Shanxi Piaohao and Shanghai Qianzhuang: a comparison of the two main banking systems of nineteenth-century China
研究了山西票号和上海钱庄的创建、发展及主要商业策略，比较了两者在治理、家族参与和业务实践上的差异，发现票号保守而钱庄冒险，源于不同地区的中介需求。
We investigate the creation, development, and main business strategies of Shanxi Piaohao banks and Shanghai Qianzhuang banks. We also detail the characteristics associated with governance and family involvement in these different banking systems, and compare the two systems to illustrate differences in business practices. Piaohao banks had very conservative business practices, and Qianzhuang banks had very risky business practices. These differences arose from different intermediation needs in the two regions, and they were associated with different governance and ownership structures, which led to substantially different methods for dealing with potential agency problems.