明前期盐粮开中与国债市场的运行  

Kai-Zhong of Salt-Grain and the Operation of Public Debt Market during the Early Ming Dynasty

作　　者：罗冬阳[1] Luo Dongyang

机构地区：[1]东北师范大学明清史研究所,吉林长春130024

出　　处：《社会科学战线》2021年第10期84-95,282,共13页Social Science Front

基　　金：国家社会科学基金项目(20BZS054)。

摘　　要：明洪武朝确立的开中法,用政府控制的食盐交换商人手中的粮食诸物资,以供军饷等支出,因盐引这一延时支付工具的使用,从而不自觉地运用赤字财政、发展国债及国债市场。按洪武盐法,此国债市场仅有一级市场。永乐以后,因势要中盐禁例的突破,预颁勘合和代支流行,盐引交易的国债二级市场发展起来。此种发展的主动力,表面呈现为政府的屡屡兑付爽约,但实际上来自并受制于国家与商人间盐业利益分配的极限博弈。在此过程中,明朝政府曾以存积、常股的盐课(盐引)分类形式自我约束以保障信用,然因缺乏刚性制度约束,同时也因缘于元明转折所带来的社会经济政策断裂,明前期盐引所代表的证券和金融市场的发展较宋代远为倒退,其影响及于清前期,与同期英格兰的金融革命恰成鲜明对照。Salt license was a deferred payment of Kai-Zhong established in Hong-wu of Ming Dynasty by which the government sold salt under its control to merchants for grain to supply the troops.This practice of using deficit financing simultaneously developed the public debt market. There was merely a elementary market of salt license in Hong-wu and the secondary market as agency was growing popular in salt payment from Yong-le in such conditions as a breakthrough of salt prohibition and advance-issuing of granary receipt. The dynamic for the growing came apparently from the governmental default on payment,the last-ditch benefit game on salt market. During the process the government limited issuing Salt License with classifying the licenses into Cun-ji and Chang-gu to maintain the credit. But the securities and financial market were more involute during the early Ming than these of the Song,which even had affected these of the early Qing,forming a striking contrast to the financial revolution of England at the same period due to consequence of inefficient rigidity of institutional constraint and the rupture of social-economic policies occurred in the transition of Yuan to Ming Dynasties.

关 键 词：明前期 盐粮开中 盐引 国债市场 极限博弈 元明转折 

分 类 号：K248[历史地理—历史学] F129[历史地理—中国史]