民国时期华资银行业经营政府公债的风险管理研究(1912~1937)

The Research on the Risk Management of Government Bonds in Chinese Banking Industry during the Republic of China(1912-1937)

晚清民国时期政府因财源紧张面向金融市场发行了大量公债,在政府公债发行与交易中逐渐兴起的华资银行业起到了重要作用。华资银行业无论是在金融市场买卖公债,还是受于政治约束承押政府公债均面临一定的风险。随着金融市场的发展与变迁,华资银行业经营公债的风险规避手段也更加多样化和制度化。基于风险控制考量对于额度较大的公债买卖,采取银行团联合承销、调整投资方向等以求分散经营公债的风险。为了应对不断出现的经营公债风险,华资银行业内部逐渐完善自身防范风险机制,银行业逐渐协同经营政府公债并形成了应对经营风险的公债担保正式制度与非正式制度设计与安排。

During the late Qing Dynasty and the Republic of China,the government issued a large number of public bonds to the financial market due to financial constraints.The Chinese banking industry has gradually emerged in the issuance and trading of government bonds which has played an important role.Whether it is actively underwriting government bonds or buying and selling government bonds in the capital market,or being subject to political constraints,the Chinese banking industry faces certain risks.The means of avoiding risks in operating public bonds in the banking industry are also more diversified and insti-tutionalized.Based on risk control considerations,for larger quotas,bank consor-tium joint underwriting and adjustment of investment direction are adopted to di-versify the risk of operating public bonds.In order to cope with the continuous e-mergence of operating public debt risks,the banking industry has gradually im-proved its own risk prevention mechanism,and the Chinese-funded banking in-dustry has gradually coordinated the management of government public debts and formed the formal and informal system design and arrangement of public debt guarantees to deal with operating risk.