农村资金互助社异化与治理制度重构  

The Alienation and the Governance Reconstruction of Rural Funds Mutual-aid Cooperatives

作　　者：陈立辉[1] 刘西川[2] 

机构地区：[1]浙江大学中国农村发展研究院,浙江杭州310058 [2]浙江理工大学经济管理学院,浙江杭州310018

出　　处：《南京农业大学学报（社会科学版）》2016年第3期111-122 159-16,共14页Journal of Nanjing Agricultural University(Social Sciences Edition)

基　　金：国家自然科学基金项目"成员主导型金融组织治理研究"(71473227)

摘　　要：农村资金互助社是中国合作金融探索的新阶段。本文在论述农村资金互助社运行机制及制度优势的基础上,揭示农村资金互助社异化的具体形式、后果及原因,进而探讨重构其治理制度的原则与路径。农村资金互助社在资金来源、组织结构、管理、贷款产品和收益分配等方面均体现了合作金融自愿、互助、民主以及非营利等特征,具有较小存贷利差、股权激励以及微型金融贷款办法等制度优势。农村资金互助社异化在目标、产权、管理以及贷款四个方面均有体现,结果是互助合作属性丧失、风险增大以及资金动员困难。农村资金互助社发生异化的主要根源是净储蓄者—净借款者、小户—大户以及管理者—借款者之间未能实现激励相容。重构农村资金互助社治理制度,应遵从金融发展权利与激励相容两条基本原则,并从民主、产权及产品三个方面寻求重构路径。The Rural Funds Mutual- aid Cooperatives( abbreviated to the RFMC) is seen as the new direction of the Chinese rural cooperative financial system. This paper elaborates the necessity,the mechanism and the advantage of the RFMC; moreover,draws out the detailed evidence for,the outcomes to and the reasons for the alienation,and lastly discusses the principles and the paths for their reconstruction. The funds,the organization structure and management,loan products and the income distribution in the REMC demonstrate its voluntarily,the mutual aid,the democracy and the non- profit. Their advantages include the smaller interest spread of deposit and loan,the equity incentives and microfinance methods. The alienation evidences have found in the aim,the ownership,the management and the lending practices,which lead to the cooperative attributes losing,the increasing risk and the fund mobilization becoming difficult. The root of the alienation lies in the failed incentive compatibility between the net- borrowers and the net- lenders,the smaller rural households and richer ones,the managers-members. The RFMC governance reconstruction should have followed two rules of the respecting disadvantaged groups' financial development rights and the incentive compatibility,the detailed paths would be focused on the aims,the rights and the products.

关 键 词：农村资金互助社 异化 重构 治理问题 微型金融 

分 类 号：F832.35[经济管理—金融学]