20世纪30年代“商资归农”活动环境风险探析

Analysis of the Environmental Risks Faced by the Activity of "Commercial Capital Returned to Countryside" in 1930s

20世纪30年代"商资归农"活动处于两难境地与当时的多种环境风险因索密切相关。其一,自然环境方面,自然灾害不仅导致借款人信用风险加大,且间接增加了社会环境风险》其二,社会环境方面,战争不仅直接造成生命财产损失,而且间接影响到农村与银行——政府为筹集军费加征田陚、发行公债,一方面农民负担因之加重,另一方面银行因政府债信危机而难免受损I其三,制度环境方面,无效的土地产权制度及关税制度继续存在,合作社制度存在难以克服的缺陷,直接保障并监督商资的有效制度供给滞后,农村非正式制度环境对其产生严重排斥。

The dilemma of the activity of ＂Commercial Capital Returned to Countryside＂ in 1930s was closely related to various factors of environmental risks. First one was the natural environment. The natural disasters not only caused more credit risks of the borrowers, but also increased the social environmental risk indirectly. Second one was the social environment. Wars not only caused loss of lives and properties directly, but also affected rural areas and banks indirectly on the one hand farmers had a greater burden, on the other hand commercial banks had more risks from the Government＇s credit crisis, because the Government raised military spending by levying more land taxes and issued lots of public debts. Third one was the institutional environment. Ineffective institutions such as the land property rights institution and the tariff institution existed, the cooperative system had some formidable defects, effective institutions for protecting and supervising the business capita! lagged, and informal institutional environment in rural areas excluded the business capital greatly.