韓國財閥改革的政治經濟學：以小股東運動為例

Political Economy of Minority Shareholders' Campaign in Korea

10.29816/TARQSS.201012.0009

周建軍(Jian-Jun Zhou)

資本主義 ； 財閥改革 ； 小股東運動 ； 公司治理 ； 經濟民主 ； capitalism ； chaebol reform ； minority shareholder's campaign ； corporate governance ； economy democracy

台灣社會研究季刊

80期（2010 / 12 / 01）

367 - 392

繁體中文

正如自由放任非自然形成，韓國財閥的形成也是一個政治的產物。除了政府的金融和產業等政策支援，不少韓國財閥直接源自韓國國有企業和公共資產的賤價私有化。以財閥為中心的經濟增長也成為了當下韓國資本主義的不穩定力量之源。為了拯救處於困境中的韓國財閥資本主義，作為一種社會運動和公司治理的方式，股東積極主義被引介到韓國。過去十多年裏，韓國小股東運動在抵制財閥力量擴張、改善公司治理、促進經濟民主等方面取得了一些成就，但也面臨著不少挑戰。處於十字路口的小股東運動及財閥改革是理解當下韓國資本主義的極好注腳。

Just as the making of laissez-faire, the Korean chaebol was a creature of politics. Besides the financial and industrial policy supports, some Korean chaebols even directly originated from the privatization of state-owned companies and other public assets in Korea. Chaebol-centered economic growth has been also destabilizing forces. In order to save Korean capitalism in dilemma, as a social movement to reform chaebols and a tool of corporate governance, shareholder activism was introduced in Korea. For the past ten years and more, minority shareholder's campaign played an active role to protect the interests of minority shareholders, resist expand of market power, and participate in the process of economic democratization. However, minority shareholder's campaign in Korea still faced many difficulties. The minority shareholder's campaign and chaebol reform in the crossing road is just a good footnote to understand today's capitalism in Korea.

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