Abstract: Based on historical records from Huizhou, this paper calcula tes the annual ratio of investment and profit on the absolute sales of paddy land was 6 67% prior to the Qianlong period Meanwhile, in the Ming- Qing dynasties, five ordinary examples of commerce in Huizhou demonstrate that the rate of return on investment ranged from 9 to 18% Purchasing land was one way to invest surplus capitals with the principle and interest safeguarded against price inflation .This was different from commercial investment that a mi ed at higher rates of return .The paper also examines two types of land investment in Huizhou prior to the Qianlong reign, land rent and rent on land that been conditionally sold ( dianmai ) .The annual ratios were 25 73% and 23 49% respectively, but this kind of investment was exceptional and very volatile.

摘要： 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。