A Study On The Governance Problems Of The Rurual Mutual Fund Organizations With The Members,heterogeneity

As the new-type rural financial institutions, rural mutual funds can effectively alleviate the problems of the rural financial supply. But, in reality, the phenomenon that non-specification operation of the rural mutual funds leads to bankruptcy is very common, and it reveals the serious governance issues of the rural mutual funds. With the advancement of industrialization in our country, the farmers’differentiation phenomenon is obvious. The members of the rural mutual funds organizations also show the characteristics of heterogeneous, and there is an obvious resources endowment difference between members. The control power of the rural mutual funds is in the hands of core members that have more scarce resources. And it lacks of the corresponding supervision mechanism. This makes the rural mutual funds organizations faces enormous governance risk in the process of running. Membership heterogeneity has become a key factor that influences the governance problem of the rural mutual funds.Based on this, this article chooses the perspective of the member heterogeneity, aims at the governance structure and governance mechanism, and strives to explore the members’heterogeneity impact on the rural mutual funds’governance. First of all, this article summarizes the governance structure characteristics of the rural mutual fund organizations. Based on classification of members, describe the composition of members in the organization and the performance of the heterogeneity, and analyze the problems of organizational governance and its particularity under the member heterogeneity cases. Secondly, select two rural mutual funds respectively which are weak heterogeneity and strong heterogeneity as two typical cases. Analyze the basic situation, member structure, the governance structure of the two cases in detail respectively. And analyze member heterogeneity impact on the governance structure and governance issues of the rural mutual funds. Then, based on the perspective of members to participate in supervision and management, through the establishment of ordered probit model, analyze the effect of heterogeneity of material capital, heterogeneity of social capital, heterogeneity of human capital and heterogeneity of willingness to join in on the members’supervision and management behavior. And then discusses member heterogeneity impact on the governance mechanism and governance issues of the rural mutual funds. Finally, base on the former analysis, the article find the path that member heterogeneity influence the organizational governance problems, and put forward the policy suggestions to solve the rural mutual funds governance problems.By analyzing the member heterogeneity impact on the governance structure and governance mechanism of rural mutual funds, this paper draws the following research conclusions:(1) members’heterogeneity is obvious in the rural mutual funds, and members present hierarchical structure. Compared with the homogeneous characteristic of the traditional cooperation organization members, the rural mutual funds members present heterogeneous characteristics. The rural mutual funds members are different in physical capital, social capital, human capital, and to participate in the purpose. The resources that the members possess with leads to the organization structure of stratification of the members. (2) Members’heterogeneity has a certain influence to the governance structure and governance mechanism of the rural mutual funds. These changes will increase the rural mutual fund organizations governance problems. (3) In terms of governance structure, Core members in rural mutual funds occupy more important position in the member representative assembly, the board of trustees, and the board of supervisors under the members’heterogeneity. The "democracy" governance structure of the rural mutual funds becomes useless. This lead to the insider control problems appearance of the organization. (4) In terms of governance mechanism, the enthusiasm of members to participate in the organization to supervise and administrate is a negative correlation with the members’ resources endowment difference. The greater difference between ordinary members and the core members, the lower enthusiasm the ordinary members participate in the organization. The influence factors are mainly including the differences of education level, total capital, social costs, and the number of presiding over. Among them, the total capital differences that put into the rural mutual funds play main inhibition role.