防止资本无序扩张的历史启示——以张謇大生企业为例

Historical Insights on Preventing the Disorderly Expansion of Capital——The Case of Zhang Jian Dasheng Enterprise

状元实业家张謇凭借个人的身份与社会地位所依附的社会资本,于19世纪末创设了大生纱厂,在随后二十年时间里,通过举债扩张将大生发展成一家大型企业集团。在这一资本以小搏大,无序扩张的过程中,张謇凭借个人权威所形成的信用,获得了企业融资、经营及政策方面的种种便利。方便企业构建地方垄断、赢得生存机会和扩大规模的同时,也形成了大生偏安一隅、过度扩张及负债经营的特点,这种过度举债扩张的经营模式大大削弱了企业应对外部环境变化的能力,而家族领袖个人权威的消散则进一步削弱了企业的生存能力,从而导致大生最终因财务危机而被银团接管。

With the social capital attached to his personal status and social position, the scholar industrialist Zhang Jian founded the Dasheng Cotton Factory at the end of the 19 th century and developed Dasheng into a large conglomerate through debt expansion in the following two decades. In the process of this disorderly expansion, Zhang Jian relied on the credit he had developed through his personal authority to gain access to corporate finance, business and policy preference. It is convenient for Dasheng to build local monopoly, win survival opportunities and expand their scale, but at the same time, it also forms the characteristics of Dasheng’s leaning to a corner, excessive expansion and debt operation. This empirical mode of excessive debt expansion greatly weakens the ability of enterprises to cope with changes in the external environment.The dissipation of the family leader’s personal authority further weakened the enterprise’s ability to survive, leading to its eventual takeover by a syndicate due to financial crisis.