩苧苠芽苧芳苪苩腂荴莉莓荘腃荸莋荍腛腃荃荞莊荁腃 莉荥莓荁莁莊荊辔趑苅苝苧苪苩莉荥莓豞苅苍腃视醰苌誔躮辊靌芪鎊躑觯軐苢 鎊躑询赳苌闛靌苉苦苁苄闢训芳苪苩腂鎌銆覢苅苝苧苪苩荼荘荧认蹙軥譠豞苅 苍諩识苌认除腩corporate collusion腪苌荰荞腛莓苉譁銅芷苩苆芢芤腂跅賣苉銆 趑豞苅苍腃躖识苌詧釥苍貌規論豗苆认鋊苌软遧鉮苉苦苁苄貋苑苂芢苄芢苩諩 识苌讦韍苉諮苃芭腂 腀s腀閪郍顧酧苝 腀花芤芵芽閪韞覻苌躎苝苌苈芩苅靌韍苈苠苌苉荁荅荧荔荃荟腛腅莂荦莋苆荃 莓荔荃荟腛腅莂荦莋芪芠苩腂裈覺腃OECD腭2001腮苉覈芢苈芪苧鞼莂荦莋苌 閪郍躋詰苰躦芵苄芢芫芽芢腂荁荅荧荔荃荟腛腅莂荦莋苍腃讐釥苈譀論鎊躑视 苌醶距苆誔躮辊靌苌閪蹕腃觯軐陀苉苦苩誔軥鞘襶苌靄郦腃还貔陀苢譋邧苉苦 苩辭邔鎊躑视苌闛賬腃賶詊邫苌轤躋苆芢苁芽鍟苉鏁銥苃芯苧苪腃荃荍莊荘苢 荁莁莊荊苅苝苧苪苩腩OECD腭2001: 21 腀 23腮腃Iskander and Chamlou腭2000: 21腮腪腂 338 花苌莂荦莋苅苍腃躑诠銲鉂苍軥苉询赳苆醝躑苉苦苁苄赳苭苪苩芪腃躑诠銲鉂 郦苆芵苄苌询赳苌铤轤苍辬芳芭腃閉跂腅躩賈躑陻铤鞦腩debt equity ratio腪苍 鋡芭苈苩豘購苉芠苩腂 腀荁莓荏莍荔荎荜莓辔趑苅苍腃荇腛荗荆莓荖腛腅莂荦莋芪鍗詊芳苪芽腂誔躮 觯軐苌辊靌軒苍誔軥苅芠苨腃芻苌誔軥芪誔軥醍觯苅軦鋷雰苰酉软芵腃芻苌軦 鋷雰苍豯襣軒芪誔軥鞘襶苰鋇讁芵苄芢苩芩苇芤芩苰諄鏂芷苩腂芵芩芵腃豯襣 軒芪躩賈苌鞘襶苰鋇讁芷苩苆芢苁芽莂莉莋腅荮荕腛荨芪钭邶芷苩观鑜邫芪芠 苩花苆芩苧腃軦鋷雰觯裈詏苉苠誔軥芪豯襣軒苰荒莓荧莍腛莋芷苩莁荊荪荙莀 芪镋靶苆苈苩腩辬趲雬腭2001: 7 腀 9腮腃辬鍣郘腭2000: 110 腀 111腮腪腂芻花苅苌銆道荥腛 荽苆苈苩苌芪莂荪荞莊莓荏苅芠苩腂 腀趂鞴轇苍腃莂荪荞莊莓荏苉苂芢苄腃諩识苆鞘詑論豗苰苠苂詏閔苌豯跏軥里 芪芢芩苉諩识苰豯襣諄鏂芷苩芩苆芢芤醤雊苆腃諩识苌鏠閔苌邧鍸腅酧遄芪苇 苌苦芤苉豯襣苰諄鏂芷苩芩苆芢芤醤雊苉閪韞芵苄芢苩腩趂腭2001: 125 腀 126腮腪腂 酏軒苍腃躑诠銲鉂芪苇苌苦芤苉芳苪苩芩苉苦苁苄譋鋨芳苪苩芪腃誔躮苌醝躑 苉苦苩銲鉂苦苨苠閉跂苉苦苩銲鉂苌苙芤芪莂荪荞莊莓荏賸觊苍芠苩苆芢苭苪 苩腩零郬腭2000: 釦10迍腮腪腂賣軒苉苍軐詏軦鋷雰苢詏閔諄趸邧鍸芪諜苜苪苩腂 豯襣軒苉苦苩誔軥苖苌鞘襶諒貳苍鑺鎖苉苦苁苄軀蹻芳苪苩腂花苌鑺鎖邭跴苉 苍豯襣軒芪苠苂辫鞈苌跠隱迳讵苉論芷苩迮闱苰鋱讟荖荏荩莋苆芵苄苌雰誄芪 芠苩苆芢苭苪苄芢苩腩荾莋荏莍莀/莍药腛荣腭1997: 567腮腪腂 腀躟苉腃 荃莓荔荃荟腛腅莂荦莋苅苍腃諩识苆銷諺鍉苉論豗苰苠苂荃莓荔荃 荟腛腅荏莋腛荶芪醶距芵腃花苪苧苌荏莋腛荶芪豯襣苰莂荪荞莊莓荏芷苩雰誄 苰鉓芤花苆苉苈苩腂荃莓荔荃荟腛腅荏莋腛荶苉苍鏁鋨视醰苢询赳腃躝誔觯軐腃 荔荶莉荃莄腛苈苇芪諜苜苪腃躝誔觯軐苢鏁鋨视醰苰銸鍟苆芷苩荳莉荾荢荨豞 苌諩识荏莋腛荶豠釔苰苆苩花苆芪醽芢腂躑诠銲鉂郦苆芵苄苍询赳芪銆道苆苈 苩花苆芪醽芢花苆芩苧閉跂腅躩賈躑陻铤鞦苍趂芭苈苩豘購苉芠苩腂荃荍莊荘 苆荁莁莊荊裈詏苌OECD辔趑苢苙苆英苇苌鍲迣趑苍荃莓荔荃荟腛腅莂荦莋苉 詙鎖芷苩苆芢苭苪苩腩OECD腭2001: 24 腀 26腮腪腂郦適辔趑苌荃莓荔荃荟腛腅莂 荦莋苍芳苧苉荨荃荣豞苆鏺陻豞苉閪芯苧苪苩腩Iskander and Chamlou腭2000: 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀339 21 腀 22腮 腪腂荨荃荣豞苌迪趇腃諄趸雰觯苆軦鋷雰觯苌鏱轤苌諄鏂譀赜苰苠芿腃 諄趸雰觯苉苍顊鎭軒苌釣镜苠蹑见芷苩腂鏺陻豞苅苍腃軦鋷雰觯苌銆苌釣镜軒 芪豯襣苰蹷諶芵腃询赳苢軦裸郦諩识苆誔躮醊賝闛靌苰鋊芶苄貋苑苂芢苄芢苩腂 荃莓荔荃荟腛腅莂荦莋苅苍辊靌芪轗銆芵苄芢苩迪趇芪醽芢芪腃辊靌苌轗銆覻 苍豯襣軒苌莂莉莋腅荮荕腛荨苰貸苧芵腃莂荪荞莊莓荏腅荒荘荧苰貸辭芳芹苩 花 苆 苉 苦 苁 苄 諩 识 苌 覿 鉬 苰 醝 见 芳 芹 苩 苆 芢 芤 赬 芦 芪 芠 苩腩Jensen and Meckling腭1976腮, Taridi腭1999: 340腮腪 腂Kremp and Sevestre腭2001腮苍荴莉莓 荘諩识苰野进苉軀还貤讆苰躎苝腃辊靌苌轗銆覻苆諩识苌识郑苉苍醊論論豗苍 苝苧苪苩芪腃芻苌醊論苍芳苙苇釥芫芭苍苈芢苆貋顟芵芽腂荁荗荁諩识苉芨芢 苄苠辊靌苌轗銆覻苆諩识苌识郑苆苌論豗苍难詭苅苍苈芢腩襩雬腭2000: 78腮腪腂 腀d腀荴荀荾莊腛荲荗荬荘苌荋药荩莓荘 腀视醰辊靌芪裪铊鍉苈趑苌諩识苌荒腛荼莌腛荧腅荋药荩莓荘苉苂芢苄辬趲雬 苍腃 腵鋊迭腃銘芵芭鎧难邫苰貇芭芩腃芠苩芢苍草腛荩腛苌郪覡苰荠荆荢荎芷 苩荖荘荥莀芪镳轜閪苅芠苩花苆芪醽芢腶苆蹷鍅芷苩腩辬趲雬腭2001: 64腮腪腂芵 芩芵腃荓莀荘苍腃酮识軒裪醰苌郪覡苍誔覿苌覺鞎苰辵芫腃酮识軒裪醰苉苆苁 苄苠闛靌誔苌钄議襶芪貸辭芷苩芽苟苉腃誔覿裛躝苌芽苟苌荃莓荚莓荥荂荵芪 鎭芫腃貋觊苆芵苄辬賻苌誔軥芪闛賬芳苪苩苆芵腃荠荆荢荎譀鑜芪醶距芷苩花 苆苰躦芵苄芢苩腩Gomes腭2000腮腪腂 腀荒腛荼莌腛荧腅荋药荩莓荘顟苍芻苠芻苠药腛莊膁荾腛莓荙苌腵辊靌苆豯襣 苌閪鞣腶苰譎貹苆苈芵腃荃荍莊荘苢荁莁莊荊苌躖韡苰銆道苉钭鍗芵苄芫芽花 苆苠芠苨腃荴荀荾莊腛荲荗荬荘苌荋药荩莓荘苉論芷苩貤讆苍醽芢苆苍芢芦苈 芢腂鍲迣趑苉芨芢苄荴荀荾莊腛荲荗荬荘芪醶醱芵腃譋雍芪詧釥芵苄芢苩苌苍 覽苧芩苌趇鞝鍉苈莁荊荪荙莀芪鎭芢苄芢苩苆赬芦苩苙芤芪躩酒苅芠苩腂芾苆 芷苪苎腃荒腛荼莌腛荧腅荋药荩莓荘顟苌遛覻苌芽苟苉苍荴荀荾莊腛荲荗荬荘 苌莁荊荪荙莀苰鞝觰芷苩花苆苍镋靶苈韌裦苅苍苈芢芾苫芤芩腂 340 釦艒郟腀鏬荁荴莊荊艒跠钴苌醽詰覻苆荋药荩莓荘 腩1980鑎趠腠1993鑎腪 腀迣譌苌顟鍟苰鎥苜芦苄腃陻郟苅苍躟苌蹬苂苌躋鍟芩苧鏬荁艒跠钴苰閪郍芷 苩腂釦裪苍腃誔軥苌赜邬苢酮识视蹸鑺鍸苌還裚苰鋊芶芽辊靌赜醢苌閪郍苅芠 苩腂 腀釦鏱苍腃豯襣赜醢苅芠苩腂花苪苉苂芢苄苍腃軦鋷雰觯苌赜邬苢酮识视苌豯 襣蹑见迳讵腃蹱觯軐苖苌雰裵鑨貭苰鋊芶苄閪郍芷苩腂 腀釦蹏苍豯襣軒苉苦苩荘荥荃荎荺莋荟腛諔苌鞘詑銲邮苉苂芢苄苅腃花花苅苍 軥苉鑺鎖邭跴苰銆道苉袵芤腂鑺鎖邭跴苰閪郍芷苩蹷镗苆芵苄苍腃鑺鎖詺苰諺 ¡4 隖苌躩賈躑陻 苅辜芵芽躩賈躑陻鑺鎖鞦腩dividend on equity: DOE腪苰靰芢苩腂 DOE苍腃躩賈躑陻鞘襶鞦腩return on equity: ROE腪 苆鑺鎖邫購腩pay out ratio: POR腪 苉閪觰芷苩花苆芪观鑜苅芠苩腩苂苜苨腃DOE膁ROE腾POR腪腂ROE苍誔 軥苌鞧迪芩苧諩识苌軻襶邫苰閪郍芷苩跛苉赌芭靰芢苧苪苩蹷镗苅腃鎖諺较鞘 ¡5 襶 苰躩賈躑陻苅辜芵苄讁苟苧苪苩腂POR苍鑺鎖詺苰鎖諺较鞘襶苅辜芵苄讁 苟苧苪苩苠苌苅腃誔軥苉野芷苩鞘襶諒貳苌鍸趇芢苰躦芷苆赬芦苧苪苄芢苩腂 鎖諺较鞘襶苌芤芿鑺鎖詺苰趷芵裸芢苄蹣苁芽詺苌醊鎖閔閪苍鏠閔鞯闛苆苈苩 花苆芩苧腃豯襣軒苌豯襣闻遪苰躦芷蹷镗苉苠苈苩腩鞎趇腭1998腮腪腂 腀釦蹬苍腃豯襣莂荪荞莊莓荏腅荖荘荥莀苅芠苩腂花苪苉苂芢苄苍趂腭2001腮 芪蹷鍅芵苄芢苩苦芤苉躑诠銲鉂荖荘荥莀苢鏠閔苌豯襣諄鏂譀赜苰貟鎢芷苩腂 詏閔芩苧苌莂荪荞莊莓荏苍躑诠銲鉂苌闻陀苉苦苁苄趶襅芳苪苩腂芻芤芵芽躑 诠銲鉂莁荊荪荙莀苰苍芩苩蹷镗苆芵苄閉跂腅躩賈躑陻铤鞦苰蹧芤腂閉跂腅躩 賈躑陻铤鞦苍閉跂苰躩賈躑陻苅辜芵苄讁苟苧苪腃諩识苌躑陻赜邬苰苍芩苩雚 裀苆苈苩腂 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀341 腀艐腄莌莓荵莉莓荧腅荏莋腛荶 腀 腀莌莓荵莉莓荧腅荏莋腛荶苌銆詪諩识苅芠苩莌莓荵莉莓荧軐腩REMGRO腪苍腃 1948鑎苉荁荴莊荊腛荩腛苅芠苩荁莓荧莓腅莋荰腛荧腩Anton Rupert腪 苆荦荂 莋荎腅荷莋荣荈腛荎腩Dirk Hertzog腪 苉苦苁苄荞药荒邻醢识軒苆芵苄郝鞧芳 苪芽腂莌莓荵莉莓荧軐苍論顁諩识苰钃軻芵腃1950鑎釣苰鋊芶苄荏莋腛荶苰豠 邬芵苄芢苁芽腂1980鑎釣苉鏼苩苆腃赺识诠靚辤觯苌GFSA軐苌誔躮苰軦鎾芷 苩苆苆苠苉腃莌莓荒腩Lenco腪腅荏莋腛荶苈苇苌釥軨邻醢识諩识苰蹐覺苉酧苝 鏼苪苄醽詰覻苰赳芢腃蹐覺諩识苍腃赺识腃邻醢识腩遈镩腃酀裛腃覻詷腃诠醮腪腃 诠靚腃裣韃閔雥苉譹英芾腂 腀苜芸腃1991鑎躞鍟苌莌莓荵莉莓荧腅荏莋腛荶苍躟苌苦芤苈辊靌赜醢苅芠苁 芽腩遽艐蹑迆腪腂譚轰腅蹙识鎊躑觯軐腩TIB腪 苍譚轰鎊躑觯軐腩TEGKOR腪 誔 躮苌60.4膓苰辊靌芵腃芳苧苉TIB軐苍TEGKOR軐苆认鎯苅莌莓荵莉莓荧鎊躑 遽艐腀莌莓荵莉莓荧腅荏莋腛荶苌辊靌赜醢腩1991鑎躞鍟腪 ルパート＝ヘルツォーク家 47.7％ TIB（Technical and Industrial Investment Limited） 60.4％ 9.6％ TEGKOR（Thecnical Investment Corporation Limited） 40.6％ RBB（Rembrandt Controlling Investment Limited） 51.1％ REMGRO（Rembrandt Group Limited） 腩软辊腪 腀McGregor ed.