高价值与证券化:宋代度牒发行演变考

High Value and Securitization: A Study on the Evolution ofIssuance of Dudie in Song Dynasty

宋代形式上继承了唐代度牒制度,不过宋初之际,度牒的发行还极为有限,北宋中期以后,随着财政压力不断加大,度牒的发行日趋增加。但与唐代不同的是,宋代度牒的发行与交易出现了三个显著变化:(1)长期来看,宋代度牒的发行价处于不断上涨的态势,并在一定程度上充当了有价证券的功能;(2)宋代不仅以买卖度牒方式增加财政收入,还将度牒用于救灾实践;(3)宋代度牒发售并未造成僧人数量的大幅度增长,亦未出现类似唐代伪滥僧的问题,这与宋代度牒的高价值和“证券”化有着密切关系。

The Song dynasty inherited formally the Dudie system(Dudie means a monk’s or nun’s certificate issued by the government)from Tang dynasty,but at the beginning of the Song dynasty the issuance of Dudie was still very limited.After the middle of the Northern Song dynasty,with the increasing financial pressure,the issuance of Dudie also gradually increased.But different from Tang dynasty,three significant changes appeared in the issuance and trading of Dudie in Song dynasty:(1)for a long time,the issuance price of Dudie in Song dynasty kept rising continuously,and to some extent,it served as the function of negotiable securities;(2)In Song dynasty,the authority not only bought and sold Dudie to increase the fiscal revenue,but also used it to relieve disasters.(3)The issuance of Dudie in Song dynasty didn’t result in a significant increase in the number of monks,and also didn’t cause the problems similar with Tang dynasty of fake monks.This was closely related with the high value of Dudie and its“securitization”.