中国近代官办企业的融资变化  

The Financing Changes of Government-run Enterprises in Modern China

作　　者：李彦超 Li Yanchao

机构地区：[1]中央财经大学博士后科研流动站

出　　处：《复印报刊资料（中国近代史）》2021年第11期55-67,共13页MODERN HISTORY OF CHINA

摘　　要：中国近代官办企业的融资方式随政局变化与社会转型而不断变化。近代官办企业最早的融资方式是官款,之后受投资领域拓宽、财政的持续恶化等因素影响,又出现了吸纳社会商股、钱庄借款、外国借款、银行贷款等多元形式。官办企业的融资结构在1872年之前以官款为主,此后兼用吸纳社会商股、钱庄借款等;甲午战争后至北洋政府统治结束前,官款锐减而外债居高不下;南京政府官办企业的融资结构主要是由中央财政和国家行局贷款构成。官办企业的融资以财政为基础,社会融资能力较差,内源性融资不足,融资形式的选择主要是基于资金的可得性。The financing methods of government-run enterprises in modern China have been constantly changing with the regime change and social transformation.The earliest financing method of modern government-run enterprises was official funds.Later,affected by factors such as the expansion of investment fields and the continuous deterioration of finances,they developed multiple forms including the absorption of social business stocks,bank loans,foreign loans,and bank loans.Prior to 1872,the financing structure of government-run enterprises was dominated by official funds,and then used to absorb social stocks and bank loans;after the Sino-Japanese War of 1894-1895 until the end of the Beiyang government,official funds dropped sharply and foreign debt remained high;Nanjing government government-run enterprises the financing structure is mainly composed of central treasury and national bank loans.The financing of government-run enterprises is based on finances,with poor social financing capabilities and insufficient endogenous financing.The choice of financing methods is mainly based on the availability of funds.

关 键 词：官办企业 融资形式 融资结构 融资特征 

分 类 号：F83[经济管理—金融学]