民间标会组织金融行为剖析

Relatively High Interest Rates for Lender and Low ones for Borrowers:Case Study on Rotating Savings and Credit Associations

在中央一号文件多次强调农村金融创新的背景下,民间标会组织这种草根金融形式能否为我所用,是十分值得研究的问题。然而,标会的地下存在形态,为深入的研究制造了极大的阻力。作者通过多方努力,获得了福建省某县CR乡一个标会组织的详细资料。本文克服了标会利率核算的诸多困难,先计算了该会的平均储蓄、贷款利率;又借助利率与机制的横向比较,探讨了民间标会长盛不衰的原因。

The bidding ROSCAs play an important role in village life in part of China. Owing to its theoretically illegal role, thorough study of them lacks detailed data. With the help of some friends and relatives, the author fortunately got the chance to investigate one bidding ROSCA. This paper reasons that ordinary members lend and borrow at different interest rates and for the first time computes them. Comparing the results with other financial organizations in rural China, the paper locates some of the reasons for the popularity of the bidding ROSCAs.