CAJ | 학술논문

本文通过对春风镇标会会案中会员参会、得会和组会行为的分析，对会员是否存在信息隐瞒行为做了实证检验。我们发现春风镇标会会案中会员的组会个数和他们的抢标行为正相关。这表明部分会员一方面在自己参加的标会中抢标以规避倒会风险，另一方面他们又在大量组织新标会以缓解自身资金压力。他们的这一信息隐瞒行为推迟了标会会案爆发时间，但扩大了标会会案规模。我们还从信息甄别的角度对当地政府在春风镇标会会案清会过程中所采取的措施做了分析。我们发现，地方政府成功地把参会群众群体进行了细分，采取针对性措施降低了落会群众的退出成本。这是春风镇会案清会过程较为顺利的关键。
본문통과대춘풍진표회회안중회원삼회、득회화조회행위적분석，대회원시부존재신식은만행위주료실증검험。아문발현춘풍진표회회안중회원적조회개수화타문적창표행위정상관。저표명부분회원일방면재자기삼가적표회중창표이규피도회풍험，령일방면타문우재대량조직신표회이완해자신자금압력。타문적저일신식은만행위추지료표회회안폭발시간，단확대료표회회안규모。아문환종신식견별적각도대당지정부재춘풍진표회회안청회과정중소채취적조시주료분석。아문발현，지방정부성공지파삼회군음군체진행료세분，채취침대성조시강저료락회군음적퇴출성본。저시춘풍진회안청회과정교위순리적관건。
The paper analyzes the participation, bidding and origination behaviors of ROSCAs, and then empirically tests the existence of information hiding by using systemic bidding ROSCAs defaults data in Chunfeng town, Wenzhou, Zhejiang province. The authors find that the number of ROSCAs originated by its member is positively correlated with their aggressive bidding behaviors. It implies that while some ROSCAs members are bidding aggressively to exit existing ROSCAs, on the other hand, they organize new ones to fund at zero cosL Such information hiding behaviors postpone the outbreak of systemic bidding ROSCAs defaults, but increase its scale. The paper also studies local government＇s resolution from an information screening perspective. It is find that local government sorts ROSCAs members successfully by offering them a menu of alternative choices, thus lowering their exit cost. This is the key point of local government＇s successful resolutions.