金城银行公债经营与风险管理(1917~1937)

Government Bonds Operation and Risk Management of Jincheng Bank(1917-1937)

金城银行是近代中国金融市场结构中商业银行和民族资本金融业的一个典型代表,在其成立之初,受制于政治需求与超额利润,金城银行将相当比例的资金运用于购买政府内债与借款,虽然银行从中获取高额利润和优厚股息,但其经营者们深知这种过分“与政府结缘”的资金运用方式潜藏着巨大风险,并与现代商业银行的持续性、稳定性经营理念相悖。但固于政治与社会因素,作为“北四行”之首的金城银行仍持有相当比例的政府内债,因此对于政府内债买卖始终持谨慎态度。金城银行通过设立丰大号实行“一级多头”式内债制度管理,并另设“证券科”作为代理内债经营的中间业务机构,以实现对公债经营风险的有效规避。同时,金城银行利用自身分支行覆盖广的优势,收集多地市场中有关于政局、军事、金融市场等消息,以便对购入内债进行实时、严格的风险监控及管理。虽然操作中不乏投机色彩,但金城银行在政局变动频繁时期能够稳定经营并实现收益增加,这对目前资管新规过渡期内的理财子公司的设立与经营、金融机构风险管理与规避和银行稳定性经营具有重要的借鉴意义。

Jincheng Bank is a typical representative of commercial banks and national capital financial industry in modern China's financial market structure.At the beginning of its establishment,subject to political needs and excess profits,Jincheng Bank used a considerable proportion of funds to buy government bonds and loans.Although the bank obtained high profits and generous dividends,its operators are well aware that this excessive"affinity with the government"way of fund utilization means huge risks and runs counter to the sustainable and stable business philosophy of modern commercial banks.However,due to political and social factors,as the first-ranking of the"North Four Banks",Jincheng Bank still holds a considerable proportion of government bonds.As a result,it has always been cautious about the trading of government bonds.Jincheng Bank implements the management of"one-level multi head"domestic debt system by setting up Fengda,and sets up another"Securities Section"as an intermediary business agency for government bonds management,so as to effectively avoid the risk of public debt operation.At the same time,Jincheng Bank takes advantage of its wide coverage of branches to collect information about the political situation,military and financial markets in many markets,so as to conduct real-time and strict risk monitoring and management on the purchase of domestic bonds.Although there is no lack of speculation in the operation,Jincheng Bank can operate stably and increase its profit during the period of frequent political changes.All above has important reference significance for the establishment and operation of financial subsidiaries,risk management and avoidance of financial institutions and stable operation of banks during the transition period of the new asset management regulations.