民国时期合会的风险规避研究——以担保制度为视角

The Risk Aversion of Rotating Saving and Credit Association during the Republic of China

合会是我国古老的民间金融组织。在民国以前,合会主要由会首担负完全责任,缺乏完善的风险规避机制。民国以降,由于政治、经济、社会等各个方面的复杂变化,合会不仅受到会首责任过重、轻会权利缺乏保障、运行周期较长、官方监管缺失等传统风险因素的影响,而且还面临自身规模扩大与成员间熟识程度降低、乡村危机加剧等新的风险因素的威胁。为达到风险规避的目的,合会广泛利用了担保制度,一方面凭借保人担保和殷实铺保实施风险转嫁,另一方面依靠实物抵押担保和混合担保进行风险控制。通过这些举措,充分凸显出合会风险防范意识的提高,有效促进了合会风险应对途径的拓展和风险处置功能的强化。整体而言,担保制度的盛行在合会风险规避中所起到的积极作用不应被忽视,同时还须客观、理性地看待其局限性、金融功能的演进以及金融近代化等问题。

The Rotating Saving and Credit Association is an ancient non-governmental financial organization in China.Before the Republic of China,the sponsors are mainly responsible for the full responsibility of the Rotating Saving and Credit Association,which lacks a relatively perfect risk avoidance mechanism.The Republic of China,due to various aspects such as political,economic,social,complex changes,the Rotating Saving and Credit Association is not only affected by the inherent risk factors such as the excessive responsibility of the sponsors,the lack of protection of people who have never used money,and the long operation cycle,the lack of official supervision,but also faces the threat of new risk factors such as the expansion of its own scale,the aggravation of the rural crisis.In order to achieve the purpose of risk treatment,the Rotating Saving and Credit Association has made extensive use of the guarantee system.on the one hand,it carries out risk transfer by means of insurance guarantee and substantial insurance;on the other hand,it carries out risk control by means of physical mortgage guarantee and mixed guarantee.Through these initiatives fully highlight the improvement of risk prevention awareness of the Rotating Saving and Credit Association,and effectively promote the expansion of the ways of risk response and the enhancement of the function of risk management of the Rotating Saving and Credit Association.As a whole,the prevalence of guarantee system in the risk aversion of the Rotating Saving and Credit Association played a positive role should not be ignored,and at the same time,its limitations should be viewed objectively and rationally.