Westernization Movement (1860-1894) Corporate Finance Thought

Westernization Movement is the beginning of the process of China's Modernization, and establishing of modern enterprises is one of important aspects of this movement, the beginning, development and evolvement of these enterprises institution reflect particular characteristics of the procession of Chinese Modernization. The research about corporate financing of Chinese modern enterprise can give helpful suggestion to today's Chinese national enterprise reform. Especially, the enterprise of "Officer Supervision, Merchant Management"(GUANDU SHANGBAN) in China's early industrialization not only is the extension of Chinese traditional government domination in the transition time, but also is the new stage of imitating western modern enterprise institution in social production. Using this mirror, we can find the success and failure in the development of Chinese modern enterprise, and provide the useful suggestion for Chinese reformation, reducing the cost of the reformation and improving the efficiency of Chinese reformation.Based on the modern theory of corporate financing, I discuss the characteristic of corporate financing in the period of Westernization Movement in two aspects, namely internal and external financing. The first three parts discuss the characteristic of corporate financing in different stage, analyses the procession of modernization thought of Western Movement and the two stags of the enterprise institution in Western Movement, that is the stages of the government-run military industrial enterprise and the merchant-run industrial civil enterprise, according to this, I discuss the development of the financing thought in this transition process. Chapter Five and Chapter Six discuss the financing characteristic and shortage of the "Officer Supervision, Merchant Management"(GUANDU SHANGBAN) enterprise, which is the most important enterprise institution in Western Movement, Furthermore, the flow of enterprise capital from enterprise to government has great negative effect on enterprise financing. Chapter Seven discusses the financing thought of stocks and the "Fixed Interest System"(GUANLI ZHIDU) in financing process. On one hand, this I have analyze the relationship between the development of the stock market and the financing thought of enterprise in Western Movement; on the other hand, 1 analyze the financing thought in the "Fixed Interest System"(GUANLI ZHIDU) and the effect of this system to the enterprise financing procession and financing mode. And the Chapter Eight is the conclusion, provides some suggestion to the corporate financing in Western Movement.