腭1993腮. 342 談鞝觯軐腩RBB腪苌誔躮苌50.2膓苰辊靌芵苄芢芽腂花苌RBB軐苍腃莌莓荵莉 莓荧腅荏莋腛荶苌銆詪諩识苅芠苩莌莓荵莉莓荧軐誔躮苌51.1膓苰辊靌芷苩躝 誔觯軐苅芠苁芽腂莌莓荵莉莓荧腅荏莋腛荶苍腃芻苪苧蹏苂苌躝誔觯軐苌苙芩 苉莌莓荵莉莓荧軐芪銼郚51膓裈迣苌誔躮苰辊靌芷苩17軐苌蹱觯軐腃30膓裈迣 苰辊靌芷苩11軐苌蹱觯軐腅論顁觯軐腃芳苧苉邔醽芭苌醷觯軐腃酜醷觯軐苅赜 邬芷苩荳莉荾荢荨豞赜醢苰躦芵苄芢芽腂认鎯酮识视苅芠苩莋荰腛荧视苆荷莋 荣荈腛荎视苍腃鎊躑遍釵觯軐苈苇苰鋊芶苄腃莌莓荵莉莓荧腅荏莋腛荶苌讆诉 鍉苈躝誔觯軐苅芠苩TIB軐誔躮苌47.7膓苰辊靌芵苄芢芽腂觟钼邔苉苍词芩苉 鏍芩苈芢苠苌苌腃醼苌誔躮苍赌芭閪蹕辊靌芳苪苄芢苩花苆芩苧腃躖軀迣苍酮 识视芪莌莓荵莉莓荧腅荏莋腛荶苰辊靌雊苅蹸鑺芵苄芢苩苆钻鉦苅芫苦芤腂 腀1952鑎郝鞧苌RBB軐苍1956鑎苉迣迪芵苄芢苩腂1940鑎釣苉郝鞧芵芽TIB軐 苆TEGKOR軐苌迣迪苍苆苠苉1968鑎苅芠苩腂镜艐苍躝誔觯軐苆銆詪諩识苌 釥誔軥苌還裚苰躦芵芽苠苌苅芠苩腂詥軐苆苠荏莋腛荶鏠苅觟钼邔苠芵芭苍芻 苪苉诟芢誔躮苰闛靌芵苄芢苩芪腃1983鑎苌RBB軐苅苍腃TEGKOR軐苆TIB軐 芪辊靌芷苩誔躮苍33.5膓苅芠苨腃觟钼邔苰釥芫芭苭苁苄芢苩腂芵芩芵腃釦鏱 苌釥誔軥苅芠苩Voorbrand Tabakmaatskappy Bpk軐苍莌莓荵莉莓荧腅荏莋腛 荶苆隧郚苈論豗芪芠苩花苆芩苧腩Esterhuyse腭1986腮腪腃花苌花苫苉苍轤酷鍉苈 躝誔觯軐赜醢芪苅芫芠芪苁苄芢芽苠苌苆還醪苅芫苩腂莌莓荵莉莓荧腅荏莋腛 荶裈詏苌釥誔軥苌還裚苰苝苩苆腃鎊躑遍釵腩Nominees腪腃闛貯觯軐腃鑎诠諮 诠苆芢苁芽譀論鎊躑视芪釥醽邔苰部苟腃賅鋨覻芷苩豘購苉芠苩花苆芪閪芩苩腂 芽苆芦苎腃1983腠84鑎苉苍SA Mutual軐腃Sanlam軐腃Southern Life軐腃Standard Bank Nominee苍腃躝誔觯軐腅銆詪諩识苌艒軐苈芢芵艓軐苉认鋊芷苩釥誔軥 苆苈苁苄芢芽腂 腀豯襣蹸鑺赜醢苉苂芢苄貟鎢芷苩芽苟腃莌莓荵莉莓荧腅荏莋腛荶苌躝誔觯 軐腅銆詪諩识苉芨芯苩雰裵赜邬苰苝苩花苆苉芷苩腂1971鑎苌莌莓荵莉莓荧軐 ¡6 苌軦鋷雰觯苍艘隼苅赜邬芳苪腃荁莓荧莓腅莋荰腛荧芪觯銷貓軐銷 苰腃铞苌 豚鋭苅芠苩荗莇莓腅莋荰腛荧腩John P. Rupert腪苆荦荂莋荎腅荷莋荣荈腛荎芪 軦鋷雰苰隱苟苄芢芽腂讻隡遛芢花苆苉腃RBB軐苅苍荦荂莋荎腅荷莋荣荈腛荎 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀343 镜艐腀莌莓荵莉莓荧腅荏莋腛荶詥軐苌辊靌赜醢苌還裚 腩膓腪 莌莓荵莉莓荧軐腩REMGRO腪 RBB Standard Bank Nominees First National Nominees Eighty One Main St. Nominees SA Mutual CMB Nominees Liberty Life ABSA Nominees Southern Life YSKOR Pension Fund Sanlam Sankern E/B Mine Official Pension Fund Prudential Ass. of SA Total RBB TEGKOR CMB Nominees TIB Standard Bank Nominees SA Mutual First National Nominees Eighty One Main St. Nominees Ned Bank Nominees Mutual Federal Insurance YSKOR Pension Fund Liberty Life Escom Pension & Prov Fund Southern Life Sanlam Sankern E/B Voorbrand Tabakmaatskappy Bpk Stellenbosch Beleggings Bpk Sanlam Beleggingskoporasie Total 1997 1996 1992 1991 1984 1983 51.1 15.4 5 4.7 4 3.3 3.2 1.7 51.1 14 4.5 4.3 4.6 3.6 3.7 1.1 51.1 6 1.7 2 6.8 4.3 3.5 51.1 5 1.7 1.7 6.9 50.6 2.2 1.6 51.1 2.3 1.5 6.5 5.7 3.5 1 2.3 1.1 2.3 1.1 1.1 2.6 1.4 1.4 2.3 2.2 1.4 1.2 1.3 88.3 86.7 78.8 76.9 65.2 65.6 1997 1996 1992 1991 1984 1983 40.6 11.1 9.6 6.6 6.5 4.5 3.4 1.4 1.1 1.1 1.1 40.6 10.2 9.6 6 6.4 3.4 3.5 40.6 10.8 9.6 2.9 7.1 40.6 22.9 23.8 9.6 2.4 7.3 9.3 1.9 6.7 9.7 6.4 1.9 7.7 8 86.8 1.1 1.1 1.1 1.1 83.9 1.9 1.1 1.1 1.1 1.9 1.1 1.9 2.7 7.5 77 74.2 10.1 6.4 1 10.5 6.6 67.9 65 344 TEGKOR TIB SA Mutual CMB Nominees Standard Bank Nominees First National Nominees Eighty One Main St. Nominees Liberty Life Southern Life Sanlam Sankern E/B Volkskas Nominees Indo China Nominees Total TIB Rembrandt Trust SA Mutual CMB Nominees ABSA Nominees Rupert A Trust YSKOR Pension Fund First National Nominees Standard Bank Nominees Eighty One Main St. Nominees Capital Securities Liberty Life Southern Life Sanlam Volkskas Nominees Sankern E/B Iscor Pension Fund AECI Pension Fund Total 1997 1996 1992 1991 1984 1983 60.4 9.4 8.5 5.5 2.3 1.9 1.5 60.4 9.5 8.8 5.2 2.9 2.1 60.4 7.9 9.1 3.7 1.3 1.4 60.4 7.9 60.3 7.4 60.3 6.8 3.7 1.3 3.8 1.4 3.9 2.7 2.7 3.2 5.2 2.5 5.4 2.5 5.4 1.1 1.1 1.2 89.4 88.9 86.5 84.4 81.9 81.2 1997 1996 1992 1991 1984 1983 44.5 15.5 7.4 4 3.2 2.8 2.8 2.5 2.2 1.6 1.3 44.5 15.7 7.9 3.9 3.2 2.8 3.3 1.6 2.2 1.4 1.1 44.5 14.7 7.9 2.8 3.2 2 44.5 14.7 44.1 9.5 44.5 9.1 3.2 2 3.1 3.2 1 3 3.1 3.7 5.6 3.6 3.7 5.6 3.6 1.9 1.1 1.9 1.1 76.6 75.8 1 2 3.7 87.8 腩銍腪 腀雔詼芯閔閪苍荏莋腛荶鏠苌辊靌苰躦芵苄芢苩腂 腩软辊腪 腀McGregor ed.腭1985腮 腭1993腮 腭1998腮. 87.7 81.7 1.3 3.6 2.6 2.9 5.3 80 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀345 觯銷腃荁莓荧莓腅莋荰腛荧軐銷苌里邧苅芠苩芪腃TEGKOR軐苆TIB軐苅苍譴 苉荁莓荧莓腅莋荰腛荧芪觯銷腃荦荂莋荎腅荷莋荣荈腛荎芪軐銷苰隱苟苄芢芽腂 轤酷鍉苈躝誔觯軐赜醢苰詭鞧芵苂苂芠苁芽1984鑎苉苍TEGKOR軐苆TIB軐苌 軦鋷雰觯苌艔隼銆艓隼苜苅芪鏱苂苌酮识视软遧軒芪部苟芽腂 腀镜艑苍1991鑎苉芨芯苩酮识视软遧軒苆軥靶郪雥豯襣軒苉苦苩荏莋腛荶詥軐 苖苌雰裵鑨貭迳讵苰苜苆苟芽苠苌苅芠苩腂荁莓荧莓腅莋荰腛荧苌鋭苅芠苩 荗莃荒荵荘腅莋荰腛荧腩Jacobus A. Rupert腪 苍莌莓荵莉莓荧軐苌觯銷苆RBB 軐苌軐銷苰隱苟腃荦荂莋荎腅荷莋荣荈腛荎苌醧蹱苅芠苩荇荨荅荂莓腅荷莋 荣 荈 腛 荎腩Edwin Hertzog腪 苠 躝 誔 觯 軐 苌 軦 鋷 雰 苰 隱 苟 苄 芢 芽腂TIB軐 苆 TEGKOR軐苌軦鋷雰觯艕隼銆艔隼苜苅芪酮识视软遧軒苅部苟芽腂认鎯酮识 视苌软躑鑺閪苍难苧芩苅苍苈芢芪腃遬躖苰苝苩芩芬苨苉芨芢苄苍莋荰腛荧视 芪靄裊苉芽苁苄芢芽腂蹱觯軐苢軥靶蹐覺諩识苌豯襣遷芪莌莓荵莉莓荧軐苠芵 芭苍RBB軐苌軦鋷雰苰貓苋苄芢苩芪腃酮识视软遧軒芪花苪苧諩识苌雰裵苉苈 苩花苆苍賀苧苪苄芢芽腂 腀躟苉莌莓荵莉莓荧腅荏莋腛荶苌鑺鎖邭跴苉苂芢苄貟鎢芷苩腂1967腠74鑎苌 TEGKOR軐苆TIB軐苌DOE苍艔腠10膓苆铱迭苉趂邅辀苅芠苁芽芪腃莌莓荵莉 莓荧軐苆 RBB軐苌芻苪苍艑腠艒膓苅芠苁芽腩遽艑蹑迆腪腂鎯諺諔苌艓軐苌 ROE閽诏鉬苰铤該芷苩苆莌莓荵莉莓荧軐苍13.6膓腃RBB軐苍13.7膓苅芠苁芽 芪腃TEGKOR軐苍8.7膓腃TIB軐苍9.7膓苆鋡芩苁芽腩遽艒蹑迆腪腂譴苉鎯諺諔 苌POR苌閽诏鉬苍腃莌莓荵莉莓荧軐芪20.6膓腃RBB軐芪20.2膓苅芠苁芽芪腃 TEGKOR軐苆TIB軐苍芻苪芼苪83.2膓腃75.7膓苆芫苭苟苄趂芩苁芽腩遽艓蹑 迆腪 腂花苪苧苌蹷镗苅苝苩芩芬苨苍腃莌莓荵莉莓荧軐苆 RBB軐苉铤苗苄腃 TEGKOR軐苆TIB軐苌誔軥苌苙芤芪靄诶芳苪苄芢芽腩苂苜苨腃酮识视苖苌鑺鎖 芪趂芩苁芽腪 腂芵芩芵腃鑺鎖邭跴苌闻遪鍝誷芪芠苁芽苌芾苫芤芩腃芻苪裈赾 苌艓軐苌POR苍苙苚鎯芶邅辀苅還裚芵苄芢苩腂 腀莌莓荵莉莓荧軐苌閉跂腅躩賈躑陻铤鞦苌還裚苰躦芵芽苌芪遽艔苅芠苩腂 1986腠87鑎苉芨芯苩TEGKOR軐腃TIB軐苌閉跂腅躩賈躑陻铤鞦芪4.5裈迣苆趂 芢邅辀苅芠苩芪腃芻苪裈赾苍1.5裈覺苌邅辀苅芠苩腂1986腠97鑎苉芨芯苩莌莓 軦鋷雰 軦鋷雰 NJ Morris DM Flack 軦鋷雰 軦鋷雰 觯銷 軦鋷雰 CEO 軦鋷雰 觯銷 軦鋷雰 軦鋷雰 閛觯銷 觯銷 Fralex 軦鋷雰 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 Metkor Trans腀Hex 軦鋷雰 Holding Lenco 軥靶蹐覺諩识 軦鋷雰 軦鋷雰 Alexander 觯銷 Alexander Fraser 芾腩裪閔醷觯軐苰諜苞腪 腂 腩软辊腪 腀McGregor ed.