In 1711, British Parliament chartered the South Sea Company, a public–private corporation chartered to reduce the cost of government borrowing by swapping illiquid short-term government debt for tradeable shares of the South Sea Co. To attract subscribers, the government also awarded the South Sea Co. an international monopoly in the trade of African slaves to Spanish America—the Asiento de Negros. This paper considers the extent to which Asiento-related slave trading was profitable for South Sea Co. shareholders and beneficial to the British financial revolution between 1713 and 1743. First, we use historical financial data to estimate the parameters of a capital asset pricing model of excess returns for South Sea Co. shareholders. We find that the Asiento contract increased risk-adjusted excess returns on South Sea Co. stock between 18 and 24% per year. Second, we estimate profit margins in the South Sea Co. Asiento slave trade. These show a stark positive correlation with company share prices before and after the South Sea Bubble of 1720. Adding slave ship departures to the CAPM specifications confirms the direct contribution of slave trading to shareholder returns. We also find that the Asiento and Asiento-related slave trading increased central government fiscal surplus by 16%. This suggests that profitable slave trading by the South Sea Co. under the Asiento enhanced Great Britian’s fiscal capacity, which could be utilized to enhance a military capacity necessary for securing an empire.

1711年，英国议会成立了南海公司（South Sea Company），该公司是通过将流动性不佳的短期政府债务交换为南海公司的可交易股票来降低政府借贷成本的。为吸引订户，政府还授予了South Sea Co.是非洲奴隶到西班牙美洲贸易的国际垄断者-Asiento de Negros。本文考虑了与Asiento相关的奴隶贸易在多大程度上对South Sea Co.股东有利可图，并有益于1713年至1743年之间的英国金融革命。首先，我们使用历史金融数据来估算与之相关的资本资产定价模型的参数。南海公司股东的超额收益。我们发现，Asiento合同增加了South Sea Co的风险调整后超额收益。每年18至24％之间的库存。其次，我们估算了南海公司Asiento奴隶贸易的利润率。这些表明与1720年南海泡沫之前和之后的公司股价有着明显的正相关性。在CAPM规范中增加了从属船舶的离场，证实了从属贸易对股东回报的直接贡献。我们还发现，与Asiento和与Asiento相关的奴隶贸易使中央政府的财政盈余增加了16％。这表明，南海公司在阿森托（Asiento）的领导下有利可图的奴隶贸易提高了大不列颠的财政能力，可以用来增强建立帝国所需的军事能力。这些表明与1720年南海泡沫之前和之后的公司股价有着明显的正相关性。在CAPM规范中增加了从属船舶的离场，证实了从属贸易对股东回报的直接贡献。我们还发现，与Asiento和与Asiento相关的奴隶贸易使中央政府的财政盈余增加了16％。这表明，南海公司在阿森托（Asiento）的领导下有利可图的奴隶贸易提高了大不列颠的财政能力，可以用来增强建立帝国所需的军事能力。这些表明与1720年南海泡沫之前和之后的公司股价有着明显的正相关性。在CAPM规范中增加了从属船舶的离场，证实了从属贸易对股东回报的直接贡献。我们还发现，与Asiento和与Asiento相关的奴隶贸易使中央政府的财政盈余增加了16％。这表明，南海公司在阿森托（Asiento）的领导下有利可图的奴隶贸易提高了大不列颠的财政能力，可以用来增强建立帝国所需的军事能力。