新发展阶段商业化微型金融机构可持续发展能力研究--以小额贷款公司为例

Research on the Efficiency and Sustainability of Microfinancial Institutions Under New Stage of Development:Evidence from Commercialized Microfinancial Companies in China

受新冠疫情影响,全球未来经济不确定性增加,作为2020年唯一实现正增长的主要经济体,我国仍然面临信用风险加剧、融资成本上升等众多不利因素交织的严峻挑战。2020年中央经济工作会议明确指出,步入新发展阶段,要继续加大金融对实体经济的有力支持,尤其要关注中小企业和农村地区发展的金融需求。因此,急需提升我国商业化微型金融机构可持续发展能力,进一步健全普惠金融服务体系,塑造全面发展新优势,以普惠金融创新推进巩固拓展脱贫攻坚成果同乡村振兴的有效衔接。本研究基于210家小额贷款公司的微观数据,利用OLS、WLS、Robust-WLS方法,分析金融深度、服务广度、支农强度、资源禀赋等因素对小额贷款公司运营能力的影响作用。研究发现,在良好的宏观发展环境下,维持适度资本规模、降低融资成本、保障贷款质量有助于实现金融可持续发展;没有证据表明服务“三农”会降低金融机构经营效率,涉农贷款质量可能优于企业贷款。为此,应该建立健全社会绩效管理机制,加强金融服务创新相关政策扶持措施,实现微型金融普惠性功能完善与商业化可持续的战略协同。

Comparing with traditional finance,developing microfinancial institutions(MFIs)has comparative advantage on supporting agriculture and small business,which is beneficial for rural revitalization strategies,and is also an efficient way to promote the development of inclusive finance.However,downward pressure on the economy has continued to increase,and also the turbulence of financial markets rising currently.These unfavorable conditions have affected the sustainability of MFIs dramatically.Under the circumstances of COVID-2019,both SME and peasant need more sufficient financial supplement to support industries.Consequently,the burdens of MFIs have been increasing consistently.In order to solve the problems of operation failure for commercial MFIs,this study adopting OLS,WLS and Robust-WLS empirical methods to analyze the impact of financial depth,service breadth,intensity of support for agriculture,and resource endowments.The study demonstrated that maintaining moderate capital scale,reducing financing costs and rising loan quality are conducive to the sustainable development of MFIs under favorable macro environment.Therefore,it is necessary to establish social performance management,strengthening policy support,improving financial innovation and achieving cost efficiency to reach coordination of financial inclusiveness and financial sustainability.