小额信贷发展与普惠金融体系建设研究
摘要
本文分析了我国小额贷款公司的“鲶鱼效应”并利用DEA模型对最早试点的7家小额贷款公司的效率进行实证分析,发现七家小额贷款公司自试点以来,整体运行效率是好的。通过将技术效率进一步分解为纯技术效率和规模效率来深化分析,发现小额贷款公司纯技术效率相对于规模效率是比较好的。这说明样本小额贷款公司管理水平较高,但由于规模问题导致其技术效率降低。解决小额贷款公司资金来源问题,有效提高小贷公司的运作资金规模,是提高小额贷款公司效率前沿的关键。通过建立小额贷款公司技术效率影响因素分析的Tobit模型,得出了影响小额贷款公司技术效率的因素。结论如下:第一、农户贷款占比与小额贷款公司效率呈正相关,并且影响显著,提高农户贷款的比例既有利于农户的资金获得也有利于提高小额贷款公司的运作效率。第二、信用贷款占比与小额贷款公司效率呈显著正相关与非信用贷款占比呈显著负相关。第三、小额贷款公司的利率与其效率呈弱正相关,小额贷款公司对缺乏抵押、质押和担保的借款人发放信用贷款增加了贷款风险,应该通过提高利率的方法对冲额外风险。因此,对小额贷款规定利率上限会给小贷公司的盈利能力及生存能力带来不利影响,从而制约小额贷款公司的功能发挥。第四、制度安排方面提供更多的融资渠道和放宽融资比例限制,可以提高小额贷款公司的运作资本规模,进而提高其资源配置能力,将有利于小额贷款公司技术效率的提高和其功能的发挥。
我国小额信贷产品已初步形成了能够有效覆盖各类农村需求群体的比较完善的产品链。但是,还应该从以下两个方面创新以城带乡的融资机制。一方面允许发展多种所有制形式的小额信贷组织;另一方面鼓励银行业金融机构在农村地区开展代理业务。同时采取相关措施推进农村小额信贷的发展。第一、大力培育发展农村金融组织体系;第二、加快推进农村小额信贷产品创新;第三、进一步强化小额信贷的风险管理;第四、加快建立科学合理的风险补偿和转移机制;第五切实加强农村金融基础服务体系建设。
文章最后从我国普惠金融服务的需求、供给、市场空间及监管框架四个方面分析得出,我国已经具备了发展普惠金融的基础条件。但是,还存在以下几个问题:第一、普惠金融服务缺乏深度和广度;第二、利率市场化不足制约普惠金融服务可持续发展;第三、缺乏与小额信贷相结合的保险产品,无法有效规避小贷风险;第四、提供小额信贷金融服务的主体单一。借鉴国外发展普惠金融体系的经验,提出从服务对象层面,服务提供者层面,市场建设层面,宏观监管与政策支持层面四个层面构建我国普惠金融体系。
This paper applies DEA model about the pilot seven microfinance companies empirical analysis, found the whole operation efficiency is good. Technical efficiency by further decomposed into pure technical efficiency and scale efficiency to deepen the analysis, we found small loan company relative to pure technical efficiency and scale efficiency is relatively good. This shows that the sample small loan companies higher management level, but because of the scale led to its technical efficiency is low.?The key factors to improve the efficiency of the frontier are solving microfinance company capital source problem and improving the company's operating funds. Through the establishment of the technical efficiency of small loan companies Tobit factor analysis model, the company obtained the technical efficiency of micro-credit factors. The following conclusions: First, the proportion of farmers and small loan company loans was positively correlated with the efficiency and impact significantly increase the proportion of loans to farmers not only help farmers to obtain the funds also help to improve the operational efficiency of small loan companies. Second, the proportion of credit loans and small loan company efficiency was significantly correlated with the proportion of non-credit was a significant negative correlation. Third, small loan company interest rate was weakly correlated with their efficiency, small loan companies for lack of collateral, the borrower pledge and guarantee payment of the loan credit loans increased risk and should be the method by raising the interest rate hedge the additional risk, so interest rate cap on small loans give small loans provided the company's profitability and viability is adversely affected thereby constraining the functioning of micro-credit companies. Fourth, the institutional arrangements to provide more financing channels and relaxing the restrictions on financing, small loan companies can increase the size of the operation of capital, thus improving its resource allocation capabilities will help small loans to improve technical efficiency and its function play.
Micro-credit in China has initially formed products can effectively cover the needs of various groups in rural areas relatively complete product chain. However, the following two aspects should also be innovative from the city with rural financing mechanisms. On the one hand allow the development of diverse forms of ownership of micro-credit organizations; the other hand, encourage banking institutions to carry out agency business in rural areas. And take relevant measures to promote the development of microfinance in rural areas. First, strive to foster the development of rural financial system; Second, speed up rural micro-credit product innovation; Third, to further strengthen the micro-credit risk management; Fourth, accelerate the establishment of a scientific and reasonable compensation and risk transfer mechanisms; s Five basic services strengthen the rural financial system.
Finally, inclusive financial services from our demand, supply, market and regulatory framework for spatial analysis in four areas come to our country already has a basic condition for the development of inclusive financial sectors. However, there are several problems: first, a lack of depth and breadth of financial services; second, less market-oriented interest rates restricted sustainable development of inclusive financial services; Third, the combination of lack of micro-credit insurance products can not effectively avoid the risk of small loans; fourth, to provide micro-credit financial services, the main one. Learn from foreign experience in the development of inclusive financial sectors, made the object from the service level, service provider level, the market development level, the macro-level regulatory and policy support of the four levels of building inclusive financial framework of the system.
我国小额信贷产品已初步形成了能够有效覆盖各类农村需求群体的比较完善的产品链。但是,还应该从以下两个方面创新以城带乡的融资机制。一方面允许发展多种所有制形式的小额信贷组织;另一方面鼓励银行业金融机构在农村地区开展代理业务。同时采取相关措施推进农村小额信贷的发展。第一、大力培育发展农村金融组织体系;第二、加快推进农村小额信贷产品创新;第三、进一步强化小额信贷的风险管理;第四、加快建立科学合理的风险补偿和转移机制;第五切实加强农村金融基础服务体系建设。
文章最后从我国普惠金融服务的需求、供给、市场空间及监管框架四个方面分析得出,我国已经具备了发展普惠金融的基础条件。但是,还存在以下几个问题:第一、普惠金融服务缺乏深度和广度;第二、利率市场化不足制约普惠金融服务可持续发展;第三、缺乏与小额信贷相结合的保险产品,无法有效规避小贷风险;第四、提供小额信贷金融服务的主体单一。借鉴国外发展普惠金融体系的经验,提出从服务对象层面,服务提供者层面,市场建设层面,宏观监管与政策支持层面四个层面构建我国普惠金融体系。
This paper applies DEA model about the pilot seven microfinance companies empirical analysis, found the whole operation efficiency is good. Technical efficiency by further decomposed into pure technical efficiency and scale efficiency to deepen the analysis, we found small loan company relative to pure technical efficiency and scale efficiency is relatively good. This shows that the sample small loan companies higher management level, but because of the scale led to its technical efficiency is low.?The key factors to improve the efficiency of the frontier are solving microfinance company capital source problem and improving the company's operating funds. Through the establishment of the technical efficiency of small loan companies Tobit factor analysis model, the company obtained the technical efficiency of micro-credit factors. The following conclusions: First, the proportion of farmers and small loan company loans was positively correlated with the efficiency and impact significantly increase the proportion of loans to farmers not only help farmers to obtain the funds also help to improve the operational efficiency of small loan companies. Second, the proportion of credit loans and small loan company efficiency was significantly correlated with the proportion of non-credit was a significant negative correlation. Third, small loan company interest rate was weakly correlated with their efficiency, small loan companies for lack of collateral, the borrower pledge and guarantee payment of the loan credit loans increased risk and should be the method by raising the interest rate hedge the additional risk, so interest rate cap on small loans give small loans provided the company's profitability and viability is adversely affected thereby constraining the functioning of micro-credit companies. Fourth, the institutional arrangements to provide more financing channels and relaxing the restrictions on financing, small loan companies can increase the size of the operation of capital, thus improving its resource allocation capabilities will help small loans to improve technical efficiency and its function play.
Micro-credit in China has initially formed products can effectively cover the needs of various groups in rural areas relatively complete product chain. However, the following two aspects should also be innovative from the city with rural financing mechanisms. On the one hand allow the development of diverse forms of ownership of micro-credit organizations; the other hand, encourage banking institutions to carry out agency business in rural areas. And take relevant measures to promote the development of microfinance in rural areas. First, strive to foster the development of rural financial system; Second, speed up rural micro-credit product innovation; Third, to further strengthen the micro-credit risk management; Fourth, accelerate the establishment of a scientific and reasonable compensation and risk transfer mechanisms; s Five basic services strengthen the rural financial system.
Finally, inclusive financial services from our demand, supply, market and regulatory framework for spatial analysis in four areas come to our country already has a basic condition for the development of inclusive financial sectors. However, there are several problems: first, a lack of depth and breadth of financial services; second, less market-oriented interest rates restricted sustainable development of inclusive financial services; Third, the combination of lack of micro-credit insurance products can not effectively avoid the risk of small loans; fourth, to provide micro-credit financial services, the main one. Learn from foreign experience in the development of inclusive financial sectors, made the object from the service level, service provider level, the market development level, the macro-level regulatory and policy support of the four levels of building inclusive financial framework of the system.
引文
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②引用蒋定之,大力发展农村小额信贷有效支持社会主义新农村建设[J].中国农村信用合作2008年第2期.
③根据杜晓山,我国小额信贷发展报告[J].农村金融研究2009年第2期整理.
⑤张建华,我国商业银行效率研究的DEA方法及1997-2004年效率的实证分析[J].金融研究2003第273期.
⑥张建华,我国商业银行效率研究的DEA方法及1997-2004年效率的实证分析[J].金融研究2003年第273期.
⑦杜晓山,小额信贷原理及运作[J].上海财经大学出版社2001.
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②引用蒋定之,大力发展农村小额信贷有效支持社会主义新农村建设[J].中国农村信用合作2008年第2期.
③根据杜晓山,我国小额信贷发展报告[J].农村金融研究2009年第2期整理.
⑤张建华,我国商业银行效率研究的DEA方法及1997-2004年效率的实证分析[J].金融研究2003第273期.
⑥张建华,我国商业银行效率研究的DEA方法及1997-2004年效率的实证分析[J].金融研究2003年第273期.
⑦杜晓山,小额信贷原理及运作[J].上海财经大学出版社2001.
[1]向东明.农村小额信贷:一个文献综述[J].银行家2009.(06):111-114.
[2]张建华.我国商业银行效率研究的DEA方法及1997-2004年效率的实证分析[J].金融研究,2003(273):11-25.
[3]黄祖辉.中国非政府小额信贷和农村金融[M].浙江:浙江大学出版社,2007:212-229.
[4]中国人民银行小额贷款专题组.2006年小额信贷通讯合集(中英文版)[M].北京:中国财政经济出版社,2007:156-157.
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[7]杨吉惠等.小额信贷模式、国内外实践及福建省案例[J].福建金融研究报告,2008(1).
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