摘要
汇率如何影响债券发行是国际债券市场中的一个重要问题。本文以近代中国政府在伦敦发行的黄金债券和工部局在上海发行的黄金债券、白银债券为例,分析了汇率波动对债券发行条件和债券参与者的影响,以及汇丰银行和工部局规避汇率风险的各项措施。研究表明,汇率波动对上述两种债券的收益率具有显著性影响,白银债券的票面利率高于黄金债券的票面利率,这种利差一定程度上是用来补偿投资者因白银贬值引致的损失。作为中国债券的服务商、承销商、债权人代表和投资者,汇丰银行通过调低白银汇率、争取有利的借款条件、组织债券承销团和同时持有黄金债券和白银债券进行风险对冲等措施来规避汇率风险。工部局依据汇率预期,选择发行黄金债券还是白银债券来规避融资成本增高的风险。本研究可丰富汇率波动与国际债券发行的相关理论,有助于丰富近代中国外债史和工部局发债史的相关研究,有利于深化汇丰银行在近代中国金融活动中的代表性和独特性问题的研究。
How the exchange rate affects the issuance of bonds is an important issue in the theory of modern international bond market.This paper takes the gold bonds was issued by the modern Chinese government in London market,the gold bonds and the silver bonds were issued by the Ministry of Industry in Shanghai market as examples.The impact of exchange rate fluctuations on bond issuance conditions and bond participants were analyzed,and measures taken by HSBC and the Ministry of Industry to avoid exchange rate risks were also discussed.The results show that exchange rate volatility has a significant impact on the yields of these two bonds.The coupon interest rate of silver bonds was higher than that of gold bonds.This spread was largely used to compensate investors for losses caused by exchange rate fluctuations.HSBC,As servicing agent,underwriter,loaner representative and investor of Chinese bonds,evades exchange rate risk by lowering the exchange rate of silver,setting favorable issuing conditions and holding a certain proportion of gold bonds and silver bonds as hedging measures.According to exchange rate expectations,the Ministry of Industry chooses to issue gold bonds or silver bonds to avoid the risk of higher financing costs.This study can enrich the theory of exchange rate fluctuation and international bond issuance,contribute to the study of the accuracy and related issues of the object of study of the history of foreign debt in modern China and the history of bond issuance by the Ministry of Industry,and contribute to the study of the representativeness and uniqueness of HSBC in modern China.
出处
《中国经济史研究》
CSSCI
北大核心
2020年第3期18-37,共20页
Researches in Chinese Economic History
基金
国家社科基金重大项目“近代中国金融市场发展与运行研究”(批准号:16ZDA133)
宁波大学人文社会科学培育项目“近代中国出口产品质量提升的路径与困境研究”(批准号:XPYB19009)的阶段性成果。
关键词
汇率波动
债券发行
外债史
汇丰银行
Exchange Rate Fluctuation
Bond Issuance
History of Foreign Debt
HSBC
