信托业在中国的兴起——兼论“信交风潮”中的信托公司

The Rise of the Trust Industry in China—Including a Discussion of the Role of Trust Companies in the Trust and Exchange Panic

1921年信托业在上海兴起,并非商品经济发达后的自然结果,而是上海一地存银过丰而投资渠道有限情况下的畸形产物。由于设立信托公司的动机不纯,信托业刚刚兴起就偏离本业,或者与交易所联手从事股票投机,卷入“信交风潮”而导致败亡,或者以经营银行业务为主业得以继续生存,对于中国信托业而言,这并非一个良好的开端。

The rise of the trust industry in Shanghai in 1921 was not a natural result of the development of the commercial economy, but rather a lopsided product of the fact that there was too much money in Shanghai with only limited outlets for investment. Because the motives for establishing trust companies were not pure, from its very beginning the trust industry deviated from its main line of business, with trust companies either speculating in stocks along with the exchanges and going bankrupt in the Trust and Exchange Panic, or continuing on by shifting into banking. For Chinese trust industry, this was not a good beginning.