华商纱厂经营困境及对策——以大生纺织公司为例(1922—1925)

Re-explorationon the Difficulties and Countermeasures of the Chinese Business Spinning Mill——Based on the Investigation of Dasheng Textile Company,1922-1925

20世纪20年代,大生纺织公司陷入极端困境。面对危困局面,张謇和吴寄尘一方面筹建南通实业总管理处,加强对各厂的控制;另一方面,积极开拓融资渠道,不仅举借外债,并以地契、房屋、机器等不动产,以及有价证券和花纱布向国内银钱业进行抵押借贷,还参与华商纱厂联合会发行纱业公债的活动。这些自救举措虽取得一定成效,但受企业内部矛盾、产品结构、资本运转方式等因素制约,未能从根本上支应大生的困局。

In the 1920s,Dasheng Textile Company was in extreme trouble.Faced with the precarious situation,Zhang Jian and Wu Jichen launched a series of"self-help"activities.First,they established the Nantong Industrial General Management Office to strengthen the control of each factory.Second,it actively explored financing channels,not only borrowing foreign debts,but also using assets for mortgage loans from banks.Also,they participated in the activities of the China Merchants Yarn Mills Federation to issue yarn industry bonds,it was unexpected that contradictions always accompany them.Although these self-rescue measures had achieved certain results,they were restricted by factors such as internal contradictions in the enterprise,product structure,and capital operation methods,and had not been able to fundamentally support the predicament.