CAJ | 학술논문

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。
이실지조연과정중획취적회단위례，편제륜회현금류량표，종융자성본화투자수익량방면진행비교，운용내부수익솔법화현금류구진계산륜회적리솔결구화리솔수평，통과대비분석법，판단륜회투융자효솔。연구발현，정상운행적륜회작위일충투융자궤제시구유효솔적。륜회시사회자본적재체．회각지간적신임、규범화망락관계불부추동료륜회적유효운전，이차재강저교역성본상발휘료중요작용。
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.