The milieu of accountability of early companies in the Qīng Dynasty: evidence from the Shànghǎi-based print media

Abstract

This study looks at evidence from the Shànghǎi (Shanghai)-based print media of the accountability of early Chinese companies from the middle period of the Qīng (Qing) Dynasty when the Opium War broke out in 1840 until the imperial monarchy's overthrow in the revolution of 1911. The Qīng Dynasty is known for its technical accounting stagnation. Yet, an examination of the Shànghǎi-based print media shows the existence of a strong sense of public reporting by early companies of the Qīng Dynasty. The findings of this study indicate that the print media displayed a rich milieu of accountability of these early companies by incorporating components of Western and Chinese benchmarks of accountability expressed in commercial metrics and key financial ratios.

Keywords:

• accountability
• Guānlì (Guanli) dividends
• early Chinese companies
• Qīng Dynasty
• print media

Acknowledgements

We thank two anonymous referees and the editor for their very helpful advice on the paper.

Notes

1. Although records of share trading are recognised by Sūn (2008), we have found no actual evidence of this trading.

2. An English translation of Figure 3, together with translations of Figures 4–8, are presented in Appendix 1. Appendix 2 provides a glossary of terms used in the study.

3. The first to the 55th Zhàngluè of CMSN followed 12 important rules and regulations (systems): approved CMSN stocks issuance constitution (notice, manual), regulations for CMSN, regulations for warehouses, regulations for steamships, constitutions for CMSN administration, regulations for navigation letters, export charters, consulting and instructions for stockholders reporting stock certificates loss, approval for charter of stock certificates losses, preface of board of directors of CMSN, stock certificate losses constitution (Jiāotōngbù Cáiwù Kuàijìjú, Zhōngguó Jiāotōng Kuàijì Xuéhuì 1994).