【摘要】 武昌起义爆发后，清廷统治岌岌可危。政治与财政危机交织，濒临崩溃的清政府为筹集军费，在举借外债无望之下，做出仓促筹发战争性质的爱国公债之举。危机之下，清廷财政资源动员与汲取能力极度虚弱，爱国公债募销过程中多数官民反应消极，只能依靠清朝亲贵及官员变相的捐纳。袁世凯回京担任内阁总理后，借用兵施压内廷隆裕太后及王公亲贵，迫使皇室财政以内帑购债与勒捐亲贵的形式强制摊销公债以解危局。辛亥革命的发生致使清廷陷入全面政治与财政合法性危机中，公债承销额远未达预期，爱国公债无法从根本上解决清廷财政与政治危机。清帝退位民国肇建，袁世凯以补充财政为名续发爱国公债。由于缺乏成熟的债券融资市场与财政信用，清廷及其之后的民国政府凭借其行政特权摊销公债。北京政府偿还时有中断，直至1921年进行大规模公债整理后方才全部置换为新债陆续予以清偿。爱国公债筹借与偿还过程成为理解辛亥鼎革政权剧烈变动时期国家财政治理与信用机制的样本。更多还原

【Abstract】 After the outbreak of the Wuchang Uprising, the rule of the Qing government was in jeopardy.With the political and financial crisis interweaved, and for the purpose of raising money, the Qing government on the verge of collapse made a hasty effort to raise patriotic bonds of a war-like nature when there was no hope of borrowing from foreign powers.Under the political crisis when the Qing government’s financial credit was in dire straits, most officials and citizens reacted extremely dismally and negatively to the raising and selling of patriotic bonds, thus the Qing government could only rely on donations from relatives and followers of the royal family.After returning to Beijing as Prime Minister of the cabinet, Yuan Shikai forced the royal finance to amortize the government bonds by pressuring Empress Dowager Longyu and princes and relatives of the royal family in order to solve the financial crisis.The patriotic bonds failed to solve the Qing government’s financial and political crisis because the raised amount of government bonds was well below expectation.After the abdication of the Emperor of Qing and the establishment of the Republic of China, Yuan Shikai continued to issue patriotic bonds in the name of supplementing finance.Due to the lack of a mature government bonds financing market and national financial credibility, the Qing government and the government of the Republic of China amortized government bonds only through administrative privileges.Thus, the Beijing government’s repayment of government bonds was often interrupted.It was not until 1921 that the Beijing government teased out the government bonds on a large scale and replaced them all with new bonds.The process of raising and repaying patriotic bonds has become a sample to understand the national financial governance and the credit mechanism during the period of drastic change of regimes after the Revolution of 1911.更多还原