金融抑制、金融创新与农民资金互助社发展

Financial Repression,Financial Innovation and the Development of Farmers' Mutual Fund Cooperative

从风险、交易成本和信息不对称三方面分析了农村金融抑制与供给不足的原因,阐释了商业金融在农村金融供给上无法克服管理成本与信息获取的劣势,而合作金融以其成员的自我管理、自我服务以及经营成本天然具备与信息对称的优势,在中国农村金融体系中具有不可或缺的基础性地位,是有效解决中国农村金融有效供给不足的必由之路。对农民资金互助社是否应该通过吸收内部社员的储蓄来提高自身的资金规模,以便能够为贫困农户提供更好的金融支持进行探讨,并分析了农民资金互助社在发展过程中所面临的内生性问题。同时,对农民资金互助社如何有效监管进行了简要分析。

This paper analyzes the reasons for rural financial repression and insufficient supply from three aspects including risk, transaction costs, and information asymmetry. The paper inter- prets the disadvantage of commercial finance in rural financial supply to overcome the difficulties of management cost and access to information. However, cooperative finance has natural advantage in information asymmetry due to the self management, self service and operation costs of its mem- bers, so it plays fundamental and indispensible roles in rural financial system, and it is the only way to solve the problem of insufficient effective supply of China＇s rural finance. The paper discus- ses whether the mutual fund cooperative of farmers should take in the savings of internal members to improve its capital scale, so as to provide better financial support to poor rural households. Be- sides, the endogenous problems of the mutual fund cooperatives during the process of their devel- opment are analyzed, as well as the effective supervision of the cooperatives.