文档介绍：上海交通大学硕士学位论文 II Abstract As the time to fulfill mitment is getting closer and the public outcryover national treatment in finance is provoked, there can be no turning back for financial reform in China, where two systems are now running– formal and informalone. According to Institutional Economy, informal rules would work where formal arrangement is beyond reach. And it’s also true that the existing and developing of informal financeare driven by the market mechanisms. In one hand, a diversified financial system is needed togo witha basic economic system in which public ownership constitutes the main part and diversified forms of ownership in the economy mon development. In the other hand, the informal finance has its unique mechanism to press close to civil demand. However, for a long time it was defined as underground finance and was restrained firmly. Little work is done to find out its unique feature. Therefore a closer look at informal finance is badly needed. Rotating Saving and Credit Association (ROSCA) is a kind of informal financial institution popular in developing world and once was a big role to Wenzhou’s flourish. So this paper is going to find out its reasonable side as well as its dark side. The preface introduces the financial problems that Chinese micro-enterprises and rural economies are facing. Then the reason to write this paper is presented. In the second chapter, firstly an outline of ROSCA is drawn. Next, under the background whereWenzhou’s informal finance and economy developed parallel, the running of local ROSCA is put forward. Then summarized feature of ROSCA is followed in the third section. Before moving to the next chapter, foreign ROSCA and relative literatures is reviewed. The third chapter begins with the situational logic of ROSCA. In the second and third sections a detailed quantitative analysis is made about the benefit distribution between its member and risk. Then a conclusion section is followed. The fourth chapter firstly lis