轮转基金的投融资效率及倒会风险研究

发布时间：2018-01-31 07:27

本文关键词： 轮转基金投融资效率倒会风险　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

【摘要】：民间金融在全球范围内广泛存在,并在不同程度扮演着促进经济发展和解决国计民生的重要角色。轮转基金作为民间金融中一种特殊的投融资运作方式,在我国民间历史悠久,广为流传。作为一种参与者之间相互提供社会信用的投融资机制,轮转基金各个参与者的投融资是否有效率?由于其本身的非正规性,完全依赖参与者之间的信任程度与社会关系,缺乏相应法律法规的约束,存在一定的违约风险(倒会风险),这种违约风险有多高?等等,这些问题已成为目前亟需研究的重要问题。基于上述论断,本文在总结了国内外已有的研究成果,采用理论研究与实证研究相结合的方法,就浙江省N县的轮转基金运作情况进行深入调研,选取具有代表性的轮会和标会分别就简单年化收益率指标和考虑货币时间价值的净现值指标来系统性详细解析；然后运用经济博弈论的相关知识来构建轮转基金的倒会风险模拟模型,进行各项参数模拟,建立三维模拟图生动解释其倒会风险。本文的研究结果显示,纵然存在正规信贷市场,轮转基金的投资和融资都是有效率的。此外,只要合理安排轮转基金的会金、会息、参与者规模,且对参与者进行详尽的资信调查,我们可以将轮转基金的倒会风险降至可接受的低水平。这对探讨轮转基金的微观机制,解释其存在的理论基础具有积极的参考意义；更重要的是,本文为商业银行等正规金融的金融产品创新,解决小微企业融资难,商业银行在愈加激烈的市场竞争中获取新的利润增长点,提供了相应的解决依据。
[Abstract]:Private finance exists widely in the world and plays an important role in promoting economic development and solving the national economy and people's livelihood in varying degrees. Rotation fund is a special mode of investment and financing in private finance. As a kind of investment and financing mechanism which provides social credit among participants, is the investment and financing of each participant of the revolving fund effective? Because of its informal nature, completely dependent on the degree of trust between participants and social relations, the lack of corresponding laws and regulations constraints, there is a certain default risk (inverted risk, how high is this default risk? Wait a minute, these questions have become the important question that needs to study urgently at present. Based on the above conclusion, this paper summarizes the existing research results at home and abroad, using the combination of theoretical research and empirical research, the operation of rotation funds in N County of Zhejiang Province is investigated deeply. Select the representative turn and bid committee to analyze the simple annualized return index and the net present value index considering the time value of currency respectively. Then using the relevant knowledge of the economic game theory to construct the inverted risk simulation model of the revolving fund, carry out the simulation of various parameters, and set up the three-dimensional simulation diagram to explain the inverted risk vividly. The results of this paper show that, even if there is a formal credit market, the investment and financing of revolving funds are efficient. In addition, as long as the reasonable arrangement of revolving funds will interest rate, the size of participants. And the detailed credit survey of participants, we can reduce the turnover fund risk to an acceptable low level. It has positive reference meaning to explain the theoretical basis of its existence. More importantly, this article for commercial banks and other formal financial products innovation, to solve the financing difficulties of small and micro enterprises, commercial banks in the increasingly fierce market competition to obtain new profit growth. The corresponding solutions are provided.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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