昙花一现的主力——侨资在清末商办铁路投资政策中的角色变迁

A Flash in the Pan: The Changing Role of Overseas Chinese Capital in the Development of the State-owned Railway System in Late Qing China

论文以《光绪朝东华录》中与华侨有关的上谕和奏折作为主要史料,论述了晚清商办铁路借助侨资政策的形成、变迁以及商办铁路投资政策调整的决策失误及其造成的严重后果。晚清商办铁路政策的症结在于铁路投资权在国内民间与海外华埠之间配置的极度不公平,有投资能力的侨商受到官绅商的共同排拒,积累不足的国内商资则被赋予厚望和投资垄断权。20世纪初复杂的政治经济和社会背景,催生了国内商资这一心有余而财不足的核心投资主体,成效微弱是其自身局限的直接结果,商办铁路最佳时机流失。而商办铁路投资政策,由借助外埠侨资到确立国内民间资本为主导的最终立场,凸显出由理性、客观到盲目、偏狭的决策演变,导致铁路建设的热潮虎头蛇尾,这其中,侨资由主力担当到被推向边缘地位的政府决策,无疑是根本因素。

In the high time of railway development in late Qing, the Ministry of Commerce played a significant role in development railway systems in China. However, a series of decision-making mistakes by the Qing government caused the imbalance between domestic and overseas capital investments. The rich gentry in China collaborating with officials marginalized the overseas Chinese investors, and created monopolies in this industry. The turn of the twentieth century was supposed to a golden moment for the development of commercial railway systems. However, due to these mistakes in the decision making process, the railway development lost its moment. The marginalization of Overseas Chinese capital beyond doubt was a decision factor of its failure.