地租与田价:明代徽州地区的土地金融

Land Rent and Field Pric Land Einance in Huizhou durinng the Ming Dynasty

本文将实物地租转化为可计量的货币收益,并视为田价的利息,通过建立米价、利率数据库,发现明代徽州存在一个以土地收益权为核心的金融市场。投资者、借贷者围绕土地收益权展开交易,地租与田价之比随之成为投资者(债权人)的投资回报率,也是债务人的借贷利率。债务人平年享受低利率,灾年承担高利率;债权人平年只有低回报,灾年获得高回报,是为土地金融的基本特征。

In this paper,physical land rent is transformed into measurable monetary returns and regarded as interest on field prices.By establishing a database of rice prices and interest rates,it is found that there existed a financial market centered on the right to land revenues in Huizhou during the Ming Dynasty.Investors,borrowers and lenders traded around land revenue rights,and the ratio of land rent to field price then became the return on investment for investors cum creditors and the interest rate on borrowing for debtors.Debtors enjoy low interest rates in ordinary years and bear high interest rates in disaster years;creditors only have low returns in ordinary years and get high returns in disaster years,which are the basic characteristics of land finance.