腭1992腮苦苨镍軒跬邬腂 腩銍腪腀a腀TIB苆TEGKOR裈詏苌諩识苍軦鋷雰觯酓裵苌隼酏苰譌芵芽苭芯苅苍苈芢腂 s腀蹱觯軐苍莌莓荵莉莓荧苌软躑铤鞦芪51膓苰銴芦苩苠苌腃軥靶蹐覺諩识苍莌莓荵莉莓荧腅荏莋腛荶苌软躑铤鞦芪40膓裈迣苌迣迪諩识苰酉英 軦鋷雰 T Van Wyk 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 FP Kotzee 觯銷 閛觯銷 HLH 蹱觯軐 REBGRO Huntor PH Flack 軦鋷雰 LF Rive 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軐銷 觯銷 RBB PG Steyn MJ Roux 軦鋷雰 軦鋷雰 Edwin Hertog 軥靶郪雥豯襣軒 軦鋷雰 軦鋷雰 Dirk Hertzog 軦鋷雰 軦鋷雰 John P. Rupert 軦鋷雰 觯銷 軦鋷雰 觯銷 TEGKOR Jacobus A. Rupert 軦鋷雰 Anton Rupert 酮识视 TIB 躝誔觯軐腅銆詪諩识 镜艑腀莌莓荵莉莓荧腅荏莋腛荶苌雰裵鑨貭腩1991鑎腪 346 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀347 遽艑腀莌莓荵莉莓荧腅荏莋腛荶DOE苌還裚腩1967腠97鑎腪 （％） 12 REMGRO RBB TEGKOR TIB 10 8 6 4 2 0 1967 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97年 腩软辊腪腀Flesch Financial Publication, The Stock Exchange Handbook, 詥鑎鍸铅腃McGregor ed. 腭1989腮 腭1991腮 腭1993腮 腭1997腮 腭1998腮苦苨镍軒豶蹚腂 遽艒腀莌莓荵莉莓荧腅荏莋腛荶ROE苌還裚腩1967腠97鑎腪 （％） 25 20 15 10 REMGRO RBB TEGKOR TIB 5 0 1967 69 71 73 腩软辊腪 腀遽艑苉鎯芶腂 75 77 79 81 83 85 87 89 91 93 95 97年 348 遽艓腀莌莓荵莉莓荧腅荏莋腛荶POR苌還裚腩1967腠97鑎腪 （％） 120 100 REMGRO RBB TEGKOR TIB 80 60 40 20 0 1967 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97年 腩软辊腪 腀遽艑苉鎯芶腂 遽艔腀莌莓荵莉莓荧腅荏莋腛荶苌閉跂腅躩賈躑陻铤鞦苌還裚 6.0 REMGRO RBB TEGKOR TIB 5.0 4.0 3.0 2.0 1.0 0.0 1986 87 88 89 90 91 92 93 94 95 96 97年 腩软辊腪 腀McGregor ed.腭1989腮 腭1991腮 腭1993腮 腭1997腮 腭1998腮 腭1999腮. 荵莉莓荧軐苌閉跂腅躩賈躑陻铤鞦苍閽诏苅0.2苆鋡邅辀苅芠苩腂莌莓荵莉莓 荧軐苌迪趇1969鑎苌醝躑裈鞈腃誔躮苌遖譋钭赳苍苈芢腂芳苧苉腃1970腠93鑎 苌鎯軐苌 POR苍閽诏17.9膓苆鋡邅辀苅芠苁芽腂芵芽芪苁苄腃莌莓荵莉莓荧軐 芪醽詰鍉苉躖识苰鍗詊芷苩躑诠苌貹郲苍軥苉鏠閔鞯闛苅芠苁芽苆赬芦苧苪苩腂 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀349 艑腄荁莓荏莍药腛莋腅荏莋腛荶 腀荁莓荏莍药腛莋腅荏莋腛荶苌銆詪諩识苅芠苨腃軀躿鍉苉苍躝誔觯軐苌雰誄 苰觊芽芵苄芢苩荁莓荏莍药腛莋軐苍腃莆荟莄豮裚隯苅芠苩荻荵腅荮腛荜莔 腩Bob Hersov腪苆荘莊荢荶腅莁荬莋腩Slip Menell腪苉苦苁苄1933鑎苉郝鞧芳苪芽腂 鎯軐苍赺识诠靚觯軐苆芵苄荘荞腛荧芵芽芪腃1944鑎苉苍醁芭苠赺閨见赈苰赳 芤花苆苰雚鍉苆芵芽蹱觯軐苌荁莓荏莍药腛莋赈识觯軐腩Anglovaal Industries: AVI腪苰郝鞧芵腃遈镩腃闯醕腃诠醮见赈腃覻詷苈苇苌閪雬苉適软芵芽腂1980 鑎釣苉苍诠靚閔雥苉苠適软芵腃醽詰覻豯襣苰赳苁芽腂腀 腀1991鑎躞鍟苌荁莓荏莍药腛莋¥荏莋腛荶苍躟苌苦芤苈辊靌赜醢苅芠苁芽腩遽 艕蹑迆腪 腂荁莓荏莍药腛莋躝誔觯軐腩Anglovaal Holdings: AVH腪苍荁莓荏莍药腛 莋軐誔躮苌50.2膓苰辊靌芵腃芳苧苉荁莓荏莍药腛莋軐苍荁莓荏莍药腛莋赈识 觯軐苌誔躮60.4膓苰鎊躑遍釵觯軐豯青苅辊靌芵苄芢芽腂荁莓荏莍药腛莋腅荏 莋腛荶苉苍腃51膓裈迣苌软躑铤鞦苰苠苂蹱觯軐芾芯苅苠荁莓荏莍药腛莋軐蹐 覺苅艔軐腩荁莓荏莍药腛莋赈识觯軐苍辜芭腪腃荁莓荏莍药腛莋赈识觯軐蹐覺苅 12軐苰邔芦腃芻苪苧裈詏苉醽邔苌醷觯軐腅酜醷觯軐苢論顁諩识芪芠苁芽腂认 遽艕腀荁莓荏莍药腛莋苌辊靌赜醢腩1991鑎躞鍟腪 ハーソヴ＝メネル家 51.6％ Anglovaal Holdings Limited 50.2％ Anglovaal Limited 60.4％ Anglovaal Industries Limited 腩软辊腪 腀McGregor ed.腭1992腮. 350 鎯酮识视苅芠苩荮腛荜莔视苆莁荬莋视苍腃鎊躑遍釵觯軐苰鋊芶苄荁莓荏莍 药腛莋躝誔觯軐苌誔躮苌51.6膓苰辊靌芵苄芨苨腃辊靌雊苅苌蹸鑺苍詭鞧芵苄 芢芽腂1983腠96鑎苌釥誔軥苌還裚苰苝苩苆腃莌莓荏莉莓荧腅荏莋腛荶苆鎯靬 苉譀論鎊躑视芪酮识视腅荏莋腛荶諩识裈詏苌釥誔軥苆苈苁苄芢苩芪腃荁莓荏 腂 莍药腛莋腅荏莋腛荶苌闻芪辭邔苌釥誔軥苉誔躮芪轗銆芵苄芢芽腩镜艒蹑迆腪 腀荁莓荏莍药腛莋腅荏莋腛荶苅苍酮识视苅芠苩荮腛荜莔视苆莁荬莋视芪豯襣 負苰袬苁苄芫芽腂1951鑎躞鍟苉芨芯苩荁莓荏莍药腛莋軐軦鋷雰觯苍艔隼苅赜 邬芳苪腃荘莊荢荶腅莁荬莋芪觯銷貓軐銷腃荻荵腅荮腛荜莔苌醧蹱苅芠苩药荖 莋腅荮腛荜莔腩Basil Hersov腪芪軦鋷雰苰隱苟苄芢芽腂銍雚芷苗芫苍荘莊荢荶腅 莁荬莋苆苆苠苉軐銷苰隱苟苄芢芽荸莓荘荥荃莓腩B. L. Benstein腪苌醶距苅芠苩腂 郪雥豯襣軒苆雚芳苪苩荸莓荘荥荃莓苍腃1996鑎躞鍟苜苅裪諑芵苄荁莓荏莍 药腛莋腅荏莋腛荶詥軐苌軦鋷雰苉隼苰顁苋苄芢苩腂1969鑎苉郝鞧芵芽荁莓荏 莍药腛莋躝誔觯軐苌辉釣軦鋷雰觯苍艔隼苅赜邬芳苪苄芢芽芪腃荘莊荢荶腅莁 荬莋芪觯銷腃药荖莋腅荮腛荜莔芪閛觯銷腃 荘莊荢荶腅莁荬莋苌醧蹱荎莉荃荵腅 莁荬莋腩Clive Menell腪苆药荖莋腅荮腛荜莔苌醧蹱莍药腛荧腅荮腛荜莔腩Robert Hersov腪 腃荸莓荘荥荃莓芪軦鋷雰苆苈苁芽腂1970鑎苉荘莊荢荶腅莁荬莋芪躀 讎芷苩苆腃釦艑邢釣芪荏莋腛荶苰蹷諶芷苩花苆苉苈苩腂1974鑎躞鍟苅苍腃药 荖莋腅荮腛荜莔芪荁莓荏莍药腛莋赈识觯軐苆荁莓荏莍药腛莋軐苌觯銷腃荁莓 荏莍药腛莋躝誔觯軐苌閛觯銷苰隱苟腃 醼闻腃荎莉荃荵腅莁荬莋芪荁莓荏莍药腛 莋軐苌閛觯銷苆荁莓荏莍药腛莋躝誔觯軐苌觯銷苰隱苟苩花苆苅鞼视苅負韍苌 药莉莓荘苰闛苁苄芢芽腂 腀镜艓苍1991鑎苉芨芯苩酮识视软遧軒苆軥靶郪雥豯襣軒苉苦苩荏莋腛荶詥軐 苖苌雰裵鑨貭迳讵苰苜苆苟芽苠苌苅芠苩腂荁莓荏莍药腛莋躝誔觯軐苌軦鋷雰 觯苍艖隼苅赜邬芳苪苄芢芽芪腃酮识视芩苧苍觟钼邔苌艓隼鑹软芵苄芢苩腂莌 莓荵莉莓荧¥荏莋腛荶苌荐腛荘苆认鋊芷苩苌苍腃蹱觯軐苌觯銷芪躝誔觯軐苢 銆詪諩识苌軦鋷雰觯苰貓隱芷苩花苆苅芠苩芪腃荁莓荏莍药腛莋¥荏莋腛荶苌 闻苍腃酮识视软遧軒芪蹱觯軐腅論顁觯軐苌雰裵苆苈苩迪趇芪醽苁芽腂 腀躟苉腃荁莓荏莍药腛莋腅荏莋腛荶苌艒軐苉苂芢苄腃1970鑎裈赾苌鑺鎖蹷镗 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀351 镜艒腀荁莓荏莍药腛莋腅荏莋腛荶詥軐苌辊靌赜醢苌還裚 腩膓腪 荁莓荏莍药腛莋赈识觯軐 腩Anglovaal Industries腪 Fox Street Nominees Standard Bank Nominees SA Mutual CMB Nominees Anglovaal First National Nominees Eighty One Main St. Nominees Mutual & Federal Insurance Ashtree INV Southern Life Liberty Life Sanlam Total 荁莓荏莍药腛莋軐腩Anglovaal腪 Anglovaal Holdings SA Mutual CMB Nominees Standard Bank Nominees Eighty One Main St. Nominees Fox Street Nominees Liberty Life Escom Pension & Provident Fund Leon Trustee ABSA Nominees Syfrets Nominees Sixty Six Marshall Street Nominees Anglovaal Pension Fund Sanlam Prudential Assurance Pension Fund Mine Official Pension Fund Anglovaal Group Pension Fund Metal Industries Group Life & Provident 1997 1996 1992 1991 1984 1983 53.4 10 8.1 6.3 6.1 3.3 2.3 1.3 1.2 52.7 8.7 8.6 5.4 6.3 3.2 2.3 1.4 1.2 52.7 5.2 10.1 3.6 6.3 2.3 2.3 1.2 57.5 4.9 11.2 66 2.2 5.9 66.7 2.5 5.6 3.6 3.6 1.5 1.5 1 1 2.5 1 2.9 2.6 1.4 1.3 1.6 2.4 92 89.7 87 85.7 80.2 80.9 1997 1996 1992 1991 1984 1983 49.4 10.5 6.6 6.4 4.7 3.7 2.6 2.6 1.1 49.4 10.4 4.9 7.2 3.1 3.7 2.7 2.6 1.1 1.2 49.4 10.8 1.7 5.9 49.8 10.9 49.8 10.9 49.8 7.9 4.7 1.3 1.6 4.8 2.9 2.6 1.1 3.7 3.3 2.7 1.1 3.7 3.7 3.2 1.4 3.2 3.7 1.5 1.8 1 1.1 1 1.1 1 3.5 1.4 2.6 1 3.4 1.4 2.6 80.9 76.3 Fund Total 88.5 86.2 80.6 80.1 352 荁莓荏莍药腛莋躝誔觯軐 腩Anglovaal Holdings腪 1997 1996 1992 1991 1984 