摘 要 近年來，關於中國社會關係網的研究成果層出不窮，政治學、社會 學、經濟學等領域均有相關成果的呈現，歷史學也不例外。然縱觀史學 界相關成果，關係網的研究大多側重於對關係網作用的描述和論證，很 少提及關係網背後的因素及其構建過程。實際上，關係網背後最重要的 是利益，利益是各種關係網背後的黏合劑。各類主體（無論是人，還是 團體）在聯絡和構建關係網時，企求有所回報成為一般的出發點。在這 裏，社會關係成為一種資本，聯絡和構建關係網成為一種資本投資。這 種現象，在學界被稱為「社會資本」。「社會資本」在近代中國政治、 社會、文化等領域均有表現，個案不勝枚舉。現僅以1920 年代北伐戰爭 時期山東嶧縣中興煤礦的兩次遭遇為中心，通過爆發性事件的闡述來揭 示企業平素賴以生存的各種社會資本力量，以及企業主動地、持續地建 構這些社會資本的過程及其背後的利益因素。

Abstract In recent years, an increasing number of articles and books have focused on Chinese social networks in disciplines from politics and economics to sociology and history. However, these studies have paid more attention to the description and demonstration of social networks, and less attention to the factors that lay behind them and the process of their construction. In fact, the most important factor in social networks is interests, and interests are what bind particular social networks together. When different subjects, whether a person or a group, constructed a network, they sought rewards from their action. Based on this understanding, social networks become a kind of “capital.” And the action of constructing a social network becomes an investment. This phenomenon has been called “social capital.” Indeed, there were numerous different kinds of social capital in modern China; here, I focus on the series of events that the Chung-hsing Coal Mining Company suffered during the Northern Expedition in the 1920s. Based on these abrupt events, I reveal different kinds of social capital that the enterprise relied on for survival. This article also explores the continuous and proactive process of the construction of the social capital by enterprises. Finally, this analysis reveals the interests that lay behind the social capital.