劉航琛（1896-1975），四川瀘縣人，廣泛投資經營企業，致力四川經濟的發展。就目前所見資料統計，其於1926-1949年間所創辦或投資之企業達104家，而由其出任董事長職務者有20家。本文主要利用檔案資料梳理劉航琛創辦利濟實業公司的歷程，並就企業經營與發展觀察其角色，作為個案研究。劉航琛一生投資的航運事業起於1926年的民生實業公司，繼於1938年投資重慶輪渡公司，復於1942年投資強華實業公司，促進川江航運發展，可謂不遺餘力；尤以長期挹注資金扶持民生公司發展，功不可沒。抗戰勝利後，劉航琛企圖經營沿海航運貿易。1946年創辦上海利濟實業公司，並先後出任總經理、董事長；惟利濟實業公司的經營未如預期，終因負債而歇業。觀察利濟實業公司的發展，深受政局不安的影響；然此一侷限，實為1949年前後民營航運企業普遍面臨的困境。利濟實業公司的傾覆，就劉航琛個人企業的經營而言，無疑是一大挫折；惟其雖身陷於經濟的窘困，尚可見堅強的意志與毅力，不失企業家的風範。

Liu Harng-chen (1896-1975) was an important Szechwanese entrepreneur. During 1926-1949, the number of enterprises he invested amounted to 104, among 20 of which he served as chairman. In terms of business classification, there are found four shipping enterprises, such as Min-shen Industrial Company, Chongqing Ferry Company, Ciang-hua Industrial Company, and Lee Che Industrial Co., Ltd. Besides, with funds from Chuankang and Chuanyan Banks, Liu Harng-chen gradually invested the Yangtze River shipping enterprises in Chungking. Especially in 1946, Liu tried to open up a new career situation in Shanghai, which has special significance to him. This paper focuses on the establishment of Lee Che Industrial Co., Ltd. In addition, it tries to observe the role of Liu Harng-chen while in business. This paper argues that it was a major turning point for Liu to have had concentrated on the coastal shipping trade with the founding of Lee Che Company in Shanghai after the Anti-Japanese War. Although he served as its general manager and chairman, the business was not as expected, due to the change of managers. Because of debts, the Lee Che Company was finally closed down. I think that the development of Lee Che Company was disturbed by the influence of the Civil War. However, most private shipping companies were then faced with the same difficulties during the Civil War. For Liu, it was a setback, not a business failure, and he still had and showed a strong belief in entrepreneurship.