清末河套地区出现了一次水利开发的高潮，民间的地商和清政府在渠道经营上先后扮演了主角。在近代社会经济的发展过程中，制度的成功在于其适应能力。地商制度充分适应了河套的生态环境和汉蒙杂居的社会环境，最终在经营上取得了成功。而官营水利一开始便以刚性手段介入，忽视对基层社会的协调，再加上传统经营体制的腐败和无效率，尽管最后试图建立与乡村社会相适应的机制，但终归失败。 At the end of the Qing dynasty, there was a climax of water conservancy development in the Hetao area. The private land merchants and the Qing government played a leading role in channel management. In the modern development of social economy, the success of the system lies in its adaptability. The land merchant system has fully adapted to the ecological environment of Hetao and the social environment of the Han and Mongolian inhabitants, and has finally achieved success in operations. In the beginning, government-owned water conservancy began to intervene with rigid means, ignoring the coordination of grassroots society, coupled with the corruption and inefficiency of the traditional management system. Although it finally tried to establish a mechanism compatible with rural society, it failed.