1983 Fox Street Nominees SA Mutual Ashtree INV Standard Bank Nominees Foxclaude Capital Securities Leon Trustee First National Nominees Hersov B E Eighty One Main St. Nominees Protea Assure Pension Fund Consolidated Nominees Maxeric Nominees Anglovaal Pension Fund Volkskas Nominees One Nine Seven Four Investment Trust Anglovaal Group Pension Fund 45.7 21.9 6.4 6.3 2.3 1.7 1.3 1.1 5.3 1.6 50.7 22.3 6.4 7.1 2.3 1.7 1.3 1.2 51 3.1 51 3.1 50 1.1 50 3.8 2.3 2.6 1.7 5 5 1.3 1.4 1.7 1.7 26.9 2.1 21.8 2.1 1.9 5.1 24.4 1.1 1.9 24.4 1.7 1.3 1.7 1.3 Total 93.6 87.2 86 1.2 94 90.5 90.6 1.9 腩銍腪 腀雔詼芯閔閪苍荏莋腛荶鏠苌辊靌苰躦芵苄芢苩腂 腩软辊腪 腀镜艐苉鎯芶腂 苌還裚苰飫芷苩腂荁莓荏莍药腛莋赈识觯軐苌ROE苌艔荊鑎閽诏鉬苰讁苟 苩 苆腃1970腠74鑎 芪12.0 膓腃1975腠79鑎 芪15.6 膓腃1980腠84鑎 芪20.3 膓腃 1985腠89鑎芪17.8膓腃1990腠94鑎芪17.1膓苅芠苁芽腂鎯諺諔苌POR苌艔荊鑎 閽诏鉬苰辇苉苝苩苆32.7膓腃22.9膓腃18.4膓腃19.7膓腃18.4膓苅芠苁芽腂1970 腠94鑎苌荁莓荏莍药腛莋赈识觯軐苌DOE苍2.7腠4.1膓苌铍裍苉芨芳苜苨苙苚 裪鋨芵苄芢苩花苆芩苧腃DOE苌邅辀苰裛躝芷苩芽苟苉ROE苌闏鎮苰POR苅 銲邮芷苩苆芢芤闻遪苰苆苁苄芢芽苌苅苍苈芢芩苆還醪苅芫苩腂荁莓荏莍药腛 莋軐苌POR苌還裚苰苝苩苆腩艔荊鑎閽诏鉬腪苍腃1970腠74鑎芪38.8膓腃1975 腠79鑎 芪25.3 膓腃1980腠84鑎 芪23.4 膓腃1985腠89鑎 芪18.6 膓腃1990腠94鑎 芪 20.3膓苆荁莓荏莍药腛莋赈识觯軐苦苨苠詔芵苄趂苟苉郝鋨芳苪苄芢芽腂荁莓 荏莍药腛莋躝誔觯軐苌POR苍1970鑎裈鞈90膓裈迣苌邅辀腩芽芾芵1992鑎苰辜 芭腪苅芠苁芽花苆芩苧腃荁莓荏莍药腛莋腅荏莋腛荶苅苍腃迣裊躝誔觯軐苌誔 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 觯銷 芾腩裪閔醷觯軐苰諜苞腪 腂 腩软辊腪 腀McGregor ed.腭1992腮苦苨镍軒跬邬腂 腩銍腪腀a腀TIB苆TEGKOR裈詏苌諩识苍軦鋷雰觯酓裵苌隼酏苰譌芵芽苭芯苅苍苈芢腂 s腀蹱觯軐苍莌莓荵莉莓荧苌软躑铤鞦芪51膓苰銴芦苩苠苌腃軥靶蹐覺諩识苍莌莓荵莉莓荧腅荏莋腛荶苌软躑铤鞦芪40膓裈迣苌迣迪諩识苰酉英 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軐銷 觯銷 軦鋷雰 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 觯銷 觯銷 軦鋷雰 軦鋷雰 觯銷 軦鋷雰 軐銷 軦鋷雰 軐銷 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 閛觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 Eastern Anglovaal Middle Village Associated Transvaal Irvin & Grinaker Pleasure AVF Insurance Witswaters Main Manganese Consol Grintek Consolidate Johanson Holding Foods Group Holding rand Reef Mines SA Mines 郪雥豯襣軒 BL Bernstein EGO Gordon JL Kleynhans JC Robbertze DJ Crowe RAD Wilsor J Bryant PJ Neethling AN Saulez JJ Geldenhuys JJ William RB Savage RT Swemmer AVI 論顁諩识 觯銷 閛觯銷 軦鋷雰 軦鋷雰 觯銷 軦鋷雰 軦鋷雰 觯銷 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 AV 蹱觯軐 酮识视 Clive Menel Basil Hersov Rick Menell Robert Hersov AVH 躝誔觯軐腅銆詪諩识 镜艓腀荁莓荏莍药腛莋腅荏莋腛荶苌雰裵鑨貭腩1991鑎腪 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀353 354 遽艖腀荁莓荏莍药腛莋腅荏莋腛荶苌閉跂腅躩賈躑陻铤鞦苌還裚 7.0 6.0 AVI 5.0 Anglovaal AVH 4.0 3.0 2.0 1.0 0.0 1986 87 88 89 90 91 92 93 94 95 96 97年 腩软辊腪 腀遽艔苉鎯芶腂 軥腩苂苜苨酮识视腪苰靄诶芷苩酛鉵芪苆苧苪苄芢芽腂 腀荁莓荏莍药腛莋軐苌閉跂腅躩賈躑陻铤鞦苍腃1986鑎腃1987鑎苆艔苰銴芦苩 ¡7 邅辀苉苈苁苄芢苩芪腃1990鑎裈赾苍艐酏賣苜苅鋡覺芵苄芢苩腩遽艖蹑迆腪 腂 荁莓荏莍药腛莋赈识觯軐苌閉跂腅躩賈躑陻铤鞦苠鎯靬苌豯顈苰芽苇苁苄芢苩腂 1986鑎苆1987鑎苌銷諺閉跂詺苍鞼軐苆苠醝芦苄芢苩苌苅軐跂苌钭赳苉苦苩躑 诠銲鉂芪赳苭苪芽苌苅苍苈芢芩苆還醪苅芫苩腂酏轱芵芽苆芨苨腃鞼軐苌POR 苍20膓酏賣苆鋡芭靽芦苧苪苄芨苨腃鏠閔鞯闛苠貹郲苆苈苁苄芢芽腂 艒腄莊药荥荂腛¥荏莋腛荶腀 腀莊药荥荂腛¥荏莋腛荶苌銆詪諩识苅芠苩莊药荥荂腛腅莉荃荴腩Liberty Life Association of Africa腪軐苍腃莆荟莄豮莊荧荁荪荁裚隯苌蹱醧苅芠苩荨荩莋荨腅 荓腛荨莓腩Donald Gordon腪苉苦苁苄1958鑎苉郝鞧芳苪芽腂1964鑎芩苧1978鑎 苜苅苌鎯軐苌豯襣負苍腃荃荍莊荘苌莍莓荨莓腅荋腛荦荂荁莓腅莍荃莄莋腅荇 荎荘荠荆莓荗腩Guardian Royal Exchange of London腪軐芪袬苁苄芢芽芪腃誔躮 苰钃芢雟芷花苆苉邬賷芵芽腂莊药荥荂腛腅莉荃荴軐苍腃1970鑎釣苉躟腘苆闛 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀355 遽艗腀莊药荥荂腛腅荏莋腛荶苌辊靌赜醢腩1991鑎躞鍟腪 ゴードン家 61.2％ Liberty Investors 50.0％ Liblife Controlling Corporation 50.0％ Standard Bank Investment Corporation 52.3％ Liberty Holdings 36.7％ 56.1％ Liberty Life Association of Africa 腩软辊腪 腀McGregor ed.腭1992腮. 貯觯軐苰钃軻芵腃芳苧苉苍荘荞莓荟腛荨鎊躑询赳腩Standard Bank Investment Corporation: Stanbic腪苆苌論豗苰训覻芷苩苈苇腃诠靚荏莋腛荶苰豠邬芵苄芢苁 芽腂1980鑎釣苉莊药荥荂腛腅莉荃荴軐苍醽詰覻郭鞪苰苆苨腃荁莓荏莍腅荁莁 莊荊莓腅荏莋腛荶苆认鎯苅邻醢识腅荔腛荲荘閔雥苅鏬荁靌邔苌諩识苅芠苁芽 SAB軐苆荶莌荾莄腩Premier腪軐苌豯襣負苰詬鎾芵芽腩Romain腭1989腮腪腂 腀1991鑎躞鍟苌莊药荥荂腛¥荏莋腛荶苌辊靌赜醢苰躦芵芽苌芪遽艗苅芠苩腂 酮识视苅芠苩荓腛荨莓视苍腃鎊躑遍釵觯軐苰鋊芶苄腃莊药荥荂腛¥莉荃荴軐 苌讆诉鍉躝誔觯軐苌裪苂苅芠苩莊药荥荂腛鎊躑觯軐腩Liberty Investors腪 苌 61.2膓苰辊靌芵苄芢芽腂莊药荥荂腛鎊躑觯軐苆荘荞莓荟腛荨鎊躑询赳苍腃莊 荵莉荃荴談鞝觯軐腩Liblife Controlling Corporation腪苌誔躮苰50.0膓芸苂辊靌芵 苄芢芽腂莊荵莉荃荴談鞝觯軐苍莊药荥荂腛躝誔觯軐腩Liberty Holdings腪誔躮 苌52.3膓苰辊靌芵腃莊药荥荂腛躝誔觯軐苍銆詪諩识苅芠苩莊药荥荂腛腅莉荃 荴軐誔苌56.1膓苰辊靌芵苄芢芽腂芳苧苉莊药荥荂腛腅荏莋腛荶苍腃 荘荞莓荟腛 荨鎊躑询赳誔苌36.7膓苰辊靌芵苄芢芽腂苂苜苨腃莊药荥荂腛腅荏莋腛荶苍轤 酷鍉苈躝誔觯軐邧鍸苆腃荘荞莓荟腛荨鎊躑询赳苆苌誔躮躝芿趇芢邧鍸苰闀醶 356 镜艔腀莊药荥荂腛腅荏莋腛荶詥軐苌辊靌赜醢苌還裚 腩膓腪 莊药荥荂腛腅莉荃荴軐腩Liberty Life腪 Liberty Holdings Standard Bank Nominees First National Nominees Eighty One Main St. Nominees CMB Nominees MINU Nominees ABSA Nominees Ned Bank Nominees SA Mutual London Register Account Escom Pension & Provident Fund Southern Life Indo China Nominees Sanlam Mine Official Pension Fund Total 莊药荥荂腛躝誔觯軐 腩Liberty Holdings腪 Liblife Controlling Standard Bank Nominees GRE INV (Guernsey) Eighty One Main St. Nominees First National Nominees CMB Nominees SA Mutual Ned Bank Nominees Rohirrim INV Guardian Assurence Guardian Nominees Drusinsky A Sanlam Mine Official Pension