The globalization of securities investment and investors in the early 20th century Britain.

20世纪初英国证券投资和投资者的全球化。

• 批准号: 15530218
• 负责人: INATOMI Nobuhiro
• 金额: $ 1.15万
• 依托单位: KYUSHU UNIVERSITY
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2003
• 资助国家: 日本
• 起止时间: 2003 至 2005
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-15530218/
• 关键词: British capital market; Overseas investment; Globalization; Securities investors

It is the object of this research to clear the facts of British overseas securities investment, which can be regarded as the first ‘globalization of securities investment', from the late 19th century to the early 20th century. The research is divided into two parts.Firstly, we has cleared some characters of British overseas securities investment. Although British funds were invested globally, British capital exports were characterized by concentration with regard to recipient country, industries and financial instruments. Concerning recipients, the United States, Canada, Argentina, Australia and India together absorbed 55% of the capital between 1865 and 1914. The two major investment channels for British overseas investment were government obligations and railway securities, together accounting for 68% of the aggregate capital invested. British capital was exported by means of debentures, ordinary shares, preference shares and notes. Fixed-interest obligations (debentures 68%, preference shares 6%) composed 74% of all capital ; equities representing 23% and notes 3%. In this way, British capital were characterized by these concentration.Secondly, we has tried to presume some characters of the securities investors, who were main players in overseas investment. Concerning them, there is no direct data. If we assume the overseas investment reflected the income level of the middle classes directly, however, 40% of the funds for overseas investment came from London. From the fact that Londoners composed over 50% of stockholders for the enterprises that operated in foreign countries and the British Empire, it can be presumed that many of overseas investors were pure investors and merchant class in London. Therefore it has confirmed that there was a strong bias that investors in London preferred overseas investment to investment for domestic enterprises.

本文的研究对象是19世纪末至20世纪初英国海外证券投资的史实，这可以被视为第一次“证券投资全球化”。本文的研究分为两个部分：第一部分，明确了英国海外证券投资的一些特点。虽然英国的资金投资于全球，但英国资本输出的特点是集中于接受国、工业和金融工具。在接受国方面，美国、加拿大、阿根廷、澳大利亚和印度在1865年至1914年间共吸收了55%的资本。英国海外投资的两个主要投资渠道是政府债券和铁路证券，占总投资的68%。英国资本通过债券、普通股、优先股和票据等形式输出。固定利息债务（债券68%，优先股6%）占所有资本的74%;股票占23%，票据占3%。第二，我们试图对作为海外投资主体的证券投资者的一些特征进行假设。关于他们，没有直接的数据。如果我们假设海外投资直接反映了中产阶级的收入水平，那么40%的海外投资资金来自伦敦。从伦敦人在外国和大英帝国经营的企业中占50%以上的股东这一事实可以推测，许多海外投资者是伦敦的纯粹投资者和商人阶层。因此，这证实了伦敦投资者偏好海外投资而不是投资国内企业的强烈偏见。