银行、票号兴替与清末民初金融变革  

The Substitution of Banks for Piaohao and Late Qing and Early Republican Financial Reform

作　　者：周建波[1] 曾江[1] Zhou Jianbo;Zeng Jiang

机构地区：[1]北京大学经济学院,北京100871

出　　处：《中国社会科学》2020年第8期178-203,208,共27页Social Sciences in China

摘　　要：金融发展与创新过程通常包括新金融业态的产生、发展以及替代旧金融业态的完整周期。清末民初,上述周期在银行进入中国并逐渐与票号展开竞争、最终完全替代票号的过程中得到明确体现。近代银行首先以外资银行形式进入晚清金融市场,在甲午战争后对票号形成巨大的竞争压力。本国银行于19世纪末20世纪初在外资银行的诱致下产生,至辛亥革命后迎来繁荣发展期,抢占了票号的大量市场,并最终完全替代了票号的金融功能,迫使票号彻底退出历史舞台。银行对票号的替代本质上是金融创新的结果,是近代新的社会生产条件下新金融业态相对于旧金融业态所具备的制度优势在竞争中发挥作用的结果,是金融近代化转型的重要表现。The process of financial development and innovation is usually a complete cycle consisting of the emergence and development of a new financial form and its replacement of an old one.At the end of the Qing dynasty and in the early Republican period,this cycle can be clearly seen in the process by which modern banks entered China,came to compete with piaohao(traditional Chinese banks),and finally completely replaced them.Modern banking first entered the late Qing financial market in the form of foreign banks,which exerted a huge competitive pressure on the piaohao after the first Sino-Japanese War.By the end of the 19th century and the beginning of the 20 th century,Chinese banks had emerged in response to the activities of foreign banks.Chinese banks flourished after the Revolution of 1911;they seized much of the piaohao market and finally completely replaced the financial function of piaohao,driving the latter from the stage of history.In essence,the substitution of banks for piaohao was the result of financial innovation,of the role played under the new conditions of modern social production by the competitive institutional advantages of a new financial form that replaced an old one;it constituted an important sign of financial modernization.

关 键 词：金融创新 金融业态 银行 票号 

分 类 号：F83[经济管理—金融学]