本文從資源整合與日常實踐的角度，考察擁有進士功名、翰林院經歷的商務印書館經理張元濟，成功轉型為出版業者的過程。本文認為，張元濟在戊戌政變中所受到的革職永不錄用處分，雖是使他絕意仕途的重要因素，卻不必然會將他推向從商的道路。除了個人機緣以外，清末重商思想的流行，使張元濟認識到結合商人力量從事啓蒙工作的重要性與可行性，而清末出版市場的大幅擴張，則是士商合作的原因與結果。
張元濟的翰林從商，並非一夕之變，而是長期累積經驗、人脈的結果。從代銷《時務報》、主持南洋公學譯書院與商務印書館編譯所，張元濟對翻譯書的行銷、製作、品管流程，有了比較清楚的認識。這些專業知識成為他後來主持商務館務的重要憑藉。
張元濟在商務印書館危急存亡之際，以錙銖必較、查察為明和多角化經營等策略，將局面穩定下來。他雖是商務印書館股東，但他之所以全心投入商務印書作的經營工作，並不是因為他將該館視為私產，而是因為他相信，商務印書館的永續發展，是他的文化理想得以持續實現的根基。

This Paper explores the changing career pattern of the Chinese literati in early 20th century through a case study of Zhang Yuan-ji, the manager of the Commercial Press, who was formerly a scholar in the prestigious Han-lin Academy.
Zhang apparently accepted his new career without hesitation. He could have been affected by the growing respect for business at the time, as well as the the hope that he could enlighten the people through the growing publishing market. Publishing offered a point of contact between the interests of merchant and scholars.
Zhang obtained a knowledge of book marketing and publishing through professional experience early career through such posts as sales agent for Shi-wu bao and director of the translation department of Nanyang Gongxue. Zhang began his career at the Commercial Press as a chief editor and business adviser. He became a manager in the 1910s when the company was in danger. By insisting on cost-controls, efficient management, and diversifying products and markets, he successfully led the company out of trouble successfully. Zhang worked as hard as possible for the company, not because he was himself a major stockholder, but because he saw it as a too to realize his cultural ideals.