【摘要】 通货膨胀不仅具有社会财富再分配的功能,对于经营货币资产的银行也有资源再配置的作用。1937—1949年通货膨胀,不仅使中国的存款日益向国家银行集中;更使一流商业银行的存放款能力大幅度萎缩,如果以黄金来衡量,存款实值降至不足战前2%甚至1%以下;放款能力更低于1%;存款日益活性化,资金运用捉襟见肘,金融中介、配置资源功能尽失,商业银行沦为"工商业的总账房"。为了使银行资产不被通货膨胀所无情吞噬,很多商业银行被迫转向保值经营,抗战时期保值经营的主要方式是买卖外汇、投资房地产和创办附属企业;战后保值经营范围更广,既有一定时期政策允许的黄金、外汇、股票、外国债券等买卖,也有打政策擦边球的各类投资兼投机活动。12年通货膨胀,使商业银行对中国近代金融、经济的影响力日趋式微,最后至无足轻重的地步,这是时代之不幸,也是中国金融业之悲哀!更多还原

【Abstract】 The functions of inflation include the reassignment of society, property and the banks that manage currency property. The inflation happened from 1937 to 1949 causing the savings in China to be more concentrated in the central bank. Furthermore, it shrank the depository ability of the top commercial banks. If we use gold to measure, the actual savings amount reduced to less than 2% or even lower than 1% of the counterpart during prewar and lending was lower than 1% of the prewar.The savings became more active and caused the lack of funds as well as the lost function of financial intermediaries. The commercial banks became the"General Accountant of industry and commerce". The banks’ influence to the economy was reduced during and after the war from the center and leading position before the war and became nothing at last. In order to protect the property of banks from destruction by inflation, many commercial banks were forced to value management. The range of post-war value management is wide, including not only trades of gold, currency, stocks and foreign bonds under the permission of policy, but also various investments and speculation at the edge of policy.更多还原