清末民初汉冶萍公司资金结构变迁初探

The Change of Capital Structure of Hanyeping Company between 1890 and 1914

资金结构指企业中权益资金与债务资金的比例关系。资金问题是汉冶萍公司史研究中的核心问题。汉阳铁厂官办时期,资金源于政府投资,均为权益资金。1896—1905年间,债务资金成为汉冶萍厂矿建设的资金来源主渠道。但由于该时期债务资金结构的特殊性,厂矿债务违约风险较低。1905年后,汉冶萍公司实施改良计划,债务资金结构开始出现不利于厂矿的变化。特别是1908年后,随着厂矿扩张工程大规模展开,汉冶萍公司资金需求巨大,导致债务资金总数急剧攀升。不过,债务资金的比重较之汉冶萍公司组建前有所下降。辛亥革命期间,汉冶萍公司损失惨重。为维持生产经营,公司债务出现爆炸式增长,特别是日债在全部资金来源中占有绝对优势,使得汉冶萍公司事实上沦为日本控制的原料供应基地。反思汉冶萍公司败亡史,资金结构暴露其致命问题,巨额的资金成本支出是导致其经营失败的重要原因。

Capital structure in enterprises refers to the ratio of debt funds to equity funds. The issue of funds is the core in the study of the history of Hanyeping Company. In the period of government administration, all funds in Hanyang Iron Plant were invested by the government that they were all equity funds. Debt capital be-came the main source of funds between 1896 and 1905 in the construction of plants and mines of Hanyeping Company. Due to the special debt capital structure in this period,the Company has low risk of debt default. After 1905,Hanyeping Company implemented the improvement plan,and the debt fund structure began to ap-pear to be unfavorable to the construction of the plants and mines. Especially after 1908, with the many ex-pansion projects of the plant and mine implemented,Hanyeping Company^ capital demand was huge,resul- ting in a sharp rise in the total amount of debt funds. However,the proportion of debt funds has decreased compared with that before the formation of Hanyeping Company. During the Revolution of 1911, Hanyeping Company suffered heavy losses. In order to maintain production, debt in the Company exploded. Japanese debt had an absolute advantage in all sources of funds that Hanyeping Company actually became a raw material supply base of Japan. Reflection on the history of the decline of Hanyeping Company, the capital structure ex-posed its fatal problems,and the high capital cost is an important reason of its decline.