Fund Legal & General Volkskas Assurance Drusinsky H Total 1997 1996 1992 1991 1984 1983 51.6 16.5 4.6 4.2 3.8 1.8 1.2 1.2 52.1 13 3.4 4.4 4.3 1.9 52.5 9.5 52.8 9 65.7 2.9 1.2 81.4 1.4 1.8 2.8 2 2 1.3 1.5 1.8 2.8 1.8 1.4 3.7 1.9 1.1 1.6 2 1.6 1.2 2.6 2.1 84.9 81.9 76.3 73.3 76.6 84.4 1997 1996 1992 1991 1984 1983 54.9 9.7 5.1 3.9 3.7 2.7 1.4 1.1 55.2 9 5 3.6 3.5 3.1 1.5 52 6.3 2.9 2.3 1.7 1.9 52.1 6.1 51 3 51.6 2.5 1.6 1.7 1.8 1.8 10.4 1.4 1 10.5 1.4 1 2 2 1.1 2 2 1.1 73.7 74 1.1 7.4 1.5 1 82.4 80.9 78.2 1.1 10.3 1.5 1 1.9 77.3 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀357 莊药荥荂腛鎊躑觯軐 腩Liberty Investors腪 1997 1996 1992 1991 Capital Nominees ‘A to K’ Account Liberty Life CMB Nominees Victory enterprise First National Nominees Republic Nominees Standard Bank Nominees Eighty One Main St. Nominees 48.6 21.1 6.7 2.8 2.4 2.2 2 1.1 48.6 19.6 7.4 2.8 2.5 2.2 57.2 9.6 58.2 7.8 2.9 2.4 7.3 2.9 2.7 7.3 1.6 86.7 84.7 79.4 78.9 Total 腩銍腪 腀雔詼芯閔閪苍荏莋腛荶鏠苌辊靌苰躦芵苄芢苩腂 腩软辊腪 腀镜艐苉鎯芶腂 芳芹苄芢芽苌苅芠苩腂 腀莊药荥荂腛腅莉荃荴軐苆荘荞莓荟腛荨鎊躑询赳苌論豗苍腃莊药荥荂腛¥莉 荃荴軐芪腃荃荍莊荘苌闛貯觯軐芩苧豯襣負苰軦苨雟芵芽1978鑎苉陻詩鍉苉蹮 苜苨腃1983鑎苉苍鞼軐芪腃 腵荨荩莋荨腅荓腛荨莓芪釞遅苠芵芭苍躀讎芷苩苜 苅苍腃荓腛荨莓视苆荘荞莓荟腛荨鎊躑询赳芪莊药荥荂腛¥荏莋腛荶苰认鎯談 鞝芷苩腶苆芢芤趇裓辑苰賰苭芵芽苆芳苪苩腩Liberty Life腭1999: 17腮腪腂芳苧苉腃 1987鑎苉荃荍莊荘苰讒鍟苆芷苩荘荞莓荟腛荨腅荠莃腛荞腛荨询赳腩Standard Chartered Bank腪芪蹱觯軐苅芠苩荘荞莓荟腛荨鎊躑询赳苌钭赳誔躮苌38膓苰 闺软芷苩跛腃莊药荥荂腛腅莉荃荴軐芪軥靶苈軳芯蹍苉苈苁芽腩Romain腭1989: chap. 14腮 腪 腂莊药荥荂腛¥荏莋腛荶艒軐苌釥誔軥苌還裚苰裪鞗苉芵芽苌芪镜艔 苅芠苩腂譀論鎊躑视芪醽芢苆芢芤鍟苅苍醼苌艑荏莋腛荶苆认鋊芷苩腂 腀1991鑎躞鍟苌莊药荥荂腛¥莉荃荴軐腃莊药荥荂腛躝誔觯軐腃莊药荥荂腛鎊 躑觯軐苌艒軐苆苠荨荩莋荨腅荓腛荨莓芪觯銷苆苈苁苄芢芽芪腃莊药荥荂腛¥ 莉荃荴軐苌軐銷遅苍郪雥豯襣軒苆雚芳苪苩艑隼芪鉓苁苄芢芽腩镜艕蹑迆腪腂 莊药荥荂腛¥荏莋腛荶苆荘荞莓荟腛荨鎊躑询赳苆苌諔苅1978鑎裈赾苍雰裵苌 醊賝鑨貭芪苝苧苪芽腂荘荞莓荟腛荨鎊躑询赳觯銷苌荦荴荂莊荇莋腩H. P. de Villiers腪芪莊药荥荂腛腅荏莋腛荶銆詪諩识腅躝誔觯軐艒軐苌閛觯銷苉腃軐銷 苌荘荧莉荅荘腩C. B. Strauss腪芪 莊药荥荂腛¥莉荃荴軐腃莊药荥荂腛躝誔觯軐 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 閛觯銷 軐銷 軐銷 軦鋷雰 觯銷 Liverty Life 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 閛觯銷 觯銷 軦鋷雰 閛觯銷 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 Liberty Holdings 軦鋷雰 軐銷 軦鋷雰 觯銷 閛觯銷 Stanbic 誔躮躝芿趇芢 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 軦鋷雰 閛觯銷 觯銷 觯銷 閛觯銷 軦鋷雰 軦鋷雰 閛觯銷 First Premier Internationa l Group Trust 腩软辊腪 腀McGregor ed.腭1992腮苦苨镍軒跬邬腂 腩銍腪腀a腀Liverty腀Investors裈詏苌諩识苍軦鋷雰觯酓裵苌隼酏苰譌芵芽苭芯苅苍苈芢腂 s腀論顁諩识苍莊药荥荂腛腅荏莋腛荶苌软躑铤鞦芪30膓裈迣苌迣迪諩识苰酉英芾腂 郪雥豯襣軒 HP De Villiers PD Wharton腀Hood M Winterton M Rapp FB Sher JP Rupert B Wunsh CB Strauss KLG Geeling JM Khan JR Mcalpine A Romain PGA Wrighton PF Retief K Nilsson 酮识视 Donald Gordon RM Gordon P Gordon GJ Gordon HI Appelbaum Liberty Investors 躝誔觯軐腅銆詪諩识 軦鋷雰 軦鋷雰 軦鋷雰 觯銷 軦鋷雰 軦鋷雰 軦鋷雰 Bevcon 論顁諩识 Placor Holdings 镜艕腀莊药荥荂腛腅荏莋腛荶苌雰裵鑨貭腩1991鑎腪 軦鋷雰 觯銷 軦鋷雰 軦鋷雰 SAB 軐銷 軦鋷雰 軦鋷雰 軦鋷雰 觯銷 Guardian National Insurance 358 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀359 苌軦鋷雰苆苈苨腃钽野苉荨荩莋荨腅荓腛荨莓苍荘荞莓荟腛荨鎊躑询赳苌閛觯 銷苰隱苟苄芢芽腂鎯鑎苌軦鋷雰觯苅部苟苩酮识视软遧軒苌邔苍腃莊药荥荂腛 ¥莉荃荴軐苅17隼銆艐隼腃莊药荥荂腛躝誔觯軐苅14隼銆艑隼苆辭苈芢芪腃莊 药荥荂腛鎊躑觯軐苅苍10隼銆艔隼苆醝芦苩腂論顁諩识苌觯銷苢軐銷芪銆詪諩 识苢躝誔觯軐苌軦鋷雰苰貓隱芷苩荐腛荘苍花苪苜苅苌艑荏莋腛荶苆认鋊芷苩 豘購苅芠苩腂 腀莊药荥荂腛腅荏莋腛荶艒軐苌鑺鎖艒蹷镗苌艔荊鑎閽诏苰裪鞗苉芵芽苌芪镜 艖苅芠苩腂艒軐苆苠DOE苆POR苍趂芢邅辀苉芠苩腂1975腠79鑎苉苍77.7膓芾苁 芽莊药荥荂腛¥莉荃荴軐苌POR芪腃1990腠94鑎苉苍17.9膓苉釥閝苉貸辭芳芹 苄芢苩苉苠芩芩苭苧芸腃莊药荥荂腛躝誔觯軐苆莊药荥荂腛鎊躑觯軐苌1990腠 94鑎苉芨芯苩POR苍100膓苰銴芦苄芢苩腂酮识视芪迣裊躝誔觯軐苖苌蹸鑺苰 训苟苄芢苁芽躞諺苉POR苌邅辀芪裸芫迣芰苧苪腃迣裊躝誔觯軐苌誔軥腩苂苜 苨腃酮识视腪苰靄诶芵苄芢苩花苆芪詭鑆苅芫苩腂 腀莊药荥荂腛¥莉荃荴軐苆莊药荥荂腛躝誔觯軐苌1986腠88鑎苌閉跂腅躩賈躑 陻铤鞦苍鞼軐苆苠铱迭苉趂邅辀苅芠苁芽芪腃芻苌賣苍鋡覺芵芽腩遽艘蹑迆腪腂 苜芽腃鞼軐苌鞬鎮铤鞦腩鞬鎮躑蹙苰鞬鎮閉跂苅辜芵芽苠苌苅腃躑诠豊苨苌裀鋨邫 苰苝苩蹷镗苅芠苨1.5裈迣芪雚裀苆苈苩腪苍鎯諺諔閽诏苅1.80腃1.75苆被芭苈芢 花苆芩苧躑诠豊苨苅苍裀鋨芵苄芢苩腂裪闻腃鞼軐苌1975腠85鑎苌POR苍趂邅 镜艖腀莊药荥荂腛腅荏莋腛荶詥軐苌DOE腃ROE腃POR苌還裚 腩膓腪 莊药荥荂腛腅莉荃荴軐 莊药荥荂腛躝誔觯軐 莊药荥荂腛鎊躑觯軐 DOE POR DOE DOE ROE ROE POR ROE POR 1975腠79鑎 13.2 16.2 77.7 13.4 17.7 74.9 腜 腜 腜 1980腠84鑎 8.3 11.4 73.5 7 12.4 56.5 腜 腜 腜 1985腠89鑎 5.1 17.3 58.3 4.5 8.1 55.2 4.5 5.7 83.5 1990腠94鑎 8.2 64.8 17.9 8.6 9 102.2 5.8 4.6 121.9 腩銍腪 腀艔荊鑎苌閽诏鉬腂 腩软辊腪 腀Flesch Financial Publication, The Stock Exchange Handbook, 詥鑎鍸铅腃 McGregor ed.腭1991腮 腭1993腮 腭1997腮 腭1998腮苦苨镍軒豶蹚腂 360 遽艘腀莊药荥荂腛腅荏莋腛荶苌跂隱腅躩賈躑陻铤鞦苌還裚 14.0 12.0 Liberty Life 10.0 Liberty Holdings Liberty Investors 8.0 6.0 4.0 2.0 0.0 1986 87 88 89 90 91 92 93 94 95 96 97年 腩软辊腪 腀遽艔苉鎯芶腂 辀苅芠苩花苆芩苧腃鏠閔鞯闛芪醽詰覻苌躑诠貹苆苈苁芽苆芷苩观鑜邫苍鋡芢腂 芵芽芪苁苄腃1980鑎釣賣钼苌醽詰覻苍軐跂钭赳鎙苌銷諺閉跂苌醝见苉苦苁苄 苜芩苈苁芽苌苅苍苈芢芩苆還醪苅芫苩腂 釦艓郟腀鏬荁荴莊荊艒跠钴苌觼詶苆荋药荩莓荘赜醢苌闏覻 腩1994腠2001鑎腪 艐腄鏬荁荴莊荊苌隯軥覻苆荌莓荏腅莌荼腛荧 腀1992鑎12貎腃荃荍莊荘苅腷荒腛荼莌腛荧腅荋药荩莓荘苌跠隱鍉醤雊苉論芷 ¡8 苩裏裵觯闱趐辑腸腩鋊迌腃荌莃荨荸莊腛裏裵觯闱趐辑腪 芪賶镜芳苪芽腂鎯裏 裵觯苍腃鎯趑苌莍莓荨莓还貔軦裸辊苈苇苉苦苁苄酏鑎苌艔貎苉郝鉵芳苪芽苠 苌苅芠苩腂鎖辉苌雚鍉苍腃荃荍莊荘苌誔躮賶詊諩识苌讣醈韍苰趂苟苩花苆苉 芠苁芽芪腃芻苌賣苌諩识镳迋躖苌钭邶苉苦苨觯軐譀赜苌芠苨闻苖苌論道芪趂 苜苩苈芩苅腃荃荍莊荘苉苆苇苜苧芸諩识苌芠苨闻苉論芷苩裪苂苌譋铍苆芵苄 苌雰誄苰鉓芤花苆苉苈苁芽腂鎯莌荼腛荧苌鏁銥苍腃貒酓苈諩识豯襣苌諮陻苆 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀361 苈苩苗芫腵跅酐苌軀隱苌譋鋨腶苰鋨苟腃芻苌辅軧苰誔躮賶詊諩识苉讁苟苩花 苆苅腃鎧难鍸苌趂芢荒腛荼莌腛荧腅荋药荩莓荘苰還適芵苦芤苆芢芤鍟苉芠苩 苆芢苭苪苄芢苩腂 腀花苌荃荍莊荘苉芨芯苩荒腛荼莌腛荧腅荋药荩莓荘顟譣苉芢芿醁芭钽覞芵芽 