Study on the Capital Accommodation of Shanxi Fabric Merchants in the Middle and Late Qing Dynasty—Centered on Commercial Documents
The original commercial documents provide the necessary basis for analyzing the sources and forms of funding for Shanxi fabric merchants in the mid and late Qing Dynasty.The actual process of commercial operations is characterized by uncertainty,including long business cycles,provision of credit to others,and delayed internal transfers that increase the risk of insufficient operating funds for Shanxi fabric merchants.In response,Shanxi fabric merchants actively participated in the construction and integration of a financing system based on traditional relationship networks.This system was primarily relied on capital loans from commercial firms and offers various forms of commercial credit.By adopting a business model that combines itinerant trade and sedentary merchant activities,the merchants were able to achieve more efficient capital allocation and financing,while simultaneously operating currency exchanges.A well-functioning financing system not only helps Shanxi fabric merchants reduce transaction costs and strengthen business connections but also facilitates the flow of funds in the market and contributes to the prosperity of the traditional commodity market.
Middle and Late Qing DynastyShanxi Fabric MerchantsCommercial CreditCapital LoanRelationship Networks
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