A Study On The Influence Of Capital Control On The Degree Of Alienation Of The Rural Mutual Fund Organizations

The establishment of the rural mutual fund organizations provides financing opportunities for vulnerable groups with lower transaction costs,to broaden the financing channels for farmers,to make up for the lack of the informal financial supply in rural financial markets,to be the "reservoir" of the rural financial market.It also plays an important role in boycotting usurious loan and maintaining social stability in rural areas,constructing the rural credit system,and promoting the reform of rural financial market.However,in the actual operation of the rural mutual fund organizations,various problems have gradually appeared,which makes the explosive development of the rural mutual fund organizations cast a shadow.More area in Yancheng have a run on a bank,taking the funds that can only be used in agricultural production to high interest deposit taking and high interest lending with the help of the rural mutual fund organizations platform,the rural mutual fund organizations should be achieved financing assistance between the members become the pump of the rural capital.The mutual benefit of the rural mutual fund organizations is enhanced,the goal of maximizing the interests of members is difficult to achieve,and the phenomenon of alienation is obvious.Therefore,it is very important to study the problem of alienation of the rural mutual fund organizations.The main research contents of this paper include:(1)The definition and evaluation methods of the degree of alienation of the rural mutual fund organizations,this paper draw on the experience of the alienation of the cooperative financial organization,combined with the special nature of the operation of the rural mutual fund organizations,to measure the degree of alienation from two aspects of the credit distribution and the distribution of surplus.(2)The qualitative analysis and quantitative analysis of the influence of capital control on the degree of alienation of the rural mutual fund organizations.Firstly,on the basis of the theory of resource dependence and the principal agent theory,this paper analyzes the process of the formation of capital control of the rural mutual fund organizations by the use of the resources of the organization.Secondly,this paper analyzes the influence mechanism of capital control on the degree of alienation of the rural mutual fund organizations,and puts forward the research hypothesis.Again,selecting the A county two rural mutual fund organizations case to analyze,using the actual survey data distribution from the two aspects of credit allocation and analysis of surplus of the alienation of the rural mutual fund organizations,analyzing the reason why two cases of the rural mutual fund organizations the degree of alienation is not significant,supplement for the above theoretical analysis.Then,constructing a panel data model on the basis of the Yancheng City three county(District)of the rural mutual fund organizations 2011-2015 financial statements data related to the descriptive statistics of the variables,three measures from the availability of credit,the average loan size and stock dividend ratio to have an empirical analysis on the index of the alienation of the rural mutual fund organizations,to verify the hypothesis proposed in this paper.Finally,on the basis of summing up the influence of the capital control on the degree of alienation,the paper puts forward some suggestions on how to restrain the alienation of mutual funds.Through case analysis and empirical analysis of capital controls the degree of alienation effect on the rural mutual fund organizations,this paper draws the following conclusions:(1)The capital control of the rural mutual fund organizations can significantly affect the degree of alienation.The empirical results show that the core members share ratio has a significant negative correlation ratio with the availability of credit,has positively correlated with the average size of loans and stock dividend ratio.(2)The right to withdraw from the rural mutual fund organizations affect the allocation of credit is not significant,but has a significant impact on surplus distribution.The empirical results show that the deterioration of the withdraw environment have no significant negative correlation with the loan availability,have no significant positive correlation with the average size of loans,which accounted for a significant positive correlation with stock dividend ratio.(3)Salary incentive of core members has a significant effect on the degree of alienation of the rural mutual fund organizations.The empirical results show that salary incentive of core members have a significant negative correlation with the loan availability ratio,have a significant positive correlation with the average size of loans and stock dividend ratio.(4)The meeting of supervisory boards has no significant influence on the credit allocation,has a significant impact on the distribution of the surplus.The empirical results show that the meeting of supervisory boards have no significant negative correlation with loan availability ratio,have no significant positive correlation with the average loan size,have a significant negative correlation with stock dividend ratio.The influence of chairman concurrently manager on the degree of alienation of the rural mutual fund organizations is not significant.(5)The effect of capital adequacy ratio on the rural mutual fund organizations is not significant.The empirical results show that the capital adequacy ratio is negatively correlated with the loan availability and the average size of loans,which is not significantly correlated with stock dividend ratio.(6)The fund scale has a significant impact on credit allocation,and the impact on the distribution of the surplus is not significant.The empirical results show that the fund scale has a significant positive correlation with the availability of credit and the average loan size,has no significant effect on stock dividend ratio.In conclusion,this paper putting forward the corresponding policy recommendations are as follows:(1)Controlling the capital accumulation of core members,promote the diversification of ownership structure.(2)Improving the enthusiasm of ordinary members to participate in the rural mutual fund organizations,supervising credit release.(3)Compensating the scheme of core members,to establish the performance evaluation mechanism combining with delivery quantity and amount,improving the transparency information of core members salary;(4)External supervision of government departments should be moderately tight;(5)Controlling the scale of the rural mutual fund organizations,maintaining moderate scale to develop.