农村微型金融机构风险与经营绩效的动态关系——基于8所机构的变截距面板数据分析

A Study on the Dynamic Relationship between Risk and Operating Performance of Rural Micro Finance Institutions——Based on Variable-Intercept Panel Data Model of Eight Institutions

农村微型金融机构在弥补正规金融支农不足、促进农村事业稳步发展发挥着重要作用。文章构建变截距面板数据模型实证检验了8所农村微型金融机构2008年-2010年风险指数和经营绩效之间的动态关系．面板协整结论认为农村微型金融机构的风险指数与经营绩效之间呈现负相关关系；面板回归结果进一步指出。农村微型金融机构的风险指数每增加一个百分点，经营绩效将下降0．435179百分点。文末提出了相应的风险控制措施。

The rural micro finance institutions play an important role on compensating for the lack of formal financial supporting on agriculture, promoting the development of rural industries. This paper constructs a variable-intercept panel data model to empirically examine the dynamic re- lationship between the risk index and the operating performance of eight rural micro finance institutions between 2008 and 2010. The conclusion of panel co-integration is： there is negative relation between them. The panel regression results give further information that, the rural micro finance institutions risk index increases 1%, the operating performance will deehne by 0.4351＂79%. Finally, the article puts forward some corresponding risk controlling measures.