民国初年的善后大借款,作为中国近代史上三大借款之一,因其时代交错,过程复杂,争议颇多,近年来引起了包括中国学术界在内的国际学术界的高度关注。本文在前人研究基础上,旨在以资本输出为视角,对善后大借款始末进行系统地整理,以还原一个真切和合理的历史画面。在此下一小论,善后大借款是北京政府进行的迫不得已行为,而非单纯的个人利益之下的卖国行径。 In the early years of the Republic of China, as one of the three major loans in modern Chinese history, due to its complicated times and complicated controversies, it has caused great concern among international academic circles, including Chinese academia, in recent years. On the basis of previous studies, this paper aims to systematically sort out the aftermath of big loans from the perspective of capital output in order to restore a true and reasonable historical picture. In this next discussion, leniency after big loans is a last resort imposed by the Beijing government, not a mere secessionist act in personal interest.