Liu Hong Bookkeeping Room :1931-1945,

The research about Liu Hongsheng enterprise and Liuhongsheng personal is very abundant in China now. However, it is relatively rare for the study of Liuhongji Accounting Office. This paper tries to base on the archival material of Liuhongji Accounting Office, guided by New Institutional Economics; analysis the financial statements of Liuhongji with modern accounting methods; summarize the abilities of earning, debt and growing and the effect of investment and operation management in Liuhongji Accounting Office. And then analysis the role Liuhongji Accouting Office played in Liuhongsheng enterprise with historical views. Finally, summarize the capital structure and evolution of logic of Liuhongsheng enterprise group.This paper attempts to use modern accounting financial analysis method to analysis of the Liuhongji Accounting Office. Starting from the empirical analysis, the paper tries to present the operating of Liuhongji directly through data. Summarize the enterprise management and operation system under the new institutional economics theory. The research bases on Liuhongji Accounting Office and Liuhongsheng enterprise, shifts to the operating activities of Chinese National Enterprises at that time; Summarized the internal and external reasons of poorly developed of Chinese National Enterprises.