微型金融机构财务绩效与覆盖面之间关系的实证研究

An Empirical Research on the Relationship between MFIs ' Financial Performance and Outreach

关于微型金融机构(MFIs)的财务绩效与覆盖面之间的关系,现有的研究存在争议。论文创新性地将MFIs的财务效率作为衡量其财务绩效的代理变量,首先采用DEA方法计算了样本机构的财务效率,然后运用面板数据模型对包括中国在内的51个国家的220家MFIs在2006—2012年期间的财务绩效与覆盖面之间的关系进行了实证分析,结果表明这两者之间存在目标冲突的可能。微型金融的发展应恪守双重底线,在财务绩效与覆盖面之间取得适度的平衡,防止MFIs过于注重财务绩效而减少对贫困人口的覆盖面带来的经营目标偏离和使命偏移问题。

The paper first calculates the sample institutions ' financial efficiency by using DEA approach, then analyzes empirically the relationship between the institutions ' financial performance and outreach by adopting panel model, drawing on data for 220 MFIs in 51 countries between 2006 and 2012. The research result shows that there exists target conflict between them. The development of micro-finance should maintain the double bottom line and obtain appropriate balance between financial performance and outreach, alleviating MFIs ' operation target deviation and mission drift caused by focusing on financial performance and reducing outreach to the poor.