Microcredit and Its Pricing
- OAPS－金融系 
［中文文摘］20世纪90年代，小额信贷大规模引入中国并在一些地区得到广泛试验和推广。小额信贷的定价即其利率水平的决定是小额信贷的核心问题。本文回顾了关于小额信贷利率决定的几种观点，然后重点分析了小额信贷的需求和供给，表明小额信贷的供不应求决定了它的稀缺性，也因此决定了小额信贷的高利率。在基于几点假设的基础上，文章构造了一个利率模型，并利用浙江省衢州市农村信用合作联社小额贷款的相关数据进行了实证分析，得出了一个基于利率模型基础上的利率水平。 ［英文文摘］In the 1990s, microcredit has been introducted into China, and achieved great promotion in some areas. The decision on interest rate is the core issue of microcredit. This paper studies several viewpoints on microcredit interest rate decision , and then focus on the analysis of microcredit's demand and supply. We show that microcredit is rare for its supply less than its demand, therefore we get a high interest rate of microcredit. Based on some assumptions,this paper constructs a model of interest rates, and then analyze the microcredit data of the Rural Credit Association of Quzhou, Zhejiang Province. As a conclusion, we get a interest rate based on the interest model.