标会的风险约束机制

Risk Control Mechanisms for the Bidding ROSCAS

民间标会存在有其合理性和必要性的一面,但也潜藏着较大的倒会风险。其风险约束机制失效的原因主要包括标会规模太大、"以会养会"、会头的垫款保证能力软约束化及对透标会脚的惩罚机制缺失。应从建立严格的内部风险约束机制,降低不守信的违约收益;建立健全的外部风险约束机制,增大不守信的违约成本;严禁"以会养会"的投机性标会等方面着手,建立有效的风险约束机制。

The Bidding ROSCAS（Rotating Savings and Credit Associations）are reasonable and necessary, but they have large potential financial risks at the same time. The paper will analyse the reasons for the Bidding ROSCAS‵s failure risk control mechanisms, then propose specific measures for the establishment of the risk restraint mechanisms of the Bidding ROSCAS, which include （1） establishing strict internal risk control mechanisms： reducing the benefit of default. （2）creating sound external risk control mechanisms： increasing the costs of default.（3）prohibiting Speculative Bidding ROSCAS.