十九、二十世紀之交，美國工礦企業界對於中國的實業發展，有相當高的投資興趣，例如修築鐵路、開礦、架設電報線以及港口擴建的投資等等。這些實業投資多肇始於清末，而於民國建立之初有更大的投資熱潮。 民國初年美國對中國實業發展的投資，牽動各國對華市場的投資競爭，且又與中國內部政經情勢息息相關。本文探討民國初年由美國廣益公司（American International Corporation ）和裕中公司（Siems-Carey Co.）所參與的兩個大型公共工程：一、導淮與整治運河計劃。二、一千五百英哩鐵路計劃。這兩個投資案中，其一為具有人道主義精神的投資案，其二為牽涉鐵路工程龐大利益之投資案，兩者性質略有不同，然在中國的最後下場並無二致。本文擬藉由個案交涉之探討，分析民初美國企業在中國投資所面臨的政治、外交與經濟之特殊問題。

In the late nineteenth and early twentieth century, American Industrial entrepreneurs took great interest in China’s Industrialization. They invested in the works of buliding railways, driving minerals, erecting telegraph and improving the harbors. These industrial investments had begun since the end of Ch’ing Dynasty and reached higher development in the Republic China. American invested in the Republic China’s industrialization would coincide with the international competition in China’s market, and had the close relationship with China’s indigenous political and economic situations. This article indicates two American Corporations, American International Corporation and Siems-Carey Company which negotiated with Peking Government upon two engineering works. One is the project for improvement of Huai River and Grand Canal, which have the spirit of Humanitarian capitalism, and another one have the great profits for building 1,500 mile railroad. However, both cases would fail in the end. By analyzing the two cases, the author illuminates how the American investment involved in problem of politics and foreign affairs during the period of warlord China.