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在对近代荣家企业的研究中,关于其20世纪20年代末到30年代初大规模投机的分析甚少。仅笔者搜集的财务资料记载就显示,荣家企业的投机交易历史长达18年(1921-1938),本文把荣家企业的投机活动划分为四个阶段:钱庄时期、操纵国内市场时期、国内交易所时期、国际交易所时期。经过对与荣家企业投机相关的财务资料的梳理和分析,本文认为:20世纪30年代,荣家企业爆发大危机的直接原因是国际期货市场投机失败造成的巨额亏损;间接原因则是企业大股东和高管大规模卷入投机交易活动,进而导致实业经营的混乱。荣家企业参与投机的动机,与其对异常动荡的原料和产品市场的风险控制意图相关。但荣家在投机的路上越走越远,偏离了实业基础,最终因为在国际期货市场上的惨重损失而致申新搁浅。
In the study of modern Rongjia enterprises, there is very little analysis of its large-scale speculation from the late 1920s to the early 1930s. According to the author’s collection of financial records, the history of speculation in Rong-Jia enterprises was as long as 18 years (1921-1938). This article divides the speculation activities of Rong-Jia Enterprises into four stages: during the Zhuang period, during the operation of the domestic market, Exchange period, International exchange period. After sorting out and analyzing the financial information related to the speculation of Rongjia enterprises, this paper argues that the direct cause of the great crisis of Rongjia enterprises in the 1930s is the huge loss caused by the speculative failure of the international futures market. The indirect reason is the large enterprise The massive involvement of shareholders and executives in speculative trading activities has led to confusion in industrial management. The motivation for Rongjia enterprises to participate in speculation is related to their intention of risk control on the abnormally volatile raw materials and product markets. However, Rongjia went farther and farther along the path of speculation and deviated from its industrial base and ultimately applied itself to running aground because of the heavy losses in the international futures market.