19世纪后半叶,中国出现了发展资本主义的契机,中国商人开始由传统向近代迈进。遗憾的是中国并没有发展为资本主义,中国商人也没有成为近代商人。本文从投资观念、组织与经营方式、股份制经营的实与虚等方面分析了民初中国商人的趋向和特点以及对资本主义发展的影响。深刻分析这一历史问题,不仅使人了解中国经济的历史,而且对当代中国经济社会的发展有积极意义。 In the second half of the 19th century, there was an opportunity for China to develop capitalism. Chinese businessmen began to move from tradition to modern times. Unfortunately, China did not develop into capitalism, and Chinese businessmen did not become modern businessmen. This article analyzes the trends and characteristics of Chinese businessmen in the early Republican China and their impact on the development of capitalism from the aspects of investment concept, organization and management methods, and the reality and deficiency of joint-stock management. A profound analysis of this historical issue not only gives people an insight into the history of China’s economy, but also has positive significance for the economic and social development in contemporary China.