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清代徽州购买水田(绝卖)的年度投资回报率仅为6.67%,而所举五个一般商业投资实例的年度投资回报率则在9—18%之间。这是因为,购买土地是对剩余生活资金所作的一种保本、保值式投资,与以赢利为目的的一般商业投资性质不同。交租式与交地式土地典当的年利率,则分别为25.73%和23.49%。这是一种特殊而不稳定的投资方式。受当方只获得抵押权,而未获得产权。其受当田地,要么被赎回,要么演变为绝卖。
The annual return on investment (100%) in Huizhou during the Qing dynasty was only 6.67%, while the annual return on investment for the five general business investment examples was between 9-18%. This is because the purchase of land is a form of capital preservation for the remaining living capital, and hedging investments are of a different nature from the general business investment for profit. The annual interest rates of payslip and land parcels are 25.73% and 23.49% respectively. This is a special and unstable way of investing. Subject to receive only the mortgage, but did not obtain property rights. Its subject to the field, either redeemed, or evolved into a bargain.