倪嗣冲在1913年至1920年督皖八年期间,迅速积聚了大量的财富,不断在天津进行投资,投资涉及土地、工、矿、金融等。然而经过短短二十年,所有投资均告失败。本文通过对倪嗣冲投资活动的特点及失败原因的分析,拟揭示内外因素对北洋军阀投资活动的影响。 During his eight years between 1913 and 1920, Governor Ni Si quickly accumulated a great deal of wealth and continued to invest in Tianjin. Investments involved land, industry, mining and finance. However, after just two decades, all investments failed. This article analyzes the characteristics of Ni Si-Chong’s investment activities and the reasons for the failure, and intends to reveal the impact of internal and external factors on the investment activities of the Northern Warlords.