Abstract: Founded in the late Qing Dynasty，Dasheng cotton mill is always the object of study of the concerned. Starting from the perspective of the modern theory of the firm，early features of Dasheng cotton mill in enterprise system seems to be divided into three: one is“non major shareholder”control enterprise's early features of property right system; the second is the characteristics of corporate governance structure of the “non professional ” manager stratum governance; the third is the “non surplus”to pay “dividends” early surplus distribution system characteristics. Investigation and analysis of the three features，not only for our understanding of the evolution of the early Dasheng cotton mill of the form and system of enterprises has a great help，and generation and origin for the discussion and interpretation of Chinese modern enterprise system has extremely important theoretical significance.