| The academic study of foreign investment in modern China focuses on foreign investment and external debt for government and rarely involves the perspective from the China-funded enterprises and the angle of studying their introduction of foreign capital. The cotton textile industry, occupies a pivotal position in light industry development of modern China,and related writings are fruitful, but for the China-funded textile enterprises to introduce foreign investment activities, the existing studies are scattered, and have some obvious differences in opinions. This article intends to carefully combing the basis of historical information to describe the recent history of the China-funded textile enterprises to introduce foreign capital, as well as going deep into a case to try to explain why these enterprises would decide to introduce foreign capital.In this paper, based on statistics table of the modern China-funded textile enterprises to introduce foreign investment, the author gives details of the early introduction of foreign capital and those, in charge of the introduction of foreign investment, have different approaches and views. Then through the materials on the introduction of foreign capital points that there are three foreign parties, including Japanese foreign capital and many disputes exists after the introduction of foreign investment .Then after the overall statistics, the large-scale foreign capital borrowing existed during 1921-1922, the author tries to start the study from the facts in light of economic and financial environment and corporate finance at that time, then to restore the introduction procedure of foreign capital of these enterprises. And gives the uncomplicated analysis of the reasons which were mainly related to corporate financing difficulties, not only the internal management issues because of lack of effective funds, but also from the external view,the lack of effective financing system to meet the enterprise development. |
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