农村资金互助社股权集中度会影响其运营效率吗?

Ownership Concentration of Rural Mutual Fund Affect Its Operation Efficiency?

农村资金互助社在促进农村金融的发展中发挥着越来越重要的作用。本文采用DEA-Malmquist指数测度农村资金互助社运营效率,探讨了农村资金互助社股权集中度对其运营效率的影响。研究发现:农村资金互助社股权集中度对其运营效率的影响表现为倒U型曲线关系,当股权集中度介于47%~52%的区间,农村资金互助社的运营效率最有效,发起人股权控制能够较好地保障运营效率最有效。当发起人股权集中度低于47%时,随着发起人控制能力的提升有利于提高资金互助社的运营效率,主要表现为资金决策效率的提升;而当发起人股权集中度高于52%时,随着发起人控制能力的提升,其运营效率呈下降趋势,主要表现为合作社内部“精英俘获”导致资金利用效率降低所致。因此,应该优化农村资金互助社发起人控制的股本金规模及持股比例,以及引导农村资金互助社股权结构调整和鼓励新型农业经营主体和民间资本来优化其运营效率。

Rural mutual fund cooperatives play an increasingly important role in promoting the development of rural finance.This paper uses DEA Malmquist index to measure the operation efficiency of rural mutual fund cooperatives,and discusses the impact of ownership concentration on their operation efficiency.The results show that the impact of equity concentration on the operation efficiency of rural mutual fund cooperatives is an inverted U-shaped curve.When the equity concentration is between 47%and 52%,the operation efficiency of rural mutual fund cooperatives is the most effective,and the equity control of sponsors can better guarantee the operation efficiency.When the equity concentration is lower than 47%,the improvement of the sponsor's control ability is conducive to improving the operation efficiency,which mainly shows as the improvement of the fund decision-making efficiency.When the sponsor’s equity concentration is higher than 52%,with the improvement of the sponsor's control ability,the operation efficiency declines,which shows as the reduction of capital utilization efficiency caused by the“elite capture”within the cooperative.Therefore,it is necessary to optimize the scale and shareholding ratio of equity controlled by the promoters of rural mutual fund cooperatives,guide their equity structure adjustment,and encourage new agricultural business entities and private capital to optimize their operation efficiency.