民国时期公债与金融市场联动探究——基于公债收益率的视角  

Research on the Linkage of Public Bonds and Financial Markets of the Republic of China--Based on the Perspective of Public Bond Yield

作　　者：高美红 燕红忠[1] GAO Mei-hong;YAN Hong-zhong(School of Economics,Shanghai University of Finance and Economics 200433)

机构地区：[1]上海财经大学经济学院,200433

出　　处：《上海经济研究》2021年第8期117-128,共12页Shanghai Journal of Economics

基　　金：国家社科基金重大项目“近代中国金融市场发展与运行研究”(批准号:16ZDA133)阶段性成果之一;国家社科基金重点项目“中国近代证券市场信用机制研究”(批准号:18AZS019)的资助。

摘　　要：民国时期公债的发行是解决政府财政危机的重要途径之一,证券市场成为名副其实的“财政市”,同时也是证券市场发展的重要支撑。民国时期公债作为证券市场主要交易标的,其较强的投资稳定性和较为丰厚的投资收益性成为银行资金的主要投资对象,同时公债还具有货币发行准备、放款抵押等重要功能,在某种意义上成为金融稳定的压舱石,说明公债发行在一定程度上已经属于金融市场重要的一部分。通过银拆对公债收益率影响的分析,研究发现银拆对各种公债收益率的影响呈现差别化的特点,银拆对不同类型公债具有不同的解释能力,公债市场和金融市场之间存在较强的联动关系,两者在很大程度上是有融合的。The issuance of public debt during the Republic of China is one of the important ways to solve the government's financial crisis.The securities market becomes a veritable"financial market"and is also an important support for the development of the securities market.During the period of the Republic of China,public bonds is the main trading targets in the securities market,and their strong investment stability and relatively high return on investment becomes the main investment objects of bank funds.At the same time,public bonds also have important functions such as currency issuance preparation and loan mortgage.It has become a ballast stone for financial stability,indicating that the issuance of public bonds has to a certain extent already been an important part of the financial market.Through the analysis of the impact of interest rate on the yield of public bonds,the study finds that the impact of interest rate on the yields of various bonds presents differentiated characteristics.Interest rate has different interpretive powers for different types of bonds,and there is a strong linkage relationship between the bond market and the financial market.They are integrated to a large extent.

关 键 词：民国时期 公债市场 金融市场 银拆 公债收益率 

分 类 号：F129[经济管理—世界经济]