南通大生纺织企业与金融资本的关系--兼与章开沅、田彤先生商榷

张謇是中国民族工业特别是轻纺工业的奠基人之一,是中国近代民族工业史上不可忘记的四位功勋之一。已有的论者一般认为大生集团在20世纪20年代初中期濒临破产的主要原因是“社会办企业”、外延扩张过快、盐垦各公司拖欠大生纺织企业资金过多、大生主要纱销市场被日本挤占、能源和交通等基础设施滞后、家族经营、经营管理人才缺乏、“有利全分”的“官利和余利”制度等等,这些都有一定的道理。本文则认为大生集团由兴致衰的主要原因是大生企业在资金方面的短缺。

Dasheng Fibric Enterprise of Nantong and Financial Capital-- Also Discussing with Mr.Zhang Kaiyuan and Tian Tong

Zhang Jian was one of the most famous national entrepreneurs in China's early national industry, light-industry in particular. Some scholars summarized the main causes that kept the Dasheng Bloc on the verge of bankruptcy in the 1920's as including "the enterprises managed by the society", drastic expansion of the business, huge amount of capital defaulted by its salt-exploring firms, domination of its cotton market by Japanese firms, poor infrastructure, management power confined to the family,scarcity of professional managers and the system of "government interest and odd interest" wholly shared, etc. While recognizing the values of the summary above, this paper ascribes the decline of Dasheng primarily to the shortage of the capital.