【摘要】 1907—1913年,清末民初中国最重要的重工业企业、中国第一家采用新式机械设备进行大规模生产的钢铁联合企业"汉冶萍煤铁厂矿股份公司"在盛宣怀主持下面向社会大规模招股集资,以解决自创办以来的资金困境并谋求扩大生产规模。这一经济运作的实质是该企业资本的社会化过程。然而,历经数年的招股却未能达到预期目标,公司财政窘境亦未能缓解。汉冶萍公司招股遇挫,是近代中国工业化进程中关乎国家制造业之本的重工业企业遭遇资本社会化难题的典型案例,有自身经营亏损、股市风潮影响、时局动荡金融市场不稳等多方面原因,还与国家未能对重工业发展给予强有力支持密切相关。其后果是公司不得不依靠借贷维持运转,续借外债愈加频繁,欠下巨额债款,由此给公司埋下致命隐患。更多还原

【Abstract】 During 1907 and 1913, the first steel joint enterprise in China to use new machinery and equipment for mass production,"Han yeping Coal Iron and Mining Co., Ltd."to raise funds for the social mass offering, in order to solve the financial difficulties since its inception and seek to expand the scale of production.The essence of this economic operation is the socialization process of the capital of the enterprise. The collapse of the IPO of Han yeping Company is a typical example that capital socialization of heavy industrial enterprises which are the foundation of the national manufacturing encountered difficulties in the process of industrialization in modern China. There are many reasons, such as their own operating losses, the influence of stock market trend, and the unstable financial market instability, etc. As a result, companies have to rely on borrowing to keep operating, which bury the company with deadly pitfalls.更多还原