在传统社会，合会是个好东西！

In the traditional society，Joint will be a good thing！

　　合会，是中国民间自生自发的“金融互助”组织，直到今天依然在东南沿海各省流行并发挥作用。显然，合会在民间有强大的生命力，与其硬性打压铲除，不如在认清其本性的基础上因势利导，这样才能有效防范风险，不致再酿惨剧。

Together will，Is China folk authigenic spontaneous“Financial mutuals”organization，Until today still in southeast coastal provinces popular and play a role。obviously，Close in folk have strong vitality，Instead of rigid crack down on weed，In recognize its nature as the basis of improve the occasion，This can effectively guard against the risk，From then stuffed tragedy。

　互助性和互利性 Mutual and with each other benefit

　　民国时期是传统合会最繁荣的时期，很多变种、很多创新都是在这段时间出现的。合会种类繁多，但基本可分为两类：

During the period of the republic is a traditional joint will be the most prosperous period，Many varieties、A lot of innovation is in this period of time appear。Cooperative meeting of various kinds，But the basic can be divided into two classes：

　　一类是纯粹的公益性、救济性、互助性合会。这类合会实际上就是各种或大或小的民间组织发起的公益性基金。大型的，比如从明末清初湖广各省移民到四川，按照省籍或者州县籍贯，以宗教祭祀名义组织的大型基金会，有成千上万人参加捐款，基金由专人管理运作，买山置地，衍生的利润供应公共开支，扶助本籍民众。此种形式在广东也很丰富，往往是以宗族祭祀的名目，族人捐款形成基金，扶助宗族内部的公共需求。小型的，如各地常见的“老人会”，一群乡里乡亲的老人组成，谁先去世了，还没去世的老人们就给去世的家属凑定额的份子，供丧葬之用。不用偿还，更没有利息。又如“独龙会”（有的地方叫“单刀会”，或者其他名目），这是救济性的，一家有难，多家凑定额的份子钱（也有以粮食等食物凑份子）。有难的家庭事后，可以在一定时间内，按照先后顺序，分别偿还各家出钱物者，但是不需要支付利息，有的地方甚至连本金都不要求偿还。

One is the pure public welfare、relief、Mutual joint will。This kind of close will in fact be various big or small folk organization initiated by the public welfare fund。large，For example, from late Ming and early qing dynasty HuGuang immigration to sichuan province，According to Taiwanese or state county native place，In the name of religious sacrificial organization of large foundation，There are thousands of people attended the donation，Fund from staff management operation，Buy mountain real estate，Derived profit supply public spending，Help the public record。This form in guangdong is also very rich，Often is the sacrifice of their families，Clansman donation form fund，AIDS clan internal public demand。small，All such as common“The old man will”，A group of village folks of the old man，Who first died，Haven't died of old people will give death families gather together normed member，For the funeral of。Don't pay，Less interest。And as“Dragon will only”（In some places that“Single-pole will”，Or other items），This is the relief，A difficult，Several gather together normed member's money（Also have to food and other food whip-round）。After the family too，Can be in a certain time，According to the order，Repay their respectively to ferret out the，But do not need to pay interest，In some places even are not for repayment of the principal。

　　这类合会，总体来说数量比较少，不是我们要考察的重点。但是它对后面一类合会有深远的精神渊源传承，就是其中蕴含的“守望相助”的民间互助精神，没有这一点，后一类合会恐怕也不称其为合会了。

This kind of joint will，Overall quantity is less，Not that we need to survey key。But it to a close behind will have profound spiritual origins inheritance，Is the implied“Watch help”Folk mutual spirit，Without it，After a kind of close will I'm afraid nor says it for $will be。

　　第二类，就是兼有互助性和互利性的合会。在各地有丰富多样的形式，但归结起来，基本的样式不过三种：轮会、摇会、标会。与前一类合会相比，这三种合会都有一个共同的特征，就是增加了“互利性”。

The second type，With each other benefit is mutual and the conjunction of will。In each place has a rich variety of forms，But boils down to，Basic style but three：Wheel will、Wave will、Scale will。The former kind compared with $will be，These three together will have a common characteristic，Is increased“With each other benefit”。

　　怎么个互利法呢？就是参加的成员之间存在资金的利息支付关系，或者说相互的存贷款关系。

How a mutual benefit method？In between is the members of the capital interest payment relationship，Or the mutual relationship between the loan。

　　此类合会的成员，必有一名会首和若干会脚。乡土关系中，如果一个人有急需用钱的需要，则遍告亲朋好友，邀请大家按照约定的日子，上自己家来聚会集资，邀请人就是会首。而愿意参加的人，就称为会脚。于是一个合会就形成了。

