现代公司制的起源，在教科书上通常指向17世纪欧洲的远洋贸易公司。其以股份制聚拢资本，以两权分离规范运营。 然而，当回望东方，中国现代公司制的源头活水，在山西、在晋商。 "纵横欧亚九千里，称雄商界500年。"从泪洒西口到汇通天下，晋商创造了"海内最富"的奇迹，也在探索中构建了超前的商业规则与信用体系。 1919年，晋商的探索结出了标志性的硕果，中国白酒业第一家股份制公司——山西晋裕汾酒股份有限公司在太原成立。 清晰的股份制结构、明确的所有权与经营权分离、倚重专业的职业经理人——大掌柜、创新的"身股"激励……这些现代企业治理的核心要素，在晋裕汾酒公 司身上已经清晰可见。 公司制的本土化实践 晋裕汾酒公司的成立直接推动民族传统产业从家族作坊向现代企业转型。但事物并不是一蹴而就，变革也有青涩的雏形。 光绪初年，山西汾阳南垣寨的王家三兄弟合股在杏花村开设酒坊"宝泉益"，地址选在尽善村。"宝泉益"一开张便气象不凡：修建有高大院墙、宏阔厂房、酿 造工具，连同精心设计的宿舍、店铺、账房等建筑，为后面的建设奠定了基础。 除了这些物质设施外，更为核心的，是其内在治理的突破。 彼时，"宝泉益"力聘经验丰富的杨得龄担任大掌柜，将经营 ...

Core Viewpoint - The article highlights the historical significance and evolution of modern corporate governance in China, particularly through the example of Shanxi Jin Yu Fen Jiu Co., Ltd, which established the first shareholding company in the Chinese liquor industry in 1919, showcasing the transition from traditional family-run businesses to modern corporate structures [3][10][20]. Group 1: Historical Context - The origins of modern corporate systems can be traced back to 17th century Europe, but in China, the roots lie in the Shanxi merchants, known as Jin Shang, who created advanced business rules and credit systems over 500 years [1]. - The establishment of Shanxi Jin Yu Fen Jiu Co., Ltd in 1919 marked a pivotal moment in the Chinese liquor industry, introducing a clear shareholding structure and the separation of ownership and management [3][10]. Group 2: Corporate Governance Evolution - The transition from family workshops to modern enterprises was gradual, with early examples like "Baoquan Yi" setting the foundation for governance breakthroughs, including hiring experienced managers and establishing a clear management hierarchy [4][6]. - The governance structure matured with the establishment of regular shareholder meetings, a board of directors, and a supervisory board, ensuring checks and balances and transparent decision-making [10]. Group 3: Brand Development and Market Awareness - The company demonstrated early brand awareness by centralizing sales and protecting its brand identity, which was crucial for its market positioning [11][13]. - The recognition received at the 1915 Panama Pacific International Exposition helped solidify the brand's reputation, leading to the first registered trademark in the Chinese liquor industry in 1924 [15]. Group 4: Resilience and Adaptation - Despite challenges such as the Japanese invasion in 1937, the company maintained its brand integrity and attempted to recover post-war, showcasing resilience in the face of adversity [16][17]. - The establishment of the state-owned Shanxi Xinghua Village Fen Jiu Factory in 1949 marked a new chapter, inheriting the legacy of Jin Yu Fen Jiu while adapting to the new political landscape [17]. Group 5: Modernization and Future Goals - The company pioneered the separation of ownership and management in 1988, creating a model that influenced national reforms in state-owned enterprises [20]. - As of 2025, the company aims to position itself among the top players in the Chinese liquor industry, focusing on national expansion, youth engagement, and internationalization [22].

智通财经记者 | 朱咏玲 智通财经编辑 | 许悦 "淘系女装第一股"戎美股份上市时的募投计划没能完全按预期实现。 2021年在A股创业板上市时，戎美股份曾计划将募集资金用于四个项目建设。其中，计划投入超4亿元 的第一大项目"现代制造服务业基地项目"在2025年4月率先结项，实际投入金额2.4亿元，节余1.9亿元， 用于永久补充流动资金。 该公司近日公告，对剩余三个项目进行结项。 其中，"设计研发中心建设项目"基本按照原计划实施，投入近4000万元，节余418万元。而"展示中心建 设项目"和"信息化建设项目"的投资额则有大幅调整，分别从原计划的9253万元和5023万元，减少至 3200万元和780万元，合计节余约1.2亿元。三个项目的节余全部用于永久性补充流动资金。 值得提到的是，戎美股份在上市还超募了11.32亿元。前述公告发布同日，戎美股份宣布拟使用1.6亿元 超募资金用于永久补充流动资金，加上此前几次类似操作，戎美股份超募资金账户余额已被清零。 也就是说，戎美股份上市时募集的17.33亿元（包括6.01亿元募投资金），绝大部分流向了补充流动资 金，最终用于募投项目的仅有约3.2亿元。 不仅如此，已经建设 ...

Core Insights - The article highlights the transformation of small food workshops in Dinghe Village, Linping District, into standardized and brand-oriented operations, particularly focusing on the "Dinghe Zongzi Workshop" [1][2] - The initiative aims to ensure food safety and improve production conditions through personalized development plans and the implementation of the "5S" management model [1][2] Group 1: Standardization and Safety - The "Dinghe Zongzi Workshop" has adopted standardized processes for hygiene and production, leading to increased customer trust and repeat business [1] - The Linping District Market Supervision Bureau has equipped key areas of the "Yiying Gongfu Workshop" with video surveillance to create a transparent food processing environment [2] Group 2: Economic Impact - The sales revenue of the "Dinghe Zongzi Workshop" reached 670,000 yuan last year, with expectations to exceed 1.15 million yuan this year [2] - The average annual income increase for employees in the "Yiying Gongfu Workshop" is projected to exceed 20,000 yuan, while the collective operating income for Dinghe Village is expected to rise by over 800,000 yuan [2] Group 3: Future Development - The Linping District plans to continue supporting small food workshops by improving production conditions, enhancing equipment and management, and integrating local culture with rural revitalization efforts [2]