ECONOMIC GROWTH AND THE DEVELOPMENT OF FINANCIAL SYSTEM IN JAPAN AND CHINA,1868-1914

本课题的目的是研究银行在日本经济发展中的作用和中国，以重新评估格申克龙假说，该假说侧重于银行在后来者经济高速发展中的重要作用。研究结果如下：第一点，铁路、电力、燃气、纺织等主导行业的大企业通过股票市场融资。二是企业资本额越小，从银行贷款等债务市场融资的比例越高，这是这一项目的新发现之一，在《中国》中，我们可以看到外资银行和传统银行机构角色的新事实。研究的第一个结果是，在中国，外资银行不仅为对外贸易融资，而且还为筹集外债做出了贡献。第二个就是。对中国S的涉外金融业务，外资银行与传统金融机构是相辅相成的。我们还分析了1914年香港上海汇丰银行横滨分行的稽查报告。研究的结果是：第一，伦敦汇兑银行取代了一战前亚洲传统的贸易融资方式--“利息汇票”；第二，日本企业和美国企业一样，通过汇票从伦敦货币市场获得短期融资。

The purpose of this project is to research about a role of banks for economic development in Japan and China in order to re-assess the Gershenkron-hypothesis that focused on big role of banks for late-comer's high economic development.Regard to the Japanese case, we gathered and analysed a balance sheet indicated a finance structure of industrial enterprises in pre-war Japan. The result of the research are following ; The first point is that big enterprises in leading sectors, such as the rail road, the electric power, the gas, spinning industry, raised funds from a stock market. The second one is that the smaller an amount of capital of an enterprise, the higher a share of fund-raising from a debt market such as bank loan.This is one of new fact-finding of this project.We could find new facts about roles of foreign banks and traditional banking institutions in China. The first result of the research is that the foreign banks contributed to not only financing foreign trade but also raising foreign loan in China. The second one is that the. foreign banks and the tradi-tional banking institutions are supplememtary each other regards to China' s finacing foreign trade.We also analysed the Inspector Report of the Hong Kong Shanghai Banking Corporation Yokohama Branch in 1914. The result of the research are following ; The first one is that London Acceptanc had taken the palce of "Interest Bill of Exchange", traditional way of trade finace in Asia before the first world war ; The second one is that Japanese enterprises, like American enterprises, had acquired short-term finance from the London money market by the drawings of finane bills.