中文摘要：

轮会作为一种重要的非正式金融制度,在民间广泛存在。本文基于对苍南县龙港镇轮会调查的基础上,将轮会会员分为资金的借入方和贷出方,分析各会员的利率情况,探讨轮会隐含的利率特征。本文指出,在不存在违约风险的情况下,轮会是一种有效的存贷机制,因而如何有效的控制风险是规范和发展轮会的关键所在。

英文摘要：

As one kind of important informal financial system, Rotating Savings and Credit Associations, plays an active role in almost every society around the world. In this research, we makes an investigation into the rural areas of Cang-nan , dividing the members into borrowers and lenders and analyzing various members/ interest rate level to explore the characteristics of interest rate of Rocas. The paper holds that Roscas can be an extremely effective mechanism of savings and credits with out default risk. Thus the key point for the development of Roscas is to control the risk effectively.