This article holds the opinion that the cooperative institution has an advantage in reducing the transaction cost in the rural credit market, and the cooperative is a suitable property institution for rural areas.

• 摘要从交易费用的角度看，合作制对于降低农村信贷市场交易费用具有明显的优势，是一种适合我国当前农村经济实际的金融产权制度。