制度演变改善了小额贷款公司的全要素生产率吗?——基于股权结构视角的分析

Have institutional changes improved total factor productivity of micro-loan companies?An analysis from the perspective of shareholder structure

构建DEA-Malmquist生产率指数,测度2010—2012年间浙江省59家小额贷款公司的全要素生产率水平,并利用双重差分模型实证检验股权变更对全要素生产率的影响效应。研究结果表明:浙江省小额贷款公司的全要素生产率在股权变更前后存在显著差异,表现为由原来的下降趋势变为股权变更后的上升趋势,双重差分估计结果显示股权变更在10%的显著性水平下正向影响小额贷款公司全要素生产率。进一步分析发现,股权变更通过提高组织的信贷分配效率、经营管理水平以及信贷规模推动全要素生产率的增长。

In this paper, total factor productivity （TFP） of 59 micro loan companies during 2010-2012 in Zhejiang Province was measured by Malmquist productivity index, and the influence of changes of shareholding on TFP was tested by difference in-difference model. It was found that TFP of micro loan companies in Zhejiang Province is significantly different before and after the changes of shareholding, which shows a rising trend after the changes from the original downward trend. The result of differene-in-difference model showed that the changes of shareholding have positive influence on TFP of micro-loan companies at the significant level of 10%. Further analysis showed that the changes of shareholding promote the growth of TFP by improving the credit allocation efficiency, management level and credit scale of micro loan companies.