试论清末十年金融市场之嬗变

清末十年间，由于清政府每年对外偿付巨额借赔款，内地银两源源不断地被运往上海地区，且最终多进入外商银行手中。巨额银两的财政性流动，一方面导致国内金融市场银两流通量日趋匮乏，金融基础愈发脆弱，对外依赖程度不断加深：另一方面更加增强外商银行操控金融市场的实力。由于外商银行蓄意操纵或临阵收缩，加上其他种种复杂的因素，清末金融市场发生了数次风潮，且一次比一次间隔时间短，影响范围广，破坏程度强；同时也正是因为外商银行拥资自重，厚此薄彼及牟利操纵等原因，又造成了上海金融市场具有一些异常复杂的变化特点。巨额银两流入外商银行与清末金融市场变迁之问形成了一种复杂的恶性关系。这种关系进一步发展、演变，导致清末民初时期金融市场始终动荡不安，进而对社会变局的走向产生了严重的影响。

Transmutation of Financial Markets in the Last 10 Years of Qing Dynasty

A great amount of silver currency was continuously delivered to the foreign banks in Shanghai because of the indemnity of late Qing Government.As a result,on one side,the amount of silver currency in circulation was mostly contracted and independence of the financial markets was deeply decreased;on the other side,the power of foreign banks to controll the financialmarkets was greatly strengthened.All kinds of financial crisises frequently occurred,it even became more and more serious caused by the manipulation of foreign banksand other complicated factors;meanwhile,the changeable phenomena of the financialmarkets in Shanghai were more complicated..The financial unrest continuously happened as a result of the further development of the badly complicatedrelations between the foreign banks and the financialmarkets in the late Qing Dynasty,moreover,the trend of the social changes were seriously influenced.