农村资金互助合作机制及其绩效阐释

An Explanation for Rural Mutual Financial Cooperative Mechanism and Its Performance

中国农村正规金融供给严重不足,促进了农村自发金融创新。农户资金互助合作社,就是这种创新的典型案例。基于一定社区或村组的、限于成员间不断借贷的资金互助,不同于世界范围内普遍存在的以轮转储蓄信贷协会(RoSCA)形式存在的互助会,是一种重复博弈。在满足成员的小额贷款需求方面的绩效显著,并有财务上可持续发展的能力。但是,它资金实力有限,并在股权设置等方面需要完善,最重要的是政府应该制定相应的法律法规,促进其更加规范化发展。

Formal financial services in rural areas in China are obviously insufficient, which results in self-financial innovation. Rural mutual financial cooperative （RMFC） is a typical case of those innovations. It＇s based on community, village and membership and differs from the ubiquitous Rotary Savings Credit Association （RoSCA）. RoSCA indicates a one time game, but RMFC shows a repeated game. RMFC has achieved outstanding performance in satisfying its members＇ demand for small loan and fostered financial sustainability. However, its financial strength should be increased unceasingly and its shareholding system should be improved gradually. Especially, correspondent laws and regulations should be formulated by the government so as to accelerate its normalized development.