经营环境对微型金融机构社会扶贫功能影响的实证分析

Empirical Analysis of Operating Environment Effects on Social Poverty Alleviation Function of Microfinance Institutions

本文分析268家MFIs的时间序列数据表明,在MFIs的扶贫广度增加的同时,其扶贫深度却在下降。进一步地,利用1027家MFIs2009年的数据对可能影响MFIs社会扶贫功能的内、外部环境因素进行了实证分析,得到的结论是:正式的法律组织形式会抑制MFIs的扶贫广度;采取金融中介组织形式、发展规模更大以及定位于低端客户的MFIs,其扶贫广度也更大。而正式的法律组织形式和严格的监管都会抑制MFIs的扶贫深度;处于成熟阶段的MFIs,其扶贫深度会下降;但盈利能力更好、覆盖力更大的MFIs,其扶贫深度也更大。

Time-series data of 268 MFIs show that, for MFIs, while the breadth of Social Poverty Alleviation is increas- ing, the depth is declining. Further, using data of 1027 MFIs in 2009 to analysis internal and external environmental factors that may affect the function of social poverty alleviation. The conclusions are： formal legal form of organization will inhibit the pro-poor MFIs breadth, and if taking the form of financial intermediaries, in a larger scale and targeting in the low-end customers, the MFIs will have a larger breadth of social poverty alleviation. Formal legal organizational forms and strict supervision will inhibit the depth of social poverty alleviation, while in the mature stage of the MFIs, the depth of its poverty alleviation will decline. However, more profitability and bigger outreach will make the MFIs a greater depth.