从山西票号看传统金融的近代化转变——基于与英格兰银行发展路径的比较视角

Modernization Transformation of Traditional Finance from the Perspective of the Shanxi Bill Firm:Comparison with the Development of the Bank of England

山西票号的创立和发展是中国传统金融发展过程中的一个重大创新,代表了中国金融体系的自主发展和演进路径。虽然在山西票号的发展过程中,也出现了类似于英格兰银行的发展因素,通过参与政府公共财政,并在金融市场中与政府进行策略互动,诸如代理国库、发行兑换券(纸币)和向国家银行的方向发展等;但由于官商关系、公共信用和财产权利的不同,山西票号的"官商结合"模式并没有形成一个新的稳态均衡和有效制度安排,进而未能促进公共金融和新式金融体制的建立,其近代化转变的尝试也没能取得成功。文章研究表明,公共信用、政府职能的转变和政府参与金融市场的方式不仅决定了金融体制的变革和转型,也是现代金融市场良好运行的基础和保障。

The establishment and development of the Shanxi bill firm is the significant innovation in the course of traditional financial development in China,representing the self-development and evolution path of Chinese financial system.In the development process of Shanxi bill firm,there has been development factors similar to the Bank of England,namely participation in government public finance and strategic interaction with the government in the financial market,such as the agent for the treasury,issue certificates(notes)and the role as the central bank.But owing to the differences in the relationship between officials and businessmen,public credit and property rights,the mode of the combination of officials and businessmen in the Shanxi bill firm did not form a new stable equilibrium and effective institutional arrangement and thereby could not promote the establishment of public finance and new financial system,and the modernization transformation of the Shanxi bill firm failed.It shows that public credit,the transformation of government function and the way of the government's involvement in financial markets not only determine the change and transformation of financial system,but also become the foundation and guarantee of the well-ordered operation of modern financial markets.