分类号密级
U D C 编号
硕士学位论文
学位论文题目：近代上海华资银行竞争性纸币发行研究
（1897-1935）
姓名李慧心
学号2020211169
学院经济学院
学位类别：学术硕士□专业硕士□同等学力
学科专业经济思想史
指导教师兰日旭
第二导师
提交论文日期：2023年5月12日
摘要
1897年，近代中国第一家华资银行成立。由于时代背景的特殊性，直至1935
年法币改革之前，中国民间许多银行都拥有自行发行纸币的权力。本文厘清这一
时期银行货币由竞争性发行至归于中央垄断的历史脉络，结合史实与理论，探寻
华资银行纸币发行情况演变的深层动因，并考察竞争性银行货币经营对货币金融
的影响，对以哈耶克为代表的自由主义经济学派关于支持银行竞争发钞制度的思
想做出一个验证。
近代中国华资银行纸币业务的发展情况，在各时期都具有不同的特点。在晚
清时期，华资银行业刚刚兴起，发钞权的获得较为容易，币种的多样性进一步加
深。民国后，北洋政府前期对国家银行的干预使得其发钞失当，造成了负面后果。
在中央政权呈现弱势的阶段，国内许多银行趋向远离政治的商业化发展，但也有
受地方军阀政府控制而滥发钞票的银行。在1935年，南京国民政府实施了法币
改革，取消金属本位，改为单一纸币制度，并将货币发行权收归于政府。在为研
究的进行铺设了全局的环境背景提要之后，本文更进一步地，指出其中上海地区
的“特殊性”，将关注点聚焦于上海“能够形成自由竞争”的华资银行业。1897年至
1927年，上海华资银行可以说处在自由市场竞争时期，这一时期形成了多元化
的发钞格局，但通过领券制度、联合发钞等方式，银行业内出现了发钞权的自发
集中化。1927年至1935年，则是上海银行业由自由市场竞争向政府垄断制度过
渡时期，银行业发钞业务出现了在政府引导下的被动集中化。本文将分别进行讨
论，抓住每一时期重要节点及事例，分析上海华资发钞银行体系变化的内在逻辑。
最后，本文将聚焦近代上海华资银行发钞机制，从银行层面和政府层面，分
析发钞权和发钞准备金变化的特征及其背后的缘由，以史料为主要参考依据，运
用货币制度相关理论和模型，得出在市场竞争中商业银行会趋向稳健发钞、维护
自身信誉的结论。指出可兑现纸币竞争发行确实能够通过稳定价格机制对货币金
融起到良性作用，但这种作用可能需要在一定条件下才得以实现。
关键词：近代；华资银行；钞票；竞争；自由主义
I
ABSTRACT
In 1897,the first Chinese bank was established in modern China.Due to the
particularity of the time background,many private banks in China had the right to
issue banknotes by themselves until the legal currency reform in 1935.This paper
reviews the historical context of bank currency in this period from competitive
issuance to centralized issuance,explores the deep motivation of the evolution of
banknotes issuance of Chinese banks by combining historical facts and theories,and
examines the influence of competitive bank currency operation on monetary finance,
thus verifying the thoughts of liberal economic school represented by Hayek on
supporting the competitive banknote issuance system of banks.
The development of paper money business of Chinese banks in modern China
has different characteristics in each period.In the late Qing Dynasty,the Chinese
banking industry had just emerged,and it was easy to obtain the right to issue
banknotes,which further deepened the diversity of currencies.After the Republic of
China,the early intervention of the Northern Warlord government to the national bank
made it improper to issue banknotes,resulting in negative consequences.When the
central government was weak,many domestic banks tended to stay away from
politics and commercialize,but there were also banks controlled by local warlord
governments that overissued money.In 1935,the National Government of Nanjing
carried out the legal currency reform,abolishing the metal standard currency system
and changing it to paper currency system.The central government issued banknotes
uniformly.After laying an environmental background summary for the study,this
paper further points out the "particularity"of Shanghai and focuses on the Chinese
banks that were "free to compete"in Shanghai.From 1897to 1927,Chinese banks in
Shanghai could be said to have been in the period of free market competition,during
which a diversified banknote issuing pattern was formed.However,through the
Banknote receiving system,joint issuing and other ways,there was a spontaneous
centralization of banknote issuing power in the banking industry.From 1927to 1935,
it was the transition period of Shanghai banking industry from free market
competition to government monopoly system,and the passive centralization of
banknote issuing business appeared under the guidance of the government.This paper
II
will discuss separately,seize the important nodes and cases of each period,and
analyze the internal logic of the change of banknote-issuing Chinese banks in
Shanghai.
Finally,this paper will focus on the banknote issuing mechanism of Chinese
banks in modern Shanghai,analyze the characteristics and reasons behind the changes
of banknote issuing power and banknote issuing reserve from the bank level and the
government level,and draw the conclusion that commercial banks will tend to issue
banknotes steadily and maintain their own credibility in the market competition by
using historical data as the main reference basis and relevant theories and models of
monetary system.At the same time,it is pointed out that competitive banknote
issuance can indeed play a positive role in monetary finance through stable price
mechanism,but this role may need to be realized under certain conditions.
Key words:Modern;Chinese bank;Banknotes;Competition;Liberalism
III
目录
第1章绪论...............................................................................................1
1.1研究背景及意义...............................................................................1
1.2文献综述...........................................................................................2
1.2.1相关史料依据.............................................................................2
1.2.2近代华资银行及其纸币业务发展历程研究............................3
1.2.3近代华资银行行为的经济学分析研究....................................4
1.2.4国外自由银行制度相关研究.....................................................5
1.3论文结构...........................................................................................5
1.4研究方法...........................................................................................6
1.5创新与不足.......................................................................................6
第2章近代中国华资银行业发钞概况..................................................8
2.1晚清新式银行的萌芽与混乱币制的承继......................................8
2.2北洋政府时期民营银行及其发钞业务的勃兴..............................9
2.3南京国民政府中央银行的设立与币制改革................................12
第3章自由竞争时期的近代上海华资银行业发钞体系....................20
3.1多元化发钞格局的初步形成........................................................20
3.2同业间的发钞合作.........................................................................24
3.2.1领券制度的兴起:中钞的推广.................................................25
3.2.2联合发钞的特例:“北四行”与四行准备库..............................27
第4章竞争向垄断过渡时期的近代上海华资银行业发钞体系........30
4.1中央银行纸币的迅速扩张............................................................30
4.2银行官办化与政府发钞主导权的加强........................................32
4.3发钞权统一于政府:法币改革.......................................................33
第5章近代上海华资银行发钞机制演变的理论分析........................35
5.1发钞权的演变.................................................................................35
5.1.1银行层面的原因.......................................................................35
5.1.2政府层面的原因.......................................................................37
5.2发钞准备金的演变.........................................................................39
5.2.1银行层面的原因.......................................................................40
5.2.2政府层面的原因.......................................................................42
5.3对货币金融的作用.........................................................................44
第6章结论与启示................................................................................47
参考文献...................................................................................................49