中国农村金融改革和发展的理论反思与实证检验——基于企业家精神的视角

本文基于最新的"金融发展、企业家精神及经济增长"理论分析框架,重新审视和反思现有农村金融理论和我国的农村金融改革实践,将农村金融发展是否有利于培育农村地区的企业家精神并鼓励创新和创业作为评判农村金融改革和发展作用的重要标准。基于2006-2009年省际面板数据,实证检验农村金融发展与农村企业家创新和创业精神之间的关系,结果显示新一轮农村金融市场化改革对于农村地区企业家创新精神具有显著的促进作用,但是对农村地区企业家创业精神的支持仍显不足。最后,本文提出未来中国农村金融改革的思路和突破口。     

Microfinance ecosystem: How connectors,interactors, and institutionalizers co-create value

Since the mid-1990s, the number of microfinance institutions (MFIs) has grown tremendously, with more than 10,000 worldwide varying in size and approach. Despite this growth, however, the value of MFIs has been hotly debated. Managers and founders of MFIs have also faced the challenge of balancing social and financial objectives and understanding effective ways of evaluating their organization’s effectiveness. In this article, we closely examine the operations of three distinct types of MFIs and offer a framework of how they collectively create value, with each playing a unique role in a symbiotic relationship: Namaste, an interactor; Kiva, a connector; and Accion, an institutionalizer. Interactors build relationships with clients and facilitate the flow of information to connectors and institutionalizers that disseminate this data to capital markets, build confidence, and fuel capital flow into the MF industry. Institutionalizers disseminate innovation and best practices. Thus, it is critical that each MFI recognizes its symbiotic role and evaluates itself accordingly instead of spreading itself across roles.     

Do microfinance institutions benefit from integrating financial and nonfinancial services?

This article examines the impact of microfinance ‘plus’ (i.e. coordinated combination of financial and nonfinancial services) on the performance of microfinance institutions (MFIs). Using a global data set of MFIs in 77 countries, we find that the provision of nonfinancial services does not harm nor improve MFIs’ financial sustainability and efficiency. The results however suggest that the provision of social services is associated with improved loan quality and greater depth of outreach.     

微型金融资金配置绩效研究进展

微型金融作为一种金融发展服务形式有效创新,其追求实现社会扶贫和自身可持续发展双赢目标的特殊性,使得对微型金融资金配置绩效最新研究进行梳理具有一定现实意义。本文通过对MFIs绩效测量指标、资金结构、配置绩效状况、影响因素和有效途径进行梳理后认为：要提高微型金融资金配置绩效,就必须不断拓展MFIs融资渠道,推进金融服务基础设施建设,破除现有政策方面机制隐形障碍,在内外部共同努力下实现双赢目标。     

连片特困地区农村妇女生计发展的要素测度及政策支持研究

农村妇女生计发展所面临的阻力对于精准扶贫政策的深入推进提出了更高层次的要求。基于全国12个连片特困地区2282名农村妇女的实地调查数据,描述了农村妇女生计发展的政策需求意愿,并运用二元Logistic模型分析了有关影响因素。研究发现,当前农村妇女所需要的政策支持按所占比例大小依次为:小额贷款项目、提供创业与就业信息、提供实用技术培训,而影响政策需求的因素主要有自然资本、人力资本、物质资本、金融资本和社会资本。对此,相关政策优化需要将性别意识纳入扶贫决策主流,并加强对农村妇女生计发展的技术培训和资金扶持,同时要给予农村女性老人的特殊帮扶。     

Assortative matching, adverse selection, and group lending

This note reconsiders a theoretical result asserted to explain the success of group lending programs in LDCs. It has been claimed that if groups are allowed to form themselves, risky and safe borrowers will sort themselves into relatively homogenous groups. This “positive assortative matching” can be exploited by lenders to solve an adverse selection problem that would otherwise undermine the effectiveness of such lending programs. I show that the positive assortative matching result does not necessarily hold if earlier models are extended to incorporate dynamic incentives.     

金融发展与降低贫困——基于中国1994～2004年小额信贷的分析

小额信贷的反锁定模型证明了小额信贷通过产业反锁定、技术反锁定和结构反锁定等三条途径克服了农民增产不增收的窘境,实现了增产又增收,降低了农民的贫困程度.利用中国1994～2004年的时间序列和2004年的截面数据的实证分析也表明小额信贷增加了农民家庭经营收入,降低了贫困.最后,通过一些案例的调查数据进一步佐证了理论和实证的分析结果:小额信贷具有显著的降低贫困效应.     

Repayment behavior in peer‐to‐peer microfinancing: Empirical evidence from Kiva

Based on a sample of microloans (to individuals and to groups) that were refinanced through the peer-to-peer microfinancing platform Kiva, we study the determinants of the repayment behavior of micro-entrepreneurs whose loans are available to international charitable lenders. We perform binary regressions and account for influential factors such as the time required for funding or the type of entrepreneurial activity. The screening and monitoring quality of the microfinance institution which selects the borrowers is a main driver of credit default. We find evidence that the loan size, the loan term and the length of a possible grace period influence the probability of default. Moreover, women demonstrate better repayment behavior which is, however, not the case for groups of women.     

Regional differences in the production processes of financial and social outputs of microfinance institutions

This study uses panel data of microfinance institutions across the world to compare production processes across regions, assess the relevance of unobserved heterogeneity and estimate economies of scale. Comparing a financial production process to a multidimensional production process that accounts for the presence of outreach in the objective function suggests that financial and social output reflect complements in South Asia but not in other regions. Furthermore, we find substantial economies of scale for a pure financial production process. However, accounting for outreach lowers estimated economies of scale, suggesting that producing outreach creates high transaction costs and requires exploitation of local knowledge.