Such close will members，There will be a HuiShou and some will be feet。Local relations，If a person has in urgent need of money needs，The Times against their relatives and friends，Invite all the days of in accordance with the contract，His home to party funds，Invite people is HuiShou。And who are willing to take part in，Is called will foot。And a cooperative meeting is formed。

　　真正的此类合会，如果说合会活动是集资的话，那它不是仅仅针对会首的一次性集资，而是一个系列的集资。而给会首的集资，只是这个系列的首次。而且每位会脚凑集的金额（称作会金），也是有定数的，会脚的人数也是从此固定的，不能随意再做增减。

The real such close will，If bring two parties together will activity is funding words，It is not only to HuiShou one-time funding，But a series of funding。And to HuiShou funding，Just this series for the first time。And each will foot scrape up amount（Called will gold），Also is to have the number，Will the number of feet is from now on fixed，Don't feel free to do increase or decrease。

　　第一次给会首集资完成以后，会按照约定的周期，比如一月一会，那么，下个月的同一天，大家就会拿着会金，交给下一名会脚使用，会脚得到会款（我们将每个人缴纳的“会金”凑集形成的总额称为“会款”，以示区别），称为得会。一个合会当中，有多少名会脚，再加上会首，就有多少轮集资。好比一个合会，会首邀集到5名会脚，那么这个合会就有6次集资活动，所有会首、会脚全部轮完（“得会”）一遍以后，这个合会才算结束。所以说，合会是一个系列集资。

The first HuiShou after completion of fund raising，Will, in accordance with the contract period，Such as January for a while，so，Next month on the same day，We will take the gold，To a foot will use，Will the feet will get money（We will pay the everyone“Will gold”Scrape up the total amount of formation is called“Paragraph will”，To show the difference between），Called would。A joint of will，How many name will be feet，Plus HuiShou，So many wheel funding。Like a $will be，HuiShou to invite five feet will be，Then the joint will have 6 times fund raising activities，All HuiShou、Will foot all finished（“would”）Again after，The joint will just calculate end。so，Joint will be a series of funding。

　　那么，这里需要注意，这个系列集资活动中，每个人都有一次机会得到大家凑集的会款，但是没有“偿还借款”一说。“偿还借款”，就隐含在所有人都必须承诺在每次聚会中，按期、足额、及时缴纳会金的行动里。如果中间有人不能及时缴纳会金，那么按照合会的游戏规则，会首必须前去催缴，数日之内交不上，会首必须代为垫付。所以，会首实际上保证着合会系列集资活动有始有终的重大责任。“会首”也是个首长，不是白叫的。

so，Note here，This series fund raising activities，Everyone has a chance to get everyone scrape up will be money，But no“Loan repayment”said。“Loan repayment”，It implied in someone must promise at every party，On schedule、Full specified amount、Pay in time will be of gold in the action。If one cannot pay in time will be gold，So according to the close of the rules of the game，HuiShou must go calling up，Within the next few days, not pay，HuiShou must to disbursements。so，HuiShou actually guarantee with closed will series fund raising activities stead fast of big responsibility。“HuiShou”Is also a chief，Not white called。

　重会和轻会 Heavy and light will

　　那么，说了半天，合会内部的互利性，也就是利息收支与存贷关系体现在哪里呢？那我们要介绍合会游戏中的两个关键词：“重会”和“轻会”。得过会的会脚，就叫做“重会”，还没得过会的会脚，就叫做“轻会”。对于一个会脚来说，这两个身份，在他身上是动态的。好比在一个11人参加的合会中，会脚张三应该在第七轮集资中得会，那么前面的六期，他都叫做轻会；而从第8轮往后，张三就成了重会了。

so，Said along while，Close will internal with each other benefit，Is the interest payments and deposit-loan relationship reflected in where？Then we will introduce joint will the game two key words：“Heavy will”and“Light will”。Too will will be feet，Is called“Heavy will”，Haven't too will will be feet，Is called“Light will”。For a meeting for foot，The two identity，On him is dynamic。Like in a 11 people who took part in the church together，Will foot zhang SAN should be in the seventh round of funding will be，So in front of the six phase，He called the light will be；And from later round 8，Zhang SAN became heavy will be。