苌芪腃鎖躞趑跛軐觯苖苌閜譁苰雚蹷芵苄芢芽鏬荁苌鏬閔荁荴莊荊軦鋷雰讦觯 腩The Institute of Directors in Southern Africa: IOR腪 苅芠苁芽腂鎯讦觯苍1992鑎 苉腵荌莓荏裏裵觯腶苆迌芳苪苩荒腛荼莌腛荧腅荋药荩莓荘苉論芷苩貟鎢裏裵 觯苰郝鉵芵芽腂荌莓荏裏裵觯苍腃貳跅趂跙苌钻躖苅腃鏬荁釥軨遄閨諩识苌觯 銷苢遄閨顁隿鞝躖銷苰隱苟苄芢芽荌莓荏腩Mervyn King腪 芪裏裵銷苰隱苟腃 14隼苌裏裵苅赜邬芳苪芽腂莁莓药腛苌諧苔苪苰苝苩苆腃鎖躞腃莈荮荬荘荵莋 荏还貔軦裸辊苌鞝躖銷苅芠苁芽荁莓荟腛荚莓腩Roy Andersen腪腃觯軐陀苢郅邧 離釨苅銘隼苈荊荢荙腩Michael Katz腪苰苍芶苟腃趕遬軀识视苌莂荧莉腛荩腩Nthato Motlana腪苢鏬荁跅釥苌顊鎭酧趇苅芠苩鏬荁荴莊荊顊鎭酧趇顁趇觯腩Congress of South African Trade Unions: COSATU腪苌荰荥莋腩Ebrahim Patel腪芪裏裵苰隱 苟芽腂鎯裏裵觯苍腃軦鋷雰腃諄趸腃荘荥荃荎荺莋荟腛苆苌顁豧腩stakeholders links腪腃韏鞝腃辅軧腩compliance腪苌賜苂苌跬识閔觯苌苠苆貟鎢跬识苰芷芷苟腃 隯軥覻酉讓芪赳苭苪芽鑎苌1994鑎11貎苉腷荒腛荼莌腛荧腅荋药荩莓荘苉論芷 苩荌莓荏腅莌荼腛荧腸腩鋊迌腃荌莓荏腅莌荼腛荧蝔腪芪賶镜芳苪芽腂 腀鎯莌荼腛荧苌雚鍉苆芵苄腃荌莓荏苍腵鏬荁苉芨芯苩跅趂邅辀苌荒腛荼莌腛 荧腅荋药荩莓荘苰醣適芷苩芽苟腶腩IOR腭1994: Foreword腮腪苆芵苄芨苨腃譋辀 苰躦芷花苆苅鏬荁諩识苌荋药荩莓荘苌邅辀苰裸芫迣芰腃鏬荁諩识苌遍鞊邫苰 趂苟芽芢苆苌諺釒芪芠苁芽腂芵芽芪苁苄腃鎯莌荼腛荧苅苍荌莃荨荸莊腛裏裵 觯闱趐辑苌趀雚苰雔鞅芵芽芤芦苅腃鏬荁鏆躩苌韏鞝軀蹻譋鋶腩code of ethical practice腪苰见芦苄芢苩腂 腀銍雚苅芫苩鍟苆芵苄苍腃釦裪苉觟讎苌軦鋷雰苰酉软芷苩荶莍荚荘芪詷钴苢 規賌軥譠苉芨芿芢苨腃鉪邫苆钒遬苉闎苁苄芢芽苆芵苄腵賫苨苅芠苁芽腶腩IOR 腭1994: 14腮 腪苆鑆苟腃 腵荁荴荀荽荥荂荵腅荁荎荖莇莓苌芽苟苌荋荃荨莉荃莓腶 苰躦芵苄芢苩花苆苅芠苩腂釦鏱苉跠钴苉苂芢苄苍腃腵鏬荁苅苍腃觯銷苆跅趂 362 豯襣郓鑃軒苌雰誄芪轤閡芵苄芢苩迪趇苅苠邬賷芵腃遍鞊苰鎾苄芢苩諩识芪邔 醽芭芠苩腂酮识视芪豯襣苉蹑见芷苩苆苆苠苉腃醊鎖苈誔躮闛靌芵苄芢苩迪趇 芪醽芢腂裗釖邧賀苌貋觊苆芵苄腃花苪苧諩识苌醽芭芪鏬荁苉芨芢苄苍醽詰鍉 苈鎊躑苰赳芤荒莓荏莍荽莊荢荧苆苈苁苄芢苩腶腩IOR腭1994: 13腮腪苆轱苗腃靥 鑆芷苩蹰邨苰躦芵苄芢苩腂芻芵苄腃腵荒腛荼莌腛荧腅荋药荩莓荘苌轤靶邫苍腃 陻躿鍉苉苍腃誔躮苌辊靌軒苆諩识苌軦鋷雰芪閪鞣芵苄芢苩迪趇苌苝鍋趇芷苩腶 腩IOR腭1994: 5腮 腪 苆芵腃 荴荀荾莊腛荲荗荬荘苌荋药荩莓荘苌芠苨闻苉苂芢苄 顟譹芷苩花苆苰铰芯苄芢苩腂 腀荌莓荏腅莌荼腛荧蝔苌賶镜賣腃隯軥趑视苆芵苄荘荞腛荧芵芽鏬荁苍顊鎭論 豗 陀腩Labour Relations Act: 1995鑎腪腃 賙 靰 述 貏 諮 陻 陀腩Basic Conditions of Employment Act: 1998鑎腪 腃賙靰诏鎙陀腩Employment Equity Act: 1998鑎腪苰苍芶 苟諩识苰苆苨苜芭陀邧鍸芪銘芵芭闏覻芵芽腂芳苧苉腃1990鑎釣賣钼苉苍腃陻 迍苌野进苆芵芽艒跠钴苰諜苞鏬荁艕釥荲荗荬荘荏莋腛荶芷苗苄苉荁莓药莓荟 莊莓荏苆賄苎苪苩釥譋雍苈跠钴觼詶芪譎花苁芽腂花苌苦芤苈遖芽苈迳讵苉鍋 覞芷苩荒腛荼莌腛荧腅荋药荩莓荘苌芠苨闻芪雍践芳苪苩苦芤苉苈苨腃跄闒邬 芳苪芽荌莓荏裏裵觯苉苦苁苄腃2002鑎艒貎苉酓354荹腛荗苉譹苔荌莓荏腅莌 荼腛荧蝕腩IOR腭2002腮腪芪賶镜芳苪芽腂 腀花苪苧苌顟鍟苰苜苆苟芽苌芪镜艗苅芠苩腂荌莓荏腅莌荼腛荧蝕芪釅芿软芵 ¡9 芽闻遪苉苍腃軦鋷雰觯觯銷苆CEO苌閪鞣腃軐鏠軦鋷雰腩executive director腪 苆軐詏軦鋷雰腩non 腀 executive director腪苌铤鞦腃荘荧荢荎腅草荶荖莇莓苌邥铱腃 蹷隼裏裵觯苌郝鉵苈苇芪諜苜苪苄芨苨腃荌莓荏腅莌荼腛荧蝔苦苨苠鎥苝趞英 芾鏠靥苆苈苁苄芢苩腂鎯镜苅軦苨迣芰芽趀雚苉苂芢苄苍腃荌莃荨荸莊腛裏裵 觯闱趐辑苌鏠靥苉诟苃芢苄芢苩腂 艑腄莌莓荵莉莓荧腅荏莋腛荶 腀1997鑎芲苫芩苧軀蹻芳苪芽跠钴觼詶苌迅鍟苆苈苁芽苌芪諩识苌钄議苉苦苩 识軭苌轗銆苆苆苠苉腃苜芳苉酮识视苌蹸鑺苆 躝誔觯軐苌芠苨闻苉苂芢苄苅 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀363 镜艗腀荌莃荨荸莊腛裏裵觯闱趐辑腃荌莓荏腅莌荼腛荧蝔芨苦苑蝕苌顟鍟苌邮鞝 荌莃荨荸莊腛裏裵觯 闱趐辑 荌莓荏腅莌荼腛荧蝔 荌莓荏腅莌荼腛荧蝕 軦鋷雰觯觯銷苆艢艤艮 貴醥鍉苉閪鞣芷苗芫 貴醥苍蹞邬芾芪腃鏬 觯銷苍鏆鞧腅軐詏軦 苌貓隱 軐詏軦鋷雰苉苂芢苄 荁苌費迳苅苍趢鏯 3隼裈迣 鋷雰芪陝苜芵芢 軐詏腅軐鏠軦鋷雰苰 軦鋷雰觯苌觟钼邔苰 鎯邔腩2隼裈迣腪 部苟苩苌芪陝苜芵芢 芷苗苄苌迣迪諩识苉 芷苗苄苌迣迪諩识苉 軐詏軦鋷雰芪觟钼邔 諄趸裏裵觯苌郝鉵 郝鉵芵腃軐詏軦鋷雰 郝鉵芵腃軐詏軦鋷雰 苰部苟苩 苌苝苅赜邬 芪裏裵銷苉 軐詏軦鋷雰芪芷苗苄 觟钼邔苍軐詏軦鋷雰 釥閔閪苠芵芭苍觟钼 闱轖裏裵觯苌郝鉵 軦鋷雰苖苌荘荧荢荎腅 苜芽苍軥芽苩赜邬裵 苅赜邬 邔芪軐詏軦鋷雰苅赜 苆苈苩 邬 軐詏軦鋷雰苍诖蹾 軦鋷雰苖苌闱轖苌裪 軐詏軦鋷雰苍诖蹾 閔苆芵苄蹧苭苪苩花 草荶荖莇莓 苆苰靥鑆 軐詏軦鋷雰芪觟钼邔 蹷隼裏裵觯苰郝鉵芷 軐詏軦鋷雰苌苝苅赜 軦鋷雰觯苌鑃隽 苰部苟苩蹷隼裏裵觯 苩花苆苉钽野 邬芳苪苩蹷隼裏裵觯 苰郝鉵 苰郝鉵 誔軥酓裵苉野芷苩軦 誔軥裈詏苌鞘詑論豗 鞘詑論豗軒苖苌迮闱 荘荥荃荎荺莋荟腛苆苌 鋷雰觯苌荁荊荅莓荞 軒苉野芵苄苠迮闱鍠 鍠鉂苰训覻 論豗 荲莊荦荂腛苰训覻芷 鉂 苩 芷苗苄苌迣迪諩识 辅軧苌野进 迣迪諩识芨苦苑釥譋 芷苗苄苌迣迪諩识腃 雍苈醊賝觯軐腃辀趑 诠靚譀論腃賶襣諩识 襣諩识腃賶襣諩识 腩软辊腪 腀IOR腭1994腮 腭2002腮腃钪鍣腅讴陻雳腭2000腮苦苨镍軒跬邬腂 芠苁芽腂1990鑎釣賣钼苉苍腃荔莓莉莀軐芪钄議芵芽Malbak軐誔苰起鏼芵苄 邻醢识閔雥苰训覻芷苩裪闻苅腃GFSA軐苌赺识誔苰钄議芵芽腂 腀莌莓荵莉莓荧芪2000鑎艘貎苉钭镜芵芽酧遄觼詶苅苍腃轤酷鍉躝誔觯軐闻躮 苰鑰蹾芵腃诠靚腅赺识腅邻醢识閔雥苌辊靌誔躮苰轗雱芵芽莌莀荏莍腩Remgro腪 軐苆腃迮闱鋊遍腅荔腛荲荘蹙识苌辊靌誔躮苰轗雱芳芹芽荸莓荴荂莓腩VenFin腪 364 軐苌艑荏莋腛荶苉跄闒邬芵芽腩Rembrandt Group et al.腭2000腮腪腂花苪苜苅苌莌 莓荵莉莓荧腅荏莋腛荶苌芤芿腃莌莀荓莍芪莌莓荵莉莓荧軐苌蹱觯軐苅芠苁芽 鏬荁莌莓荵莉莓荧軐腩Remsa腪苌軳芯蹍苉腃荸莓荴荂莓軐芪莌莓荵莉莓荧軐 苌軳芯蹍苉苈苨腃RBB軐腃TEGKOR軐腃TIB軐苍觰里芳苪腃芻苪苧苌誔躮苍 遖觯軐苌誔躮苆賰誷芳苪芽腂酮识视苍跅迣裊苌躝誔觯軐苅芠苁芽TIB軐苌觟 钼邔诟芢誔躮苰闛靌芵苄芢芽苆芢苁苄苠腃荏莋腛荶酓里苌誔躮芩苧芷苪苎辭 苈芢腂芻花苅莌莀荏莍軐苆荸莓荴荂莓軐苍腃A腩閁鋊腪誔苆腃艐誔苅A誔苦苨 譣貈負腩voting right腪芪10鑻芠苩B腩閁鋊腪誔苌艑軭韞苰钭赳芵腃B誔苰腃酮 识视芪談鞝芷苩铱賶詊觯軐苅芠苩莌莓荵莉莓荧遍釵腩Rembrandt Trust腪 苅 100膓軳芯躝苂花苆苉苈苁芽腂花苌貋觊腃遽10苌苦芤苉B誔苰袬苩莌莓荵莉 莓荧遍釵苍莌莀荏莍軐苆荸莓荴荂莓軐苉芨芯苩譣貈負苌芻苪芼苪42.2膓苰詬 鎾芷苩苉芢芽苁芽腂莌莀荏莍軐苌2001鑎苉芨芯苩A誔苌辊靌迳讵苰苝苩苆腃 苙苆英苇芪譀論鎊躑视苅芠苁苄腃鎊躑遍釵183軐芪闛靌芷苩誔躮苰芠苭芹苩 苆91.9膓苰部苟苩芪腃賂遬誔軥苍6.5膓苰部苟苩苉芷芬苈芢腂镍鎪誔軥苍腃荘 荞莓荟腛荨鎊躑遍釵腩Standard Nominees腪苅A誔苌31.1膓苰部苟芽腂荸莓荴荂 莓軐苌A誔苌辊靌迳讵苅苠豶185軐苉譹苔鎊躑遍釵芪91.7膓苰部苟腃跅釥誔軥 苍鎯芶芭荘荞莓荟腛荨鎊躑遍釵苅A誔苌29.3膓苰部苟芽腂花苌苦芤苉酮识视 苌譣貈負苍觟钼邔苰苭苁苄芢苩芪腃A誔苌閪蹕迳讵芩苧苝苄苠腃酮识视芪裋 酒苆芵苄辊靌雊苅蹸鑺鍉苈鞧迪苉芠苩花苆芪詭鑆苅芫苩腂 腀莌莓荵莉莓荧軐苌1999鑎躞鍟苅苌軦鋷雰觯苍軐鏠軦鋷雰艘隼腃軐詏軦鋷雰 艔隼苌豶14隼苅赜邬芳苪腃认鎯酮识軒苌釦艑邢釣苉芠芽苩莈荮莓腅莋荰腛荧 遽10腀莌莓荵莉莓荧腅荏莋腛荶苌辊靌赜醢腩2000鑎跄闒賣腪 ルパート＝ヘルツォーク家 42.2％（議決権） Remgro Limited 42.2％（議決権） VenFin Limited 腩软辊腪 腀Rembrandt Group et al.腭2000腮. 