CAJ | 학술논문

本文基于合作金融的定义及国际发展经验，从资产负债结构的角度出发，通过合作金融成员收益最大化模型对合作金融的组织模式、资产负债业务的开放程度以及合作金融的定价特征进行研究。研究结果表明，合作金融与股份制金融组织的区别在于借款人剩余与投资者剩余的权衡，借款人与股东成员身份完令重合的金融组织具有经典意义上的合作金融特征；随着成员规模的扩大和金融业务范围的开放，若合作礼成员的投资者身份与借款人身份出现分离，最终将导致合作金融向投资者主导的股份制、商业性金融发展演化。
본문기우합작금융적정의급국제발전경험，종자산부채결구적각도출발，통과합작금융성원수익최대화모형대합작금융적조직모식、자산부채업무적개방정도이급합작금융적정개특정진행연구。연구결과표명，합작금융여고빈제금융조직적구별재우차관인잉여여투자자잉여적권형，차관인여고동성원신빈완령중합적금융조직구유경전의의상적합작금융특정；수착성원규모적확대화금융업무범위적개방，약합작례성원적투자자신빈여차관인신빈출현분리，최종장도치합작금융향투자자주도적고빈제、상업성금융발전연화。
Based on the concept of cooperative finance and experiences of other countries in this regard, the paper analyses the organization mode, the openness of assets and liabilities business and the features of pricing behaviors of cooperative finance by maximizing the profits of their members. The result shows that the significant difference between cooperative finance and shareholding finance is the equilibrium between borrowers and investors. If a financial organization＇s shareholders are also the borrowers, it has the typical characteristics of classic cooperative finance. As the members increase and business scope expands, the cooperative finance finally transforms into investor-dominated shareholding and commercial finance on condition that the members have the statues as investors but not the borrowers.