| Bonds, as a new form of revenue, have been used by the Chinese Government for long-term in modern times. The Late Qing dynasty government created the origin that Chinese Government in modern times publicly raised the bond through the bond or the coupons to collect funds for finance breaking with the form of "interest-bearing loan". Since then the Beijing government, the Nanjing national government was repeatedly used debt as an important means to regulate the financial revenue and expenditure. At the same time, the operation of modern government bonds is closely related with the support of the financial markets. Due to the development of modern China's financial market is not perfect, especially the development of the complete financial bond market is relatively sluggish, the government always abandoned the "public law" and adopted an indirect way by financial institutions, particularly the Chinese-owned banks to be responsible for the bond issuance, the document, as well as paid. In the view of the long term interval evolution path of the modem financial history to see the process of the bond issuance, we can know that the banking industry and the bond evolution constituted a complex and diverse relationship. Modern government bonds have had a significant impact on whether the development of the government financial features or the changes of Bank's operations and system. However, scholars for a long time have concerned about the "bond" question itself, and explained "the debt on debt", especially in the government level and the financial point of view to explain. However, the theme of "debt and finance" has not caused enough attention and attention. Out of the existing research path to government bonds, banks and other financial institutions offering study bearing has become the breakthrough points. Therefore, this paper pays more attention to the evolution of modern bond "concept" cognitive "--the behavior choice" "institutional change", trying to know the complex relationship between modern bank industry and the government in the bond issuance, finishing, policy adjustment problems as well as the formation of induced institutional change they caused by in the "business bonds" perspective.Specifically, through banking bonds analysis and in banking perspective,from the bottom to the top of the vision to further observe the public debt policy and system specifications and process of adjustment. Through the banking bonds angle to look at modern silver political relations, as well as the historical image created by the modern national credit.From the origin of the spread of bond knowledge and the bond concept, we can know that in the modern significance, bond and the system connotation spread to China from the end of the Qing western learning dissemination upsurge in. "The bond" the knowledge has experienced the ancient and modern word meaning transformation and the Chinese and foreign docking history process. Bonds in China's introduction, the end of the Qing Dynasty Government, business people have had a significant impact. From the perspective of the evolution of modern public debt trajectory, the emergence and development of the external debt and foreign banks were earlier in the domestic debt and the Chinese capital banks. Under this unique background, the end of the Qing government contracted a foreign loan, which further stimulated the development of the foreign capital bank in China. As the practice of the late Qing government bonds and the founding of new Chinese capital banks, early Chinese capital banks started the operation of government bonds officially.Chinese capital bank industry manages the bond to receive the national debt policy, the silver politics system arrangement as well as environmental factor and so on modern negotiable securities trading market development influences. With the improvement of the national debt system and the financial environment, the Chinese capital bank industry plays an important role in the period of the Republic of China government bond underwriting. We can study the influence of bonds to banks from the perspective of the effect of debt on the development of banking industry. The measurement analysis proved that bonds had direct influence to the modern banking technology as well as the profit, but did not constitute a direct impact on the change of quantity. In the specific operation process, Chinese capital banks has launched multi-skill gambling with the government in the political, market and industry interests. The behavior that the banking industry manages the bond simultaneously plays a promoting role on the modern Chinese businessman stock market development and the system vicissitude. Correspond to the modern commercial bank, the establishment and development of the modern central bank bonds also closely associated with the government. The bond has become the important original source for the country to found the central bank. The central bank also received the authorization of the government bonds, bond trading manager public participation and participation in specific transaction of Bond Custody and so on. Limited to modern China's special financial development environment, from the effect of view, the concrete actual effect that the modern Central Bank regulates the financial market by the bond is relatively limited. The bond risk is another important question which the modern China Capital Bank management bond needs to face. Empirical measurement further indicated the modern banking industry manages the bond facing both market and the political risks.The bank industry deal with the risk of bond management mainly from the construction of the internal control system of selection and investment. In order to avoid the risk of bond, the bank industry itself also has carried on the multi-level organization structures, and the system design. Chinese capital banks had also been actively involved in government bonds finishing three times.The association of banks is an important force for debt consolidation. It also actively assist the banking industry and the government. At the same time, it contacts the merchant groups jointly to participate in the public bond arrangement and plan the bond funds to be stable, playing a link role in the bond arrangement. From the perspective of institutional change, the Chinese capital banks directly promote the construction of modern bonds' legal system and the establishment and evolution of national bond fund system in the process of managing bonds. In consultation with the Bank, the government established a new bond management organization, which is embodied in the construction silver politics of the "community of creditors and rights" in the system of innovation. From the perspective of credit debt, there is a close relationship between the bank managing bonds and the modern national finance and financial credit, which played a promoting role in the construction of national finance and financial credit. Modern Chinese bank industry manages bonds, which always lies in the pursuit of credit order. And it also put forward in the construction of modern Chinese national credit and the changes of the financial system in their specific process of operating... |
PDF Full Text Request