Secondly, expanding strategy overstepped their actual ability;the scale of the modern private enterprise groups between 1912 and 1949 were not in pace with the rise and fall of whole economy.

• 二是发展过程中普遍存在的盲目扩张情况，集团扩张决策超越自身实力，规模发展和整个经济的兴衰存在时间差；