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀365 腩Johann Rupert腪芪觯銷苆CEO腩跅趂豯襣郓鑃軒腪苰貓苋腃荇荨荅荂莓腅荷莋 荣荈腛荎芪閛觯銷苰隱苟苄芢芽腂軦鋷雰觯苌銆苉軐鏠軦鋷雰艑隼苆軐詏軦鋷 雰艒隼芩苧苈苩諄趸裏裵觯腩audit committee腪苰郝鉵芵苄芢芽苠苌苌腃軐詏 軦鋷雰苌艒隼苆苠莌莓荵莉莓荧軐苌軐鏠軦鋷雰豯貱軒腩芤芿艐隼苍荗莃荒荵 荘腅莋荰腛荧苅芠苁芽腪 苅赜邬芳苪苄芢芽腂芵芩芵腃酧遄觼詶賣苍釥芫芭闏 苭苩花苆苉苈苩腂莌莀荏莍軐苌2001鑎苉芨芯苩軦鋷雰觯苍軐鏠軦鋷雰艔隼腃 軐詏軦鋷雰10隼芩苧苈苩15隼苅赜邬芳苪腃莈荮莓腅莋荰腛荧苍豯襣負苰苠芽 苈芢觯銷苆苈苨腃CEO苍閛觯銷貓鑃苅荴荂荢荚莋腩M. H. Visser腪芪隱苟苄芢 苩腂苜芽腃軦鋷雰觯苌銆苉諄趸裏裵觯苉见芦苄腃軦鋷雰苌闱轖苰鋨苟苩闱轖 裏裵觯腩remuneration committee腪苰郝鉵芵芽腂諄趸裏裵觯苌赜邬苍跠隱鉓鎖 軐鏠軦鋷雰艐隼苆軐詏軦鋷雰艓隼苆芵腃闱轖裏裵觯苠軐詏軦鋷雰艓隼苅赜邬 芳苪苄芨苨腃豯襣芩苧苌鏆鞧邫苍趂苟苧苪芽芩苉苝芦苩腂芵芩芵腃諄趸裏裵 觯苌芤芿軐鏠軦鋷雰苌艐隼苆軐詏軦鋷雰苌艑隼苍銷鑎苉苭芽苩莌莓荵莉莓 荧腅荏莋腛荶苌軦鋷雰豯貱軒苅芠苩腂芳苧苉腃闱轖裏裵觯苌艓隼苌芤芿莈荮 莓腅莋荰腛荧苰諜苟艒隼芪莌莓荵莉莓荧軐苌軐鏠軦鋷雰豯貱軒苅芠苁芽腂芿 苈苝苉CEO苰諜苞軐鏠軦鋷雰苌艔隼酓裵苍莌莓荵莉莓荧腅荏莋腛荶苉10鑎 裈迣隱苟苄芢芽腂 腀醼闻腃荸莓荴荂莓軐苌軦鋷雰觯苍軐鏠軦鋷雰艑隼苆軐詏軦鋷雰艒隼苌豶艔 隼苅赜邬芳苪腃花花苅苠莈荮莓腅莋荰腛荧苍豯襣負苰苠芽苈芢觯銷苆苈苨腃 CEO苍閛觯銷貓鑃苅荽莌腛荸腩Josua Malherbe腪 苅芠苩腂 諄趸裏裵觯苍跠隱 鉓鎖軐鏠軦鋷雰苆軐詏軦鋷雰苌艒隼苅赜邬芳苪苩芪腃闱轖裏裵觯苍莈荮莓腅 莋荰腛荧苌苝苆苈苁苄芢苩腂 腀芵芽芪苁苄腃莌莓荵莉莓荧腅荏莋腛荶苅苍腃觯銷苆CEO苰閪鞣芷苩花苆 苉苦苨腃裓蹶貈鋨觟鋶苉芨芯苩酮识视苌雰誄苍賀鋨芳苪芽芪腃酮识视苍裋酒 苆芵苄辊靌腅豯襣苌鞼雊苅训芢襥访韍苰闛躝芵苄芢苩苠苌苆赬芦苧苪苩腂苅 苍腃花苌苦芤苈酧遄觼詶苰赳苁芽裓遽苍苇花苉芠苁芽苌芾苫芤芩腂莌莓荵莉 莓荧腅荏莋腛荶詥軐苌軦鋷雰苰韰鑃芵腃酧遄觼詶賣苠莌莀荏莍軐苌軐鏠軦鋷 雰苰隱苟苩荴荀莓莔荀荃荎腩T. van Wyk腪苍腃誔覿苉野芷苩蹳迪苌袳韍苰靶 366 裶苆芵苄芠芰苂苂苠腃跅釥苌鎮譀苆芵苄郅邧觼詶苉苦苩荌莃荳荞莋腅荑荃莓 ™0 郅苌鎱鏼苰蹷鍅芵苄芢苩 腂觼詶酏苉苍躝誔觯軐芪莌莓荵莉莓荧軐苰諜苟苄 蹬苂苠芠苨腃芻苪芼苪苉觛郅芳苪苩花苆苰陨芮苆芢芤郟郅野跴苆芢芤苭芯苅 芠苩腂 艒腄荁莓荏莍药腛莋腅荏莋腛荶 腀荁莓荏莍药腛莋腅荏莋腛荶苌辊靌赜醢苌闏覻苍鏱苂苌觟鋶苰豯苄芷芷苟苧 苪芽腂1998鑎12貎苉荁莓荏莍药腛莋躝誔觯軐芪觰里芵腃荁莓荏莍药腛莋赺识 觯軐腩Anglovaal Mining: Avmin腪苆荁莓荏莍药腛莋赈识觯軐苌艑軐苉閪韴芵芽 腩遽11蹑迆腪腂荁莓荏莍药腛莋軐苍荁莓荏莍药腛莋赺识觯軐芪裸芫豰芮花苆苉 苈苁芽腂认鎯酮识视苅芠苁芽莁荬莋视苆荮腛荜莔视芪闛靌誔躮苰賰誷芵腃荁 莓荏莍药腛莋赺识觯軐苌誔躮苍莁荬莋视苉腃荁莓荏莍药腛莋赈识觯軐軐苌誔 躮苰荮腛荜莔视苉轗銆芳芹芽腂芵芩芵腃莌莓荵莉莓荧腅荏莋腛荶苌迪趇苆鎯 靬苉酮识视苌誔躮芾芯苅苍觟钼邔苉隞芽苈芢芽苟腃2001鑎艔貎苉閁鋊誔苉鍝 誷芷苩苆芢芤諺賀镴芫苌趂譣貈負誔腩high 腀 voting share腪 苰钭赳芷苩花苆苅 醼苌誔軥苰郠鎾芵腃芻苪芼苪50.4膓苌譣貈負苰裛躝芵芽腂 腀釦艑鉩詋苅苍鞼视苌野覞芪閪芩苪芽腂莁荬莋视苍腃釦艒邢釣苌莊荢荎腅莁 荬莋腩Rick Menell腪 芪趑鏠詏苉閪蹕芵苄芢苩莁荬莋裪醰苢Investec軐苌讦韍 苰鎾苄荁莋荎荥荂荎腅莊荜腛荖荘腩Arctic Resources腪軐苰豠邬芵芽花苆苅腃 钭赳誔躮苌40膓腃譣貈負苌60膓苰詭闛芵芽腂芵芩芵腃荮腛荜莔视苌苙芤苍誔 遽11腀荁莓荏莍药腛莋苌辊靌赜醢腩1998鑎跄闒賣腪 ハーソヴ家 50.4％（議決権） Anglovaal Industries Limited 腩软辊腪腀镍軒跬邬腂 メネル家 50.4％（議決権） Avmin Limited 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀367 躮詬鎾苉躸鑳芵腃豯襣芩苧苠誮酓苉鍐釞芵芽腂荁莓荏莍药腛莋腅荏莋腛荶苌 酧遄觼詶苰鎮芩芵芽靶裶苉苂芢苄腃莊荢荎腅莁荬莋苍誔覿苌鋡雀芪酧遄觼詶 ™1 苖苌跅釥苌鎮譀苆苈苁芽苆蹷鍅芵苄芢苩 腂1994鑎苰讫苉詏趑鎊躑视芪誔覿 苉野芵苄釥芫苈襥访韍苰苠苂苦芤苉苈苨腃识軭苌郪雥邫芪趂芭腃鎧难邫芪趂 芢諩识芪讁苟苧苪苩苦芤苉苈苁芽腂芻苌貋觊腃荒莓荏莍荽莊荢荧豞苌豠釔苍 腵镳鎧难腶苅芠苩苆豨覓芳苪苩苦芤苉苈苨腃荁莓荏莍药腛莋苌誔覿苍詺雊誄 苪苰芷苩苉芢芽苁芽芪腃酧遄觼詶賣苍誔覿芪鋡覺酏苌邅辀苜苅觱閜芵芽腂 腀躟苉豯襣赜醢苌闏覻苅芠苩芪腃荁莓荏莍药腛莋躝誔觯軐苅苍腃觯銷苰隱苟 苄芢芽荎莉荃荵腅莁荬莋芪1996鑎苉躀讎芵腃药荖莋腅荮腛荜莔芪觯銷苉腃荎 莉荃荵腅莁荬莋苌醧蹱苌莊荢荎腅莁荬莋芪閛觯銷苉苈苁芽腂1998鑎苉觰里芳 苪苩酏苌軦鋷雰觯苍艗隼苅赜邬芳苪苄芢芽芪腃鞼酮识视芩苧艔隼鑹软芳苪腃 视醰蹸鑺芪裛躝芳苪苄芢芽腂1998鑎苌酧遄觼詶賣腃荮腛荜莔视芪辊靌芷苩花 苆苉苈苁芽荁莓荏莍药腛莋赈识觯軐苅苍药荖莋腅荮腛荜莔芪豯襣負苰苠芽苈 芢觯銷苉苈苁芽芪腃裪闻莁荬莋视芪辊靌芷苩花苆苉苈苁芽荁莓荏莍药腛莋赺 识觯軐苅苍腃莊荢荎腅莁荬莋芪CEO苆芵苄豯襣負苰闛躝芵芽腂釦艑鉩詋苌 酧遄觼詶苅腃荮腛荜莔视苍荁莓荏莍药腛莋赈识觯軐苌豯襣芩苧誮酓苉釞芢芽 芪腃辊靌蹸鑺裛躝苉邬賷芵芽莁荬莋视苍荁莓荏莍药腛莋赺识觯軐苌軦鋷雰觯 苰觼詶芵芽腂芻苌貋觊腃2001鑎苌荁莓荏莍药腛莋赺识觯軐苍軐鏠軦鋷雰艒隼腃 軐詏軦鋷雰艗隼芩苧苈苩豶11隼苅赜邬芳苪腃莊荢荎腅莁荬莋芪閛觯銷貓 CEO苰隱苟苩花苆苅觯銷遅苆CEO苌閪鞣苰苍芩苁芽腂莁荬莋视芩苧苍腃苙 芩苉莊荢荎腅莁荬莋苌鋭苌荵莉荃荁莓腅莁荬莋腩Brian Menell腪 芪軐鏠軦鋷 雰苉苈苁苄芢苩腂苜芽腃諄趸裏裵觯苆闱轖裏裵觯苍軐詏軦鋷雰芪觟钼邔苰部 苟苄芢苩芪腃莊荢荎腅莁荬莋苍酯闻苉隼苰顁苋苄芢苩腂裓蹶貈鋨觟鋶苉芨芢 苄莁荬莋视苍裋酒苆芵苄训芢襥访韍苰苠苂苆赬芦苧苪苩芪腃軦鋷雰觯苌閵裍 ™2 譃苉苍闏覻芪苝苧苪芽 腂 368 艓腄莊药荥荂腛¥荏莋腛荶腀 腀1999鑎苌莊药荥荂腛腅荏莋腛荶跄闒邬苅苍腃荓腛荨莓视芪辊靌芵苄芢芽誔 躮苰荘荞莓荟腛荨鎊躑询赳苉钄議芷苩花苆苅腃酮识视芪辊靌芩苧鍐釞芵芽腂 花苌貋觊腃荘荞莓荟腛荨鎊躑询赳芪莊药荥荂腛躝誔觯軐苌誔躮苌54.7膓苰辊 靌芷苩花苆苅腃莊药荥荂腛腅荏莋腛荶軐腩讌莊药荥荂腛腅莉荃荴腪 苰誮酓蹱 觯軐覻芷苩花苆苉苈苁芽腩遽12蹑迆腪腂 腀莊药荥荂腛¥莉荃荴軐苌讆诉鍉躝誔觯軐苌裪苂苍莊药荥荂腛鎊躑觯軐苅芠 苩苆郦轱芵芽腂鎯鎊躑觯軐苌軦鋷雰苍1997鑎躞鍟苅12隼苅芠苁芽芪腃荓腛荨 莓视苆詭鑆苅芫芽苌苍艕隼苅芠苁芽腂芻苌鏠雳苍腃荨荩莋荨腅荓腛荨莓镶跈腃 荓腛荨莓苌銷鉪苆躟鉪腃芳苧苉隺镶跈苅芠苩腂觯銷苰荨荩莋荨腅荓腛荨莓芪 隱苟苄芨苨腃荓腛荨莓视苌襥访韍芪训芩苁芽花苆苰躦芵苄芢苩腂芵芩芵腃荏 莋腛荶苌銆詪諩识苅芠苩莊药荥荂腛腅莉荃荴軐苅苍軐鏠軦鋷雰10隼苌芤芿腃 荓腛荨莓视論豗軒苍艐隼苌苝苅腃苙芩苍郪雥豯襣軒苅芠苩腂芵芩芵腃1999鑎 苌酧遄觼詶苌貋觊腃荓腛荨莓视苍豯襣芩苧苠誮酓苉釞芭苦芤苉苈苁芽腂 腀酧遄觼詶賣苌莊药荥荂腛腅荏莋腛荶軐苉苂芢苄苍腃CEO苌荁莓荟腛荚莓 遽12腀莊药荥荂腛腅荏莋腛荶苌辊靌赜醢腩1999鑎跄闒賣腪 Standard Bank Investment Corporation 55％ Liberty Holdings 14％ 56％ Liberty Life Association of Africa 83％ Liblife Strategic Investments 腩软辊腪腀Liberty Life腭1999腮. 28％ 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀369 芪荌莓荏裏裵觯苌裏裵苰隱苟芽遬閨苅苠芠苨腃荒腛荼莌腛荧腅荋药荩莓荘苰 训芭裓躯芵芽酧遄豠釔苉苈苁苄芨苨腃鏬荁諩识苌莂荦莋苉苈苨芤苩腂莊药 荥荂腛腅荏莋腛荶軐苌軦鋷雰觯苍軐鏠軦鋷雰艔隼腃軐詏軦鋷雰13隼苅赜邬芳 苪腃觯銷遅苆CEO遅苍閪鞣芵苄芢苩腂苜芽腃諄趸腅闛貯豯鞝裏裵觯苆闱轖 裏裵觯苍芷苗苄軐詏軦鋷雰苅赜邬芳苪鏆鞧邫苰闛苁苄芢苩腂遛银腅遘鍣 腭1997腮苍豯襣諄鏂譀赜苉苂芢苄遽13苌苦芤苉鏺陻豞腃闄襰豞腃荨荃荣豞苌 遽13腀觯軐苌豯襣諄鏂譀赜苌铤該 日本型 代表取締役社長 選任 取 締 役 人事権 監 査 選任 株 主 総 会 監 査 役 米英型 取締役会会長 取締役会 社外取締役 社内取締役 監督 選任 報告 CEO 経 営 陣 株 主 総 会 ドイツ型 監査役会会長 選任 株主総会 監 査 役 会 選任 報告 取締役会会長 取 締 役 腩软辊腪 腀遛银腅遘鍣腭1997: 62腮 腂 従業員 370 遽14腀莊药荥荂腛腅荏莋腛荶軐苌豯襣諄鏂譀赜腩2001鑎腪 取締役会会長 選任 取締役会 社外取締役 （13名） 社内取締役 （ 5名） 監査・保険経理委員会 報酬委員会 株 主 総 会 監督 報告 CEO 経営陣 腩软辊腪 腀Liberty Group腭2001腮苦苨镍軒跬邬腂 艒荞荃荶苉閪韞芵苄芢苩芪腃莊药荥荂腛¥荏莋腛荶苍闄襰豞苰钭鍗芳芹芽豯 襣諄鏂譀赜苰苠苁苄芢苩腩遽14蹑迆腪腂芳苧苉腃 荌莓荏腅莌荼腛荧蝔苅苠苆 苨芠芰芽荁荴荀荽荥荂荵腅荁荎荖莇莓苰训芭裓躯芵腃雰遅苢遅軭苌遬軭腅邫 闊芲苆苌赜邬铤苰鑎躟闱趐辑苅难躦芵苄芢苩腂 艔腄荘荥荃荎荺莋荟腛苆苌鞘詑銲邮 腀誔軥苆豯襣苌論豗苰銆道苉苝苄芫芽芪腃荒腛荼莌腛荧腅荋药荩莓荘苉苍諩 识苰苆苨苜芭軥里諔苌鞘詑銲邮苆芢芤醤雊苠芠苩腂芻花苅隯軥覻酏賣苌豯襣 苆誔軥裈詏苌荘荥荃荎荺莋荟腛苌論豗闏覻苰詔誇芷苩腩镜艘蹑迆腪腂 腀苜芸腃轝识裵苆苌論豗苅苍腃1970鑎釣苉芢芽苩苜苅趕遬顊鎭酧趇苌郝鉵芪 鑆苟苧苪苄芢苈芩苁芽芪腃1979鑎苉莔荂腛荮莓裏裵觯腩Wiehahn Commission腪 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀371 镜艘腀鏬荁荴莊荊跠钴苉芨芯苩豯襣苆荘荥荃荎荺莋荟腛苌論豗闏覻 隯軥覻裈酏腩跠钴跄闒酏腪 隯軥覻裈賣腩跠钴跄闒賣腪 酮识视 辊靌腅豯襣鞼雊苉芨芯苩蹸鑺 芻苌醼苌誔軥 譀論鎊躑视苉苦苩鑺鎖閪芯趇芢 軻襶鞦苢荋药荩莓荘苉镱誴 豯襣遷苌赜邬 钒遬腅鉪邫豯襣軒銆道 轝识裵 諩识軐觯 鉮裦軐觯 邭镻 軣苜苩腩鍐釞芷苩韡苠腪 趕遬腅辗邫苌豯襣蹑见苰雚蹷芷 1980鑎釣苍顊鎭襞鎮邷英腂裓蹶 顊鎭軒苌軦鋷雰觯苖苌蹑见苰雚 貈鋨苖苌蹑见苍賀鋨鍉 蹷芷 讣醈苦苨苠认醶 趑跛讣醈苖苌諫譀誴 軐觯赶貣苉軦苨酧苝蹮苟苩腩鍳 軐觯赶貣苰轤躋腩賙靰荔荾荢荧腪 蹳跠鉣腪 裗釖邧賀苢蹙识闛賬邭跴苉苦苩 讣醈邭跴苰训覻 襥访 腩软辊腪 腀镍軒跬邬腂 苌誩趐苅鑆观芳苪腃1980鑎釣苍顊鎭酧趇襞鎮芪誈钭覻芵腃荘荧莉荃荌芪醊躟 芢苅钭邶芵芽腂芻花苅苍豯襣遷苆轝识裵苍諮陻鍉苉苍野鞧芷苩赜遽苆苈苁苄 芢芽腂隯軥覻賣苠荘荧莉荃荌苍醱芭芪腃荌莓荏腅莌荼腛荧蝔苅苍顊鎭軒苌軦 鋷雰觯苖苌蹑见苰芤苈苇闠苝苦苨苌蹰邨苠躦芵苄芢苩腂苈芨腃隯軥覻酏苌 豯襣遷苌赜邬苍钒遬芩苂鉪邫芪銆道苅芠苁芽芪腃隯軥覻賣苍荁荴荀荽荥荂 荵腅荁荎荖莇莓苰裓躯芵腃趕遬苢辗邫苌豯襣蹑见苰雚蹷芵苄芢苩腂 腀躟苉鉮裦軐觯苆苌論豗苅苍腃1976鑎苌荜荅荆荧陉譎苰豟譀苆芵苄腃諩识苌 軐 觯 赶 貣 苉 野 芷 苩 裓 躯 芪 趂 苜 苨腃AAC苌 草 荢 荹 莓 荮 荃 荽 腛腩Harry