【摘要】 晋商资本之雄厚,经营项目之多,活动区域之广,活跃时间之长,在世界商业史上都属罕见,完全可与威尼斯商人、犹太商人等相媲美。但是,曾经如此辉煌的晋商却在清末民初整体性衰落了。本文认为,晋商衰落的根本原因在于缺乏有效的私有产权保护制度。在外国列强侵略与国内武装起义等外部冲击下,晚清政府陷入财政危机与破产边缘,其日益加速的掠夺迫使晋商采取了"结托政府"以及偏好变现性较差的资产等低效率的产权自我保护形式。这一方面导致晋商的经营利润受损,一方面使晋商失去了应对经营波动的必要资本,在两者的综合作用下,晋商赖以崛起与成长的企业家创新日渐消失,并最终在清末民初整体性衰落。更多还原

【Abstract】 Jin Merchant refers to the businessman in Shanxi Province of china who were good at management in the period between 1450s and 1920s(from Ming to Qing dynasty).With its abundant capital,varieties of business programs and wide areas of marketing,Jin Merchant,paralleled with the Venice and Judah businessmen,is well known in the world business history.But Jin Merchant as a whole declined at the end of Qing dynasty or the beginning of National Republic of China.The authors assume that its ultimate reason be in the deficiency of protection of property rights.Jin Merchant had to choose some inefficient forms of property rights such as bribing government and investing in real assets because of the government’s robbing,the exterior impacts from foreign aggression and the turbulence from domestic insurgence.As a result,Jin Merchant was suffered,its capital was deficient for dealing with the business fluctuation,its spirit of innovation was totally lost,and finally,Jin Merchant came to its end at the beginning of National Republic of China.更多还原