论文部分内容阅读
本文以粤海关档案为基础,从发行办法、公债观念、还款担保和影响因素等方面对广东省1894年息借商款和1905年广东公债的情况进行了翔实的考察,修正了一些不准确的数字,深化了对晚清公债问题的认识。这两次公债发行的整体设计较为合理,粤海关的承办工作也大体透明,在一定程度上避免了公债发行中留难勒索的弊端。两次发行公债,完成的借款数额不同,不宜以借款的用途(军费开支和地方实业)作为判断公债优劣的前提条件。实际借款数额的多寡,主要取决于认购人对政府还款担保的信心——即关税收入能否作为还款担保。庚子后列强掠夺关税收入,清政府关税自主权进一步丧失,还款担保信用低,是1905年广东公债发行失败的根本原因。
This article based on the Guangdong Customs archives, conducted a detailed investigation of the loan repayments by Guangdong Province in 1894 and Guangdong Bonds in 1905 from aspects of the issuance methods, the concept of public debts, repayment guarantees and influencing factors, and corrected some inaccuracies , Deepening the understanding of the issue of public debt in the late Qing dynasty. The overall design of the issuance of these two bonds was relatively reasonable and the undertaking of the Guangdong Customs was also largely transparent, to a certain extent, avoiding the drawbacks of extortion in the issuance of public bonds. Public bonds issued twice, the amount of completed loans is not appropriate to the purpose of borrowing (military spending and local industry) as a prerequisite to determine the merits of public bonds. The amount of actual borrowing, depending on the subscriber’s confidence in government repayment guarantees - that is, whether the tax revenue can be used as a guarantee for repayment. After Geng Zi plundered the tariff revenue, the Qing government’s further loss of tariff autonomy, low repayment guarantee credit, which was the fundamental reason for the failure of Guangdong public debt issuance in 1905.