過去學者對上海商會領導層更迭的論述，往往不自覺地將商會領袖職位，視為權力的象徵，從愛國與不愛國、新派與舊派、浙江幫（或寧波幫）與非浙江幫等角度，來解讀領導人物的上下臺。本文觀察1902-1926年上海商會領導層的更迭，從以往被學者忽略的商會章程制度和商人任職意願，重新解析影響商會領導層更迭的因素及其意義。文中指出，商會領袖的地位固然尊崇，但其義務卻遠勝於權力。在上海商會建立以後近二十年間，商人一方面需忙於自身事業之經營，不願分心力於公共事務，一方面對於在政局動盪下處事艱難感到畏懼，因此對擔任商會職務不具高度意願，多持退讓、規避的態度。1924年和1926年，上海商會始爆發領導權之爭。但是，它卻非商幫間的權力競逐，而是外在政治勢力與內部派系糾葛下的權力競爭。上海總商會選舉陷入政治糾葛，也因此不能免於受外在政治勢力操控的命運。

Previous discussions on changes in the leadership of the Shanghai General Chamber of Commerce often simply assumed that leadership positions merely symbolized power, and examined leadership changes in terms of patriotism versus non-patriotism, new factions versus old factions, or the Zhejiang group (or Ningbo group) versus the non-Zhejiang group. This article reexamines the factors that influenced leadership changes in the Shanghai General Chamber of Commerce from 1902 to 1926 in light of the generally ignored issues such as the Chamber’s formal institutional system and businessmen’s willingness to serve. It thus throws new light on the significance of leading the Chamber, showing that though leadership was an honor, the duties incurred were more burdensome than the power conferred. For nearly two decades after the formation of the Chamber, businessmen concentrated on the management of their own enterprises and felt no desire to be diverted by public service. They also felt scared by the difficulties of dealing with Chamber affairs during a time of radical political instability, which left them reluctant to take up leadership positions. The struggles for leadership that erupted in 1924 and in 1926 did not represent an ongoing competition for power between different commercial groups. Rather, they stemmed from the intertwining of external political power with internal clique conflicts. When it became involved in political entanglements, the Shanghai General Chamber of Commerce soon fell under outside control.