社员异质性与农民资金互助社的资本管理  

Members' Heterogeneity and Capital Management of Rural Mutual Financial Institutions

作　　者：赵锦春[1] 包宗顺[1] 

机构地区：[1]江苏省社会科学院农村发展研究所,江苏南京210013

出　　处：《山西财经大学学报》2016年第12期75-88,共14页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金项目(12BJY095);国家自然科学基金青年项目(71503107);江苏省社科应用研究精品工程(16SYB-006);江苏省社会科学院青年项目(QN1606)

摘　　要：通过构建农民资金互助社跨期最优化模型,理论分析了社员异质性与农民资金互助社资本管理的关系,使用2011年至2015年盐城东台市23家农民资金互助社的面板数据检验了理论命题。研究发现:社员异质性会通过内部治理机制影响互助社的跨期效用贴现,而其当期效应强于跨期效应。农经人员身份的理事长对互助社的监管能力更强。本文的分析表明,即使存在社员异质性,农民资金互助社也能够通过合理的内部治理实现动态资本管理模式下的持续发展。By establishing an inter-temporal optimization model of Rural Mutual Financial Cooperatives in the aspects of capital accumulation, we had analyzed the influential effects of Members＇ Heterogeneity on capital management of RMFCs and also tested the theoretical propositions with the Panel Data of 23 RMFCs of Yan-cheng Dong-tai City from 2011 to 2015, empirically. The results had shown that Members＇ Heterogeneity would affect discount rate of utility by means of internal governance. And the current effects would be stronger than inter-temporal ones. Moreover, the regulators had higher regulatory competence in RMFCs whose Chairman of the board had agriculture background than RMFCs with non-agriculture Chairman. The paper had indicated even Members＇ Heterogeneity existed, RMFCs would also achieve sustainable development of dynamic capital management by adopting reasonable internal governance.

关 键 词：社员异质性 农民资金互助社 内部治理 资本管理 

分 类 号：F832.35[经济管理—金融学]