晚清时期的豆品期货市场——以东北辽河流域为中心

The Futures Market of Beans in Late Qing:An Investigation Centered in the Liao River Area in Northeast China

早期的期货市场起源于粮食交易。晚清时期,东北作为新开发地区,豆货产销和出口贸易构成了其经济发展的主要推动力。由于农产品生产、流通与货币交易具有极强的季节性,在现货交易达到一定规模之后,逐渐发展出以远期合约或期货交易为特征的期货市场。东北的豆品期货广泛存在于口岸市场、大集散地市场、产地集散市场和产地市场四级市场网络之中。期货交易主要有批买卖和期粮两种形态,其中尤以集散中心的期粮交易更为重要。期货市场的信用凭证有类似本票的飞子、类似交易合同的批帖与条子等形式。期货市场的基本机能主要体现在价格创造和金融信用分配方面。当时的豆品期货市场不仅发展到相当的水平,而且支撑着整个集散市场乃至外贸体系的有效运行。进入20世纪,随着外国势力的入侵和政府的干预,豆品期货市场乃至整个市场体系的运转和秩序都遭到了很大破坏。

In the late Qing period,the production,trade,and export of beans became the main engine of the local economy in Northeast China,a newly developed region.Due to the seasonal cycle of agricultural production,transportation and trade,a futures market gradually developed in Northeast.The futures of beans in Northeast widely existed in the four-level market system,namely the treaty ports,major distributing markets,production and distributing markets,and production markets.The basic functions of the futures market largely lie in the creation of prices and distribution of financial credits.At that time,the futures market of beans had developed to a quite high level;moreover,it supported the effective practice of the whole distributing market system and the export system.After entering the twentieth century,with the foreign invasion and the government intervention,the practice and order of the futures market of beans and even the whole market system were significantly undermined.