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

本文的研究对象是对19世纪末20世纪初英国海外证券投资这一堪称第一次证券投资全球化的事件进行梳理。本文的研究分为两个部分：首先，明确了英国海外证券投资的一些特征。虽然英国的资金是在全球范围内投资的，但英国的资本输出在接受国、行业和金融工具上具有集中的特点。关于受援国，美国、加拿大、阿根廷、澳大利亚和印度在1865年至1914年期间总共吸收了55%的首都。英国海外投资的两大投资渠道是政府债券和铁路证券，合计占总投资的68%。英国资本通过债券、普通股、优先股和票据的方式输出。固定利息债券(债券68%，优先股6%)占所有资本的74%，股票占23%，票据占3%。其次，我们对作为海外投资主体的证券投资者的一些特征进行了推定。关于它们，没有直接的数据。然而，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。从在外国和大英帝国经营的企业的股东中伦敦人占50%以上的事实可以推定，许多海外投资者在伦敦是纯粹的投资者和商人阶层。因此，它证实了伦敦的投资者存在着一种强烈的偏见，即相对于国内企业的投资，他们更喜欢海外投资。

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.