摘要
以实地调研过程中获取的会单为例,编制轮会现金流量表,从融资成本和投资收益两方面进行比较,运用内部收益率法和现金流矩阵计算轮会的利率结构和利率水平,通过对比分析法,判断轮会投融资效率。研究发现,正常运行的轮会作为一种投融资机制是具有效率的。轮会是社会资本的载体,会脚之间的信任、规范和网络关系不仅推动了轮会的有效运转,而且在降低交易成本上发挥了重要作用。
Using the data in ROSCA contracts that collected from on-the-spot investigation, constructing cash flow statements of each ROSCA, computing interest rate structure and interest rate level by IRR method and cash flow matrix, this paper estimated the investment and financing efficiency of random ROSCA through contrast analysis. The paper found that as a type of investment-financing mechanism, a normally operated random ROSCA is efficient. Furthermore, the paper explained the conclusion in the perspective of social capital.
出处
《改革》
CSSCI
北大核心
2013年第2期142-150,共9页
Reform
基金
教育部人文社会科学研究项目"基于社会资本的农村非正规金融内生成长机理研究--温州案例"(批准号:09YJA790181)
关键词
民间金融
民间借贷
融资效率
投资效率
the folk financial, folk loan, financing efficiency, investment efficiency