　　无论轮会、摇会还是标会，都有一个基础会金，好比一个会首加10个会脚的合会，基础会金是10块大洋，那么每个会员每次应缴纳的会金都不一样，其中的差异，就涉及到利息的收支了。为了方便大家理解，我们先以比较简单的轮会和摇会为例说一说（标会的情况放后）。合会会员每一次的应缴会金分三种情况：（1）会首，自始至终，每次总是缴纳10块大洋，也就是说，会首有优先得会的机会，而且以后的逐次“偿还借款”中，不用支付利息。这样的优惠待遇，也是与会首必须承担所有会员足额缴纳会金的重大责任相对称的。（2）每一期中，如果一个会脚的身份是重会，那么他缴纳的会金必须在10元的基础上加1元。（3）如果会脚的身份是轻会，那他缴纳的会金就可以在10元的基础上减掉一块钱。虽然没人考证过，但“重会”和“轻会”的名称，很形象地标示了会脚缴纳会金负担的轻重。

No matter wheel will、Wave will or will mark，There is a foundation will be gold，Like a HuiShou add 10 will foot the conjunction of will，Basis can gold is 10 piece of ocean，So every time each member should pay will be funding is not the same，The difference，It involves the interest income。In order to facilitate everybody understand，We start with simple wheel and the wave will, for example say（Mark will situation put on the back burner）。Cooperative meeting member each time should pay gold will be divided into three kinds of cases：（1）HuiShou，From beginning to end，Always pay 10 piece of ocean，That is，HuiShou will have the priority to chance，And later successive“Loan repayment”in，Don't pay interest。Such preferential treatment，Is also the first must bear all members will pay of full specified amount of gold big responsibility relative said。（2）Each period of，If a foot is the identity of heavy will，Then he will pay in gold must be on the basis of 10 yuan add 1 yuan。（3）If the identity of the foot is light will，He will pay in gold on the basis of 10 yuan lose a dollar。Although no one had textual research，but“Heavy will”and“Light will”name，Very image shown will foot will pay the weight of the gold burden。

　　下面我们再看一看，一个合会的收付和存贷关系。11个人的合会情况下，一共11次集资，如果每人都按照10块大洋缴纳会金的话，那么每次都有一个人得到100块大洋，如果是一年轮一次会的话，那么，放过会首不说，先得会的会脚就占了大便宜了。他可以一次得到100块大洋，然后在10年的时间里，分次，慢慢偿还。最后的末会则吃了大亏，自己在10年间陆续存的100块大洋，一点生息也没有。如果不是100块大洋，而是100头猪的话，那这么长时间得多下多少猪仔啊？！那这样的话，这种合会就不是一个互利性的金融组织了。而是等同于第一种合会了，纯粹是后面的会脚给前面的会脚便宜占，救济嘛！

Below we have another look，A close relationship will be the receipt and payment and deposit。The conjunction of 11 will cases，A total of 11 times funding，If everyone according to 10 block oceans will pay gold words，So every time there is a people get 100 pieces of ocean，If it is a one word rings，so，Pass HuiShou don't say，First get will will foot accounted for big cheap。He can a get 100 pieces of ocean，Then in 10 years' time，Points times，Repay slowly。At the end of the last will eat a big loss，In his 10 years have put 100 pieces of ocean，A little live also have no。If not 100 pieces of ocean，But 100 pigs words，That such a long time have to much pig ah？！That so，This is not a cooperative meeting each other benefit the financial organizations。But is equal to the first joint will be，Pure is the back of the foot will give front will foot of cheap，Relief!！

　　而现在考虑到重会和轻会的不同会金负担，情况就不同的。在整个的集资系列中，得会越是在前的人，当重会的次数越多，当轻会的次数越少。比如第二次得会的会脚（称作“二会”），除了第一次给会首缴纳的会金是基础会金10元以外，一共要做9次重会，多出9块大洋。反之，最后的末会，除了第一次给会首缴纳10元基础会金以外，连做9次轻会，少交9块大洋。其他排序的会脚情况以此类推。我们就知道，越是排名靠前的会脚，越先得会，但是付出的利息越多。反之，后面的会脚是利息的收益者，越往后收的利息越多。而整体上，会员之间的利息收支正好平衡。这就是这种合会的互利性之所在了。

And now, considering the heavy and light will different will gold burden，The situation is different。In the whole financing series，Would the more in the first person，When heavy will more，When the number of light will be less。Such as the second would will be feet（called“Two will”），In addition to the first HuiShou pay will be gold is the foundation will gold beyond 10 yuan，A total of nine times to do heavy will，More than 9 ocean。and，The final end will，In addition to the first HuiShou pay 10 yuan basis can outside of gold，Even do nine times will be light，Less than the 9 ocean。Other sort will foot situation so on。We know that，The more the top will be feet，The first get will，But the more pay interest。and，The back of the foot is the interest will be the beneficiary，The back of the more the interest。But, on the whole,，Members of the balance of interest between just balance。This is the combined will of the each other benefit in。

　　（作者系中央财经大学经济学院副教授）

（The author is the central university of finance and economics, an associate professor at school of economics）