北宋交子新论——纪念官交子诞生一千年  

New Discussions on Jiaozi in the Northernn Song Dynasty-- Commemorating the 1000th Anniversary of the Birth of Official Jiaozi

作　　者：邱永志 冯全镇 Qiu Yongzhi;Feng Quanzhen

机构地区：[1]云南大学历史与档案学院,昆明650091 [2]云南大学中国经济史研究所,昆明650091

出　　处：《清华大学学报（哲学社会科学版）》2024年第3期61-82,243,共23页Journal of Tsinghua University(Philosophy and Social Sciences)

基　　金：国家社会科学基金项目“货币转型下明代信用发展研究”(22CZS034);北京用友公益基金会“商的长城”重点项目“货币转型视角下的明代信用研究与资料整理”((2020)Z07);云南大学哲学社会科学创新团队研究成果。

摘　　要：北宋四川交子的出现是金融史上的里程碑,学界对其研究积累甚厚,但仍有再探索的空间。交子的发展先后经历了私交子和官交子两大阶段。在私交子演化的过程中,交子逐步从商业票据蜕变成正式货币,不仅建立起适应市场需求的弹性发行机制,其资产、负债直接作用于商业经济,这有助于商业资本的积累,符合金融史的普遍逻辑。然而,私交子被整顿为官交子后,私交子户系统不仅被完全替代,且作用于商业经济的正向逻辑逐渐被塑造为主体服务于政府财政融资,堪称是金融史上的“另途”,这深刻影响了其后纸币演化的方向。交子被引介至西北地区,实质是在收兑发行机制下投放渠道的拓宽,并逐渐形成了财政发行的新机制。相较于传统其他纸币,这是一种独特的外部因缘拓展方式。官交子中的“天圣旧制”虽不乏众多优点,然难以有效应对发行机制拓宽、纸币增发带来的担保资产不足,以及货币市场动态变化引致的铁钱数量下降等难题。而且,管理模式的机械刚性,不仅使得交子发行难以有效根据市场的需求进行弹性调整,且在主体为财政融资的纸币发行背景下,该模式的崩溃和调整有了内在驱动力。南宋时期赵开新法下的钱引新模式因相当程度解决资产手段不足,灵活调度各种资源,适用了纸币巨量发行而又一定程度维持纸币的价值,从而开辟了宋代纸币发展的新方向。这一系列制度演化的逻辑,无不折射出宋代交子作为传统纸币先导的特性。The emergence of Jiaozi(交子)in Sichuan area in the Northern Song Dynasty was a milestone in the financial history.The academic community has accumulated a wealth of researches on it,but there was still room for further study.Its development has gone through two major stages:private Jiaozi and official Jiaozi.During the evolution of private Jiaozi,Jiaozi was gradually transformed from commercial bill to official currency,which not only established a flexible issuance mechanism to meet the market demand,but also directly affected the commercial economy with its assets and liabilities.It helped to accumulate commercial capital and aligned with the general logic of the history of commercial finance.However,after the reorganization of private Jiaozi into official Jiaozi,the private banking system was not only completely replaced,but also its positive logic played in the commercial economy was changed to serve the government financing,which was regarded as a different path in the financial history.It deeply affected the direction of the evolution of paper currency thereafter.The introduction of Jiaozi to the northwest region in China was essentially to broaden its issuance channels under the mechanism of collection and issuance,and form a new mechanism for financial issuance.Compared with other traditional paper currency,it was a unique issuance way affected by external factors.Although the paper currency system established between 1023 and 1032 had many advantages,it was difficult to effectively cope with problems of the asset deficiency caused by the widening of issuance mechanism and additional issuance of paper currency,and the decline in the quantity of iron coins caused by dynamic changes in the money market.Moreover,the rigid management model not only made it difficult for Jiaozi issuance to make flexible adjustment according to market demand,but also had an internal driving force for its collapse and adjustment in the context of paper currency issuance with fiscal financing as the main body.The Qianyin(钱�

关 键 词：交子 铁钱 钱引 钞引 天圣旧制 

分 类 号：F822.9[经济管理—财政学] K244[历史地理—历史学]