农村资金互助社的最优互助金规模研究

Optimal Size of Rural Mutual Funds

基于四川省两类农村资金互助社的微观信贷数据,采用固定效应模型定量回答了农村资金互助社的最优互助金规模。研究结果表明:信贷收益与互助金规模之间存在倒"U"型曲线关系,人均成本与互助金规模之间存在正"U"型的曲线关系,二者共同决定了互助金最优规模区间。独立社和内部社的互助金规模在1500-2800万元的区间范围相对合理,能有效的避免互助金规模扩大与社员内部"软约束监督"引致风险防范的两难困境。这一决策图谱对于指导农村资金互助社依靠其内生动力进行可持续保本微利运营具有重要的理论意义和现实指导价值。

Based on the micro credit data of two types rural mutual cooperatives in Sichuan province,this paper quantitatively analyzes the optimal size of rural mutual funds by the fixed effect model. The results show that： profit of credit and mutual funds exist an inverted ＂U＂curve relationship; per capita cost curve and mutual funds exist ＂U＂curve relationship,which determine the optimal size range of mutual funds. The scale of mutual fund of independent and internal society is relatively reasonable in the range of 150-280 million yuan,which can effectively avoid the dilemma of mutual fund expansion and ＂soft constraint supervision＂in members. It gives a great theoretical significance and practical value to guide the rural credit cooperatives to carry out a sustainable and guaranteed profit operation on the basis of their endogenous motivation.