小额金融机构监管须谨防与服务低收入群体冲突

The Conflict between the Regulation of MFIs and the Objective of MFIs as Serving Low-income Group

以服务低收入群体为宗旨的小额金融机构(MFI)近年来在中国发展迅速,其监管制度正在探索之中。国际经验表明,接受监管与不接受监管的两类机构在业务深度上存在显著差异。监管似乎抑制了MFI对低收入群体的服务,违背了其创立初衷。充足资本有助于MFI拓展业务深度,是监管可能带来的积极影响。此外,MFI的其他微观控制变量及所在国的宏观背景也会影响其业务深度。中国要防止简单套用传统金融机构的监管体制和方法,谨防业务出现漂移。

With the rapid development of MFIs in China,the regulation system of MFIs is under discussion.The international experience shows that there are significant differences between regulated MFIs and unregulated ones from the angle of operational depth.It seems that the regulation of MFIs curbs their financial services to the low-income group,which contradicts the target of the foundation of MFIs.Adequate capital is beneficial to MFIs＇ extension of operational depth,which may be the positive effect of the regulation.In addition,other MFI-specific and country-specific variables also have effects on their operational depth.Therefore,China should avoid the copy of the regulation of traditional finance institutions and guard against mission drift.