商业化与小额信贷机构绩效

The Commercialization of Micro-finance Institutions and Their Performance

基于2009～2011年中国77家小额信贷机构的面板数据，本文建立计量模型实证检验了商业化对其财务绩效和社会绩效的影响。在本文中，商业化被定义为小额信贷机构发放单笔额度大于10万元的贷款总额占当年贷款发放总额的比例，同时以机构规模、经营效率、成立年限、经济发展水平等作为模型的控制变量。实证结果表明：商业化对小额信贷机构的社会绩效产生了一定的负面影响，但对财务绩效有显著的正向影响，同时，机构的经营效率与社会绩效之间存在显著的正向关系。因此，改善机构经营效率、加大政策引导力度可以有效地促进商业化对小额信贷机构绩效的正向影响。

Based on the panel data of Chinese 77 microfinance institutions （MFIs） during 20092011, this paper builds e conometric models, and empirically tests the impacts of commercialization on the financial and social performance of MFIs. In this paper, the commercialization of MFIs is measured by the ratio of the total amount of loans, each of which is beyond 0.1 mil lion yuan, to the total amount of the loans of the year, and the institution scale, operational efficiency, age of MFI, developmental level of economy are the control variables of the models. The empirical results show that the commercialization has certain nega tive impacts on social performance, but it has significant positive impacts on financial performance. Moreover, there is a signifi cant positive correlation between operating efficiency and social performance. Therefore, to improve MFIs＇ operational efficiency and strengthen policy guidance will effectively promote the positive impacts of commercialization on the MFIs＇ performance.