Oppenheimer腪觯銷苢莌莓荵莉莓荧腅荏莋腛荶苌荁莓荧莓腅莋荰腛荧觯銷芪 銆道苆苈苨腃鍳蹳閔荁荴莊荊遬苌軐觯腅轚釮離釨苌觼酐苉軦苨酧苞鍳蹳跠鉣 腩Urban Foundation腪芪郝鞧芳苪芽腂1977鑎12貎苉鍳蹳跠鉣苍腃顊鎭軒苌跌靰腃 辸適腃闱轖雊苅苌遬軭苉苦苩趷闊苰诖蹾芷苩花苆苢顊鎭酧趇貋邬苌躩青覻苈 苇苰苁芽賙靰軒赳鎮譋辀腩Code of Employment Practice腪苰钭镜芵芽腂花苪 苧苉苍趑鏠詏苉購芯苄鏬荁諩识軐觯苌隯軥邫苰荁荳腛莋芷苩苆芢芤酟芢苠 芠苁芽腂隯軥覻賣腃諩识軐觯苍趑鏠鍉苉苍賙靰酮软腅豐韻荶莍荗荆荎荧苉躑 372 诠讒软苰赳芤花苆苅軐觯赶貣苰荁荳腛莋芵腃趑跛軐觯苉野芵苄苍荌莓荏腅莌 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陻迍苅苍躑鞿苌邧雱芩苧裓蹶貈鋨觟鋶苜苅鎥苝趞苟苈芩苁芽芪腃酮识视腃躝 誔觯軐腃蹐覺諩识苆顁苈苩裓蹶貈鋨觟鋶苰豀苨覺芰苄芢芭花苆苅腃躝誔觯軐 苌譀鑜芪芢苁芻芤难苧芩苉芳苪苄芢芭芾苫芤腂 腀芳苧苉腃陻迍苍鏬荁苌豯貱苰鋊芶苄荒腛荼莌腛荧腅荋药荩莓荘苌闏覻苰醣 芷靶裶苉苂芢苄貟鎢芷苩花苆苰雚鍉苆芵芽腂隯軥覻苰鉂邬芵芽1994鑎裈 赾腃艒跠钴苆苠觼詶苰軀蹻芵芽腂芵芩芵腃隯軥覻芻苌苠苌苦苨苠腃隯軥覻苉 苆苠苈苁芽趑跛讣醈苢詏趑鎊躑视苌赳鎮腃郅邧觼詶芪軀跛苉苍荒腛荼莌腛 荧腅荋药荩莓荘苌闏覻苰醣芷靶裶苆苈苁芽腂 腀跅賣苉腃荴荀荾莊腛荲荗荬荘苆荒腛荼莌腛荧腅荋药荩莓荘苉論芷苩镍軒苌 趡賣苌觛釨苉苂芢苄轱苗苩花苆苉芷苩腂荴荀荾莊腛荲荗荬荘苍荁荴莊荊苌隯 諔諩识苌裪铊鍉苈諩识豠釔苅芠苩花苆芩苧腃花苪苰貤讆荥腛荽苆芷苩花苆苉 荁荴莊荊豯跏貤讆苉芨芢苄裪鋨苌裓譠芪芠苩苆赬芦苩腂芽芾芵腃貌規論豗芾 芯苉賀鋨芷苩苆芩芦苁苄荁荴莊荊諩识苌陻躿芪販芦苉芭芭苈苩记苪芪芠苩腂 荁荴莊荊苌諩识苍腃貌規論豗苍苠苆苦苨鎯讽苢荇荘荪荢荎苈荬荢荧莏腛荎苈 苇苰諮铕苆芵苄邬鞧芵苄芢苩苆蹶苭苪苩芩苧苅芠苩腂陻迍苅野进苉芵芽艒跠 钴苌酮识视苌软躩苍莆荟莄豮苢荁荴莊荊腛荩腛苅芠苨腃荇荘荪荢荎苈靶酦苠腃 荰腛荧荩腛腅荖荢荶苉苦苩諩识苌郝鞧苢荏莋腛荶苌豠邬腅詧釥苉襥访苰譹苚 芵芽苠苌苆赬芦苧苪苩腂芵芽芪苁苄腃釦艐郟苅运觮芵芽荬荢荧莏腛荎苉論芷 苩郦赳貤讆苌邬觊苰覇靰芵苈芪苧荴荀荾莊腛荲荗荬荘顟苰遛覻芳芹苩花苆苅腃 荁荴莊荊諩识苌酓里醜芪苦苨难詭苉苈苩苅芠苫芤腂芳苧苉腃陻迍苅苍鏬荁苌 跠钴苰躖韡苆芵芽芪腃趡賣苍鏬荁苌辬譋雍荁荴莊荊遬諩识苢腃醼苌荁荴莊荊 辔趑苌諩识苰赬鞶苉諜苟苩花苆苅腃荴荀荾莊腛荲荗荬荘顟苌鉾郏苰苍芩苁苄 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀375 芢芫芽芢腂 腀荒腛荼莌腛荧腅荋药荩莓荘苍詥趑苌韰蹪鍉鑷豩苢陀邧鍸苉苦苁苄裙苈苁芽 豠釔苰鋦芷苩苆蹷鍅芵芽芪腃躋郼苰闏芦苪苎荒腛荼莌腛荧腅荋药荩莓荘苉銍 雚芷苩花苆苉苦苨腃芻苌趑苌鑷豩苉芠苩豯跏軐觯苌鏁遆苰閂芩苑迣芪苧芹苩 花苆芪观鑜苉苈苩芩苠芵苪苈芢腂釦艑郟苅苍荒腛荼莌腛荧腅荋药荩莓荘苰詥 趑苌鏁銥苅閪韞覻芷苩躎苝苰运觮芵芽腂鏬荁苌迪趇腃誔躮辊靌苌轗銆腃躝誔 觯軐苢鏁鋨视醰苰銸鍟苆芷苩荳莉荾荢荨豞苌諩识荏莋腛荶豠釔苆芢苁芽鍟苅 苍荃莓荔荃荟腛腅莂荦莋苌鍔豞苅芠苩苆芢芦苩腂芵芩芵腃閉跂腅躩賈躑陻铤 鞦苍詔芵苄鋡芭腃躑诠銲鉂郦苆芵苄苌询赳苌雰誄苍賀鋨芳苪苄芢苩鍟腃誔躮 蹳迪苉苦苩躑诠銲鉂芪誈钭苅芠苩苆芢苁芽鍟腃豯襣諄鏂譀赜苌豠釔苰赬芦苩 苆腃荁荅荧荔荃荟腛腅莂荦莋苉诟芢腂花苌腵苋芶苪腶苌閔閪苉銍雚芷苩花苆 苅腃荁荰莋荧荷荃荧苢豯跏邧跙鎙苰豯貱芵苈芪苧钭鍗芵苄芫芽鏬荁豯跏苌鏁 遆芪閂芫銤苨苉苈苩苌苅苍苈芢芾苫芤芩腂 腫镴譌腬 腀陻迍躷镍苌芽苟苌費鉮銲趸苍閽邬13鑎鍸酮覿釥詷閶豮詷閔鎙讳裵貤讆 辕邬诠苉苦苁苄軀蹻芳苪芽腂 腫銍腬腜腜腜腜腜腜腜腜腜腜腜腜腜腜腜 a腀陻迍苅苍荔荵荔荮莉腅荁荴莊荊48荊趑苰荁荴莊荊苆苦苔腂 s腀跠钴詔鑏苉苍辔郠芪芠苩芪腃花花苅苍譫郬腭1996: 130腮苉苦苩腵銆道鍉蹙识 苌閡邔閔雥苉芨芯苩觇部諩识苰蹐覺苉靌芷苩腃视醰苰銸鍟苆芵芽醽詰鍉躖识豠 釔腶苆芢芤鋨譠苉諮苃芢苄芢苩腂 d腀芻苪苍腃荁莓荏莍腅荁莁莊荊莓腅荏莋腛荶苰野进苆芵芽郦赳貤讆苍铤該鍉醽 芭苅苄芢苩芪腃艒跠钴苉苂芢苄苍芫苭苟苄賀鋨芳苪苄芢苩苆芢芤詷離迣苌诳钒 苰隄苟苩苆芢芤裓譠苆腃荁莓荏莍腅荁莁莊荊莓腅荏莋腛荶裈詏苌艒跠钴苉苍陻 迍苌荥腛荽苅芠苩轤酷鍉苈躝誔觯軐邧鍸芪苝苧苪苩苆芢芤鞝青苉苦苩腂 f腀荗莇荮荬荘药腛荏还貔軦裸辊苍鏬荁苅靂裪苌还貔軦裸迪苅芠苩腂芿苈苝苉鏬 荁苌誔躮蹳迪苌譋雍苍腃 躞覿醍詺苅邢詅18裊腃 迣迪邔苅苍邢詅19裊苌616軐 腩2000 鑎腪苅芠苩腩IFC腭2001: 40腮 腪 腂 g腀醍躑蹙荸腛荘苅苝芽迪趇腩1993鑎腪 腃莊药荥荂腛腅莉荃荴軐苍诠靚閔雥苅釦 艑裊腃莌莓荵莉莓荧軐苍邻醢识閔雥苅釦艗裊腃荁莓荏莍药腛莋軐苍赺识閔雥苅 376 釦艕裊腃荁莓荏莍药腛莋赈识觯軐苍邻醢识閔雥苅釦14裊苅芠苁芽腩Financial Mail腭1994腮 腪 腂 h腀跠钴苌譀鑜苉苂芢苄苍腃豯襣蹪詷觯釦38觱酓趑釥觯腩2002鑎艘貎腃骠魻襀釥 詷腪苅苠譣顟苌銌苌裪苂苆苈苁苄芢芽腂 j腀BCCI躖貏苅苍腃BCCI芪閐諭辤遬苢荥莍莊荘荧苌躑诠郴迲苉論非芵芽譞顦芪 苠芽苪苄芢苩腂苜芽腃荽荢荎荘荅荆莋躖貏苆苍腃荃荍莊荘苌荽荢荎荘荅荆莋腅 荏莋腛荶芪鑎诠躑诠苰镳邳苉鞬靰芵芽躖貏苌花苆腂荇莓莍莓軐躖貏苆苍腃荁莁 莊荊苌荇荬莋荍腛釥軨苅芠苩荇莓莍莓軐苉苦苩闫詏跂隱芪2001鑎苉钭詯芵腃鍼 蹙芵芽躖貏苅芠苩腂 k腀芽芾芵腃鏆鞧賣苠裸芫醱芢苄詏趑躑陻芪釥芫芢襥访韍苰苠苁苄芢芽苌苍躖軀 苅腃芽苆芦苎腃荩荃荗荆莊荁苅苍1971鑎苌邻醢识苖苌鎊躑苌65.7膓苍詏趑躑陻 苅芠苁芽腩Agbodike腭1998: 167腮 腪 腂 l腀芽苆芦苎腃 ILO腭1972腮 腃 JASPA ed.腭1986腮 腃 Parker, Riopelle and Steel腭1995腮 腃 Webster and Fidler eds.腭1996腮苈苇腂 ¡0腀Wangwe腭1998: 12腮苍腃詏趑距轚苌视醰苆苌荬荢荧莏腛荎苍蹳迪譀觯苢譚 轰荜腛荘苉論芷苩迮闱苰詬鎾芷苩苌苉靌賸苅芠苩苆蹷鍅芵腃芻苌韡苆芵苄莂腛 莊荖莃荘腅荦荂荁荘荼莉腃荗莓药荵荅荆苌钒遬軐觯腃鎌荁荴莊荊苌荁荗荁遬苰 芠芰苄芢苩腂 ¡1腀花苌荁荶莍腛荠苰還適芵苄芢苩苌芪腃草荢荎荘荴荈腛荨釥詷荁荴莊荊豯跏貤 讆荚莓荞腛腩The Centre for the Study of African Economies: CSAE腪苰詪苆芷 苩邢詅詥趑苉苜芽芪苩貤讆荏莋腛荶苅芠苩腂CSAE苌誈鎮鏠靥苢酧遄腃芳苧苉 貤 讆 邬 觊 苌 裪 閔 苍腃 躟 苌 荺 腛 莀 荹 腛 荗 苅 苝 苩 花 苆 芪 苅 芫 苩腩http:// www.csae.ox.ac.uk/腪 腂 ¡2腀苜芸RPED苅苍腃荵莋莓荗腃荊莁莋腛莓腃荒腛荧荗荻荁腛莋腃荋腛荩腃荐荪荁腃 荞莓荕荪荁腃荕莓荲荁腃荗莓药荵荅荆苌艗荊趑苰野进苉腃詥趑芲苆苉艓閪雬腩遄 閨腅裟鞿腃遈镩见赈腃雘跞见赈腃诠醮见赈腪苉苭芽苩200諩识苰銊软芵腃1992 腠96鑎苌芤芿艒鑎諔苉苭芽苨荦腛荞苰軻轗芵苄芫芽腂芻苌釦艐鑎雚苌銲趸貋觊 苍腃Biggs and Srivastava腭1996腮苉靶雱芳苪苄芢苩腂 ¡3腀镍軒芪1995鑎苉鏬荁苌裟鞿邻醢諩识苉野芵苄赳苁芽銲趸苅苠腃觱鎚苰諱芹芽 艖誄苌諩识芪鎊鏼跠讟讋苉镳隞苰闸芫腃花苪苧苌諩识苍閽诏2.2荊貎閪苌遄閨 荘荧荢荎苰闸芦苄芢芽腩邼襙腭1996: 26腮 腪 腂 ¡4腀誔軥躑陻腩鏬荁苅苍ordinary shareholders’ interest苉醊鎖腪苆苦苔花苆苠芠 苩芪腃花花苅苍躩賈躑陻苉鎝裪芷苩腂 ¡5腀较鞘襶苌釣苭苨苉閁鋊誔軥閪较鞘襶腩鏬荁苅苍profit attributable to ordinary shareholders苉醊鎖腪苆苦苔花苆苠芠苩腂 ¡6腀陻迍苅苍Managing Director苰軀跛鍉苈譀鑜苰赬芦苄軐銷苆譌轱芷苩腂 ¡7腀鉐较苉铤該苍苅芫苈芢芪腃諘趑苌30跠钴苌芻苪芪閽诏苅3.86腩1996鑎腪苅芠 釦10迍腀荴荀荾莊腛荲荗荬荘苆荋药荩莓荘腀377 苩花苆苰赬芦苩苆芻苪苙苇趂芭苍苈芢腩OECD腭2001: 192腮 腪 腂 ¡8腀荌莃荨荸莊腛裏裵觯闱趐辑苍腃钪鍣腅讴陻雳腭2000腮苉軻類芳苪苄芢苩腂 ¡9腀鏬荁苌觯軐陀腩Companies Act 1973腪苉苍executive director苆non 腀 executive director苌 详 閪 苍 苈 芢 芪腃 跅 诟 苅 苍 軀 隱 迣 详 閪 芳 苪 苩 苦 芤 苉 苈 苁 苄 芢 苩腂 executive director苰躷赳軦鋷雰苆雳芷苩迪趇苠芠苩芪腃陻迍苅苍軐鏠軦鋷雰苉 鎝裪芵苄芢苩腂 ™0腀2002鑎艒貎艗鏺腃荴荀莓莔荀荃荎躁苖苌銮芫軦苨銲趸腂 ™1腀2002鑎艒貎11鏺腃莊荢荎腅莁荬莋躁苖苌銮芫軦苨銲趸腂 ™2腀钽野裓販芪醊躟芬腃豯襣遷苌闻遪芪関芳苪苩花苆苠芠苩苆芢芤腩2002鑎艒貎 11鏺腃莊荢荎腅莁荬莋躁苖苌銮芫軦苨銲趸腪 腂 ™3腀2002鑎艒貎苉荁莓荏莍腅荁莁莊荊莓軐苍荁莓荏莍药腛莋赺识觯軐苌誔躮苌 34.9膓苰Arctic Resources軐芩苧軦鎾芵腃 莁荬莋视苉苦苩辊靌蹸鑺苍苈芭苈苁芽腂 芾芪腃鎯鑎10貎費距苅苍莊荢荎腅莁荬莋苍CEO遅苰裛躝芵苄芢苩腂 腫蹑赬閶貣腬 腱鏺陻質閶貣腲 鉲雬轻腅閐鏠適裪闒腭1998腮 腷荁荴莊荊苌荃莓荴荈腛荽莋腅荚荎荞腛跄赬腸荁荗荁 豯跏貤讆辊腂 迣鍣貳腭1997腮 腵荐荪荁苉芨芯苩韫跗諩识豑跄邶蹙苌韰蹪苆鞝顟腶 腩 腷荁荗荁豯跏腸 釦38說釦11趆腪50腠67荹腛荗腂 親跨鍎鏱腭1999腮 腷躝誔觯軐苌韰蹪腜跠钴苆諩识鎝躡腜腸芿芭苜遖辑腂 辬趲雬赌腭2001腮 腷荒腛荼莌腛荧腅荋药荩莓荘苌豯跏詷腜诠靚豟雱鞝顟芩苧苝芽諩 识顟腜腸鏺陻豯跏遖閷軐腂 辬鍣郘赇鑖腭2000腮 腷諩识豯跏詷腸鎌靭豯跏遖闱軐腂 鞎趇赆镆腭1998腮 腵鑺鎖邭跴苆荒腛荼莌腛荧腅荋药荩莓荘腶 腩跢陻腅趲譶諔闒腭1998腮 腪 136腠158荹腛荗腂 譫郬閐顙腭1996腮 腷鏺陻苌諩识轗鉣腜跠钴苆苌顁醱苆鉦郢腜腸靌铣詴腂 辬鉲貫躡腭1993腮 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