从轮船招商局的债款看近代中国的资本市场

From An Analysis on the Debts of China Merchants Steamship Company to See the Capital Market in Modern China

近代中国企业的发展,既缺乏资本原始积累,又难以获得政府的财政支持,因此,负债经营便成为近代企业发展的常态。在这种情况下,近代中国资本市场的支持作用就显得格外重要。轮船招商局是近代中国重要的企业,同样长期存在债务问题。近代中国资本市场对于近代中国企业的生存和发展有着十分关键和重要的作用,甚至可以说是这些企业生存的生命线。

It was a normal condition that liabilities management existed in big machine industrial companies in modern China, because of the shortage of primitive accumulation of capital and the financial support from the national government. In this instance, the capital market seemed to be extremely important for the enterprises＇ development. The China Merchants Steamship Company played a very important part in modern China. The company itself had debts for a long time. We can see the capital market was of vital importance to the existence and development of modern Chinese companies. We can even say it was the heartblood for these enterprises.