公司治理对小额贷款公司绩效影响的实证研究

文章依据公司治理理论,采用安徽省150家小额贷款公司2010-2012年的调查数据,应用面板数据模型随机效应估计方法,实证分析公司治理对小额贷款公司绩效的影响。实证结果显示,公司治理对小额贷款公司的财务可持续性影响较大,独立董事比例、女性董事、外部审计等与财务可持续性呈显著正相关,董事会规模也具有显著正向的影响。此外,公司治理对覆盖力的影响相对较小,只有公司规模和CEO/董事会主席的二元性两个因素对其有显著影响。

An Empirical Study on the Impact of Corporate Governance on the Performance of Microfinance Institutions

In accordanee with the theory of corporate governance, the paper makes an empirical analysis on the impact of corporate governance on microfinance institutions （MFIs） performance based on the survey data of 150 microfinance institutions in Anhui Province from the year of 2010 to 2012, by applying random effect estimation method of panel data model. The results indic.ate that corporate governance has a greater impact on MFIs financial sustainability; the proportion of independent directors and female directors as well as external audit have a significant positive correlation with financial sustainability, while the size of the hoard of directors also has a remarkable positive impact. Meanwhile, the results identify that corporate governance has a relatively small relationship with MFIs outreach. Only two duality factors have a significant influence on MFIs outreach, which are the size of the company and the CEO / chairman of the board.