市场与政治之间的艰难平衡:近代上海银行业投资政府内债研究(1928～1931)

A Difficult Balance between Market and Politics: a Case Study of Modern Banking Investment into Government's Internal Debts in Shanghai(1928-1931)

1928～1931年间，围绕政府举债，在与南京国民政府之间反复博弈、艰难权衡的基础上，上海银行业通过承借政府债券押款和直接投资政府债券等方式承受了巨额的债款。在维系自身正常营运并获取相应收益的同时，上海银行业与政府财政之间的利害关系日趋紧密。基于时局动荡以及过度投资政府内债的非合理性等考量，上海地区一些重要的银行机构在内债投资问题上所持态度始终比较审慎，并尽可能地采取一些必要措施来防范化解其中的风险隐患。

From 1928 to 1931 , Shanghai banking concentrated on government＇s borrowing , and shouldered the huge debt by bearing bond collateral loans and investing bonds on the basis of repetitive game with the Nanjing Nationalist Government .While guaranteeing the normal run and gaining the income ,Shanghai banking became increasingly close relation of gains and losses with government finance . Considering the instability and excessive investment in government＇s internal debts , some important banks in Shanghai held more scrupulous attitudes to investment into internal debt ,and took some measures to avoid the corresponding risks as far as possible .