本文關(guān)鍵詞： 輪轉(zhuǎn)基金 投融資效率 倒會(huì)風(fēng)險(xiǎn)　出處：《浙江工商大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：民間金融在全球范圍內(nèi)廣泛存在,并在不同程度扮演著促進(jìn)經(jīng)濟(jì)發(fā)展和解決國(guó)計(jì)民生的重要角色。輪轉(zhuǎn)基金作為民間金融中一種特殊的投融資運(yùn)作方式,在我國(guó)民間歷史悠久,廣為流傳。作為一種參與者之間相互提供社會(huì)信用的投融資機(jī)制,輪轉(zhuǎn)基金各個(gè)參與者的投融資是否有效率?由于其本身的非正規(guī)性,完全依賴參與者之間的信任程度與社會(huì)關(guān)系,缺乏相應(yīng)法律法規(guī)的約束,存在一定的違約風(fēng)險(xiǎn)(倒會(huì)風(fēng)險(xiǎn)),這種違約風(fēng)險(xiǎn)有多高?等等,這些問(wèn)題已成為目前亟需研究的重要問(wèn)題。 基于上述論斷,本文在總結(jié)了國(guó)內(nèi)外已有的研究成果,采用理論研究與實(shí)證研究相結(jié)合的方法,就浙江省N縣的輪轉(zhuǎn)基金運(yùn)作情況進(jìn)行深入調(diào)研,選取具有代表性的輪會(huì)和標(biāo)會(huì)分別就簡(jiǎn)單年化收益率指標(biāo)和考慮貨幣時(shí)間價(jià)值的凈現(xiàn)值指標(biāo)來(lái)系統(tǒng)性詳細(xì)解析；然后運(yùn)用經(jīng)濟(jì)博弈論的相關(guān)知識(shí)來(lái)構(gòu)建輪轉(zhuǎn)基金的倒會(huì)風(fēng)險(xiǎn)模擬模型,進(jìn)行各項(xiàng)參數(shù)模擬,建立三維模擬圖生動(dòng)解釋其倒會(huì)風(fēng)險(xiǎn)。 本文的研究結(jié)果顯示,縱然存在正規(guī)信貸市場(chǎng),輪轉(zhuǎn)基金的投資和融資都是有效率的。此外,只要合理安排輪轉(zhuǎn)基金的會(huì)金、會(huì)息、參與者規(guī)模,且對(duì)參與者進(jìn)行詳盡的資信調(diào)查,我們可以將輪轉(zhuǎn)基金的倒會(huì)風(fēng)險(xiǎn)降至可接受的低水平。這對(duì)探討輪轉(zhuǎn)基金的微觀機(jī)制,解釋其存在的理論基礎(chǔ)具有積極的參考意義；更重要的是,本文為商業(yè)銀行等正規(guī)金融的金融產(chǎn)品創(chuàng)新,解決小微企業(yè)融資難,商業(yè)銀行在愈加激烈的市場(chǎng)競(jìng)爭(zhēng)中獲取新的利潤(rùn)增長(zhǎng)點(diǎn),提供了相應(yīng)的解決依據(jù)。
[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.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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