The Development Dilemma of Rural Mutual Fund Cooperatives : Roots and Governance (农村资金互助社发展困扰：法律父爱主义及其治理)

English Abstract: As the representative of member-driven cooperative finance, rural mutual fund cooperatives are endogenous from the countryside, which conforms to the local lending custom. And it is also supported by multiple policies externally, which should have thrived. But at present, the development situation is worrying. Rural mutual fund cooperatives not only have "external worries" that are excluded by informal finance and commercial finance, but also have “internal troubles” that are lack of funds and full of rigid governance. The direct cause of the development dilemma is the anomie of the Provisional Provisions. The fundamental reason lies in the strict "patriarchal" control over rural cooperative finance. The regulation reform of rural mutual fund cooperatives should focus on the concept of inclusiveness, the positioning of cooperative cooperation and the differentiated system, so as to revitalize rural mutual fund cooperatives, help eliminate financial exclusion and promote the development of agriculture economy.Chinese Abstract: 农村资金互助社作为成员主导型合作金融的代表，既有农村内生优势，又有外在多重政策支持，但目前却发展困扰重重，表现为束缚太多、发展缓慢、呈被“挤出”之势，资金来源受限、资金供需矛盾凸显，治理结构僵化、“内部人控制”现象严重。这种困扰的直接诱因是《农村资金互助社管理暂行规定》失当，根源却在于规制背后隐含的法律父爱主义——强管控的不当干预。要破除现有困局，应重塑理念，由“父爱主义监管”走向“包容性监管”；明晰资金互助社特性，尊重其独立自主性；重构制度，为资金互助社发展提供直接的依据和准绳。