什么是"租金"？ 在经济学中，"租金"或更准确地说是"经济租金"（Economics Rent），指的是任何生产要素（如土地、 劳动力、资本）所获得的超过其机会成本的收益。 举例而言，一位顶级职业运动员，年收入高达1000万元，但即便年收入只有200万元，他也愿意继续从 事该职业（这200万元是他愿意留在该行业的最低报酬），那多出来的800万元就是这位运动员的"经济 租金"，源于其独特的天赋和难以替代的技能。 文|言懿 利用对时间的支配权来设租，是极具危害性的隐蔽寻租行为。 比如，在资本市场领域，对一家拟上市公司而言，早一天上会，或许就意味着能够把握更有利的市场窗 口，获得更高的发行估值。在这种背景下，时间，就是指数级的金钱。于是，围绕"审核节奏"的寻租空 间便悄然洞开，滋生出隐秘的灰色利益链条。一些经营主体打着"财务顾问""上市咨询"的幌子，行利益 输送之实，通过支付高额费用，换取审核流程中的"优先权"或"加速权"。 在寻租理论（Rent-seeking）里，寻租行为指的是个体或团体通过非市场手段获取超额收益，而不是通 过创造财富或增加生产效率来获得收益。通俗地说，寻租行为就是不靠"创造价值"赚钱，而是把精 ...

Core Insights - The article discusses the evolution of business logic from the industrial era to the digital age, emphasizing that traditional metrics like asset size and shareholder primacy are becoming obsolete [3][5][10] - It highlights the importance of "ability collection" over "asset collection" as the core competitive advantage for 21st-century companies [10][12][26] Group 1: Historical Context - Business history is characterized by survival of the fittest rather than the strongest, with companies like General Motors and Sears failing not due to a lack of demand but because competitors better met market needs [5][6] - The decline of once-dominant companies illustrates that their failure was due to inefficiency in adapting to changing consumer preferences and technological advancements [6][7] Group 2: Shifts in Business Logic - The article argues that the language and frameworks used to understand business have not evolved alongside the changes in the business environment, leading to misconceptions about what constitutes competitive advantage [8][9] - In the 21st century, leading companies often do not rely on heavy asset investments but instead focus on leveraging technology, data, and user networks [9][10] Group 3: Core Competencies - The essence of modern enterprises is described as a "collection of abilities," which includes supplier relationships, technological innovation, and brand reputation, rather than merely physical assets [10][12] - Companies must harness collective knowledge and capabilities to navigate the complexities of the modern business landscape [11][14] Group 4: Profit and Economic Rent - The article introduces the concept of "economic rent," which refers to the excess returns generated by unique capabilities, as the true source of profit in modern businesses [16][17] - Successful companies like Apple and Amazon exemplify this by leveraging their unique capabilities to generate significant economic rent [17][18] Group 5: Value Creation - The article emphasizes that true business success comes from prioritizing value creation for customers and society, rather than merely focusing on shareholder returns [22][23] - Companies that align their operations with broader societal values tend to achieve sustainable profitability, as illustrated by the contrasting fates of Merck and Imperial Chemical Industries [24][25] Group 6: Management Directions - For 21st-century managers, the focus should shift from asset accumulation to building capabilities, fostering collective intelligence, and prioritizing stakeholder value over shareholder primacy [26][27] - The transition from "asset controllers" to "ability integrators" is essential for future business success, as highlighted by the failures of companies that could not adapt to new market demands [27][28]

Core Insights - The article discusses the historical rise and fall of major corporations, emphasizing that even dominant companies can decline over time due to competition and market changes [3][5][12] - It highlights the shift from traditional manufacturing-based companies to modern tech-driven firms, which rely less on heavy capital investment and more on intellectual assets and collective knowledge [6][8][10] - The concept of "economic rent" is introduced, explaining how companies like Apple and Amazon generate excess profits through innovation and differentiation, contrasting with traditional views of profit [9][10][12] Historical Context - John Morgan established U.S. Steel in 1901, which was one of the largest companies globally, while John Rockefeller consolidated the oil industry, controlling about 90% of refined oil products in the U.S. [2] - The rise of management-oriented companies in the 20th century, such as General Motors and DuPont, marked a significant shift in business structure and global expansion [2][3] Decline of Major Corporations - Companies like General Motors and DuPont faced significant challenges, leading to bankruptcy and restructuring, while others like Sears have nearly disappeared [3][5] - The article suggests that the decline of these companies is not due to a decrease in demand for their products but rather their inability to adapt to changing market needs [3][5] Modern Business Dynamics - The emergence of "FAANG" companies (Facebook, Apple, Amazon, Netflix, Google) and the subsequent addition of Nvidia, Tesla, and Microsoft reflects a new era of tech-driven business models [4][5] - These companies operate with less reliance on physical assets and more on intellectual capital, allowing for greater flexibility and innovation [6][8] Economic Concepts - "Economic rent" is defined as the excess returns generated by companies due to their unique capabilities and market positions, contrasting with traditional profit definitions [9][10] - The article argues that this form of economic rent is beneficial for innovation and competition, as opposed to "rent-seeking" behaviors that exploit market inefficiencies [11][12] Future Implications - The text warns that the current leading companies may also face decline, similar to past industrial giants, emphasizing the cyclical nature of business success [5][13] - It calls for a reevaluation of how businesses are understood and managed in the context of modern economic realities, advocating for a focus on collective knowledge and innovation